The global identity theft protection services market was valued at USD 4.98 billion in 2017 and is expected to grow exponentially over the forecast period. This growth can be attributed to growing digitalization, increasing use of social media, strong penetration of smart phones, implementing new standards, robust crime reporting system by governing bodies and creating awareness among individuals about identity theft.
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The global identity theft protection services market is expected to reach USD 18.70 billion by 2025. Owing to increasing internet penetration and its associated malware and virus attacks by hackers. Other factors that are expected to boost the market demand for identity theft protection services are creating awareness among individuals and at business level, growing use of internet of things such as every device which are being used are connected to each other, and use of digital applications for payments and shopping purposes.
One of the major reason that can act as a restraint to the global identity theft protection market is lack of awareness among the victims of identity theft. According to the report published by LifeLock Inc., above 40 million people who could be a potential threat to identity theft are doing nothing as compared to 30 million people who are doing something and concerned about identity theft in the US.
The collaboration between government bodies such as Federal Trade Commission and identity theft protection service providers such as Equifax, Experian, and TransUnion are promoting and making aware about the types of identity thefts that are happening and necessary precautions to be followed to avoid your identity theft. For instance, the governing bodies and companies listed out some steps to be followed in order to avoid identity theft by hackers such as provide your social security number (SSN) on when necessary, never reply to unsolicited mails or calls by revealing your personal details and periodically review your credit and debit card statements for unauthorized transactions.
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North America dominated the identity theft protection service market by occupying nearly 72% in 2017. As a result of digitally advanced regions, majority of financial transactions are done using credit and debit cards. To enable swift and easy transaction all details are linked with one unique identity number such as social security number. Further, increasing use of social media apps and online shopping apps is making individuals more vulnerable to lose their identity credentials. One of the major reasons hackers are targeting United States is the dollar which is the most traded global currency and is the benchmark for international trades and transactions.
Consumer business segment dominated the overall identity theft protection services market by occupying 82.4% share in 2017. The hackers can easily get the individuals data as consumers are not taking any precautions to protect their identity. Majority of the individuals don’t even know what identity theft is and where to report such kind of incidents if occurred to anyone. As the businesses are growing, majority of financial transactions and cross border payments are done through digital platforms via internet.
Bank fraud involves leveraging stolen personal information of the victim to gain control over finances, majorly involving credit/debit cards, loans and state benefits. Thieves can open a new bank account using the victim’s personal information and also use it for various other criminal activities such as wire transferring money overseas, making it extremely difficult to track. The market share for bank fraud was USD 856.7 million in 2017 and is expected to grow at a fastest CAGR in the coming years.
The global identity theft protection services industry is consolidated as of 2017. The major players are either partnering or acquiring domestic players to expand their presence around the world. Moreover, the companies are launching new products and offering free subscription models to buyers for three to four months to promote their products and create awareness about identity theft. For instance, In August 2018, EZShield acquired IdentityForce to expand EZShield’s identity protection ecosystem by nearly 50 percent, by providing partners in every industry, businesses of all sizes, and consumers with the most secure capabilities and rapid restoration services.
The top players in the identity theft protection service market are LifeLock, Inc., Experian PLC, Equifax, Inc., TransUnion, LLC, FICO (Fair Isaac Corporation), LexisNexis Risk Solutions, Intersections, Inc., AllClear ID, Civic Technologies, Inc. and IdentityForce, Inc.
Key segments of the global Identity Theft Protection Services market
Theft Type Overview, 2015-2025 (USD million)
- Bank Fraud
- Phone & Utility
- Employment & Tax
- Credit Card Fraud
Application Overview, 2015-2025 (USD million)
- Consumer Service
- Enterprise Service
Regional Overview, 2015-2025 (USD million)
- North America
- United Kingdom
- Asia Pacific
- Rest of the World
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What does the report include?
- The report focuses on identity theft protection services market, the types of identity theft occurs.
- The study on the global identity theft protection services market includes qualitative factors such as drivers, and restraints
- Additionally, list of number of breach records by country since 2013 are provided
- The study covers qualitative and quantitative analysis of the market segmented on the basis of theft type and application. Moreover, the study provides similar information for the key geographies
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
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