Identity theft protection services have gained popularity as a means of establishing a strong monitoring and protection framework for both individuals and businesses. An alarming increase in high-profile data breaches resulting in significant losses is driving the widespread use of identity theft protection services.
These findings come from a new Fact.MR analysis, predicts a positive outlook for the identity theft protection services market over the next few years. In 2018, the identity theft protection services market saw an opportunity worth US$ 7,377 million, and this trend is expected to continue in the following years.
Unauthorized Invasion of Electronic IDs: A Threat to Adoption
According to the paper, the growing digitalization of government documents and the introduction of electronic IDs have put data privacy spectrums in jeopardy. Identity theft protection services are becoming increasingly popular as the vulnerability of private data to potential attacks grows.
Credit card fraud, which was valued at US$ 2,906 million in 2018, is expected to be a significant category, given the worrying state of credit card fraud worldwide. According to the Federal Trade Commission, more than 32% of Americans filed complaints about credit card theft in 2016, which is more than double the rate in 2015.
The report categorizes the market participants into four distinct propositions:
- Leaders are those that have a strong brand and a diverse product portfolio.
- Players who continue to focus on innovation-driven growth and expanding their revenue footprint are known as challengers.
- Followers: Players who, albeit slowly, are ascending significant heights to establish themselves in the global market area.
- Aspirers: Players concentrate on gaining a foothold and solidifying it by carefully following the closest competitors
Vendors have begun to offer seamless recovery help and insurance coverage in response to end customers’ increasing needs.
The analysis by Fact.MR provides fascinating insights and forecasts into the identity theft protection services market. The identity theft protection services market is expected to grow at a CAGR of over 13% through 2027, according to the analysis.
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