Identity Theft Protection Services Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Identity Theft Protection Services Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Identity Theft Protection Services Market

The identity theft protection services market size was valued at USD 13.13 billion in 2023, and the market is now projected to grow from USD 14.94 billion in 2024 to USD 41.81 billion by 2032, exhibiting a CAGR of 13.7% during the forecast period of 2024-2032.

From the time when the COVID-19 pandemic forced many organizations to relocate their on-site staff to home offices, cyberattacks went on a rapid surge. Through home networks and various other devices, people started to share their personal and business information which created a more favourable environment for penetration. The extension of the online theft cases and the threat it poses to the online community especially due to the high incidence of COVID 19 related frauds has boosted the identity theft protection services market growth.

Identity thieves can also commit the offense by simply sending money from or to a customer’s online accounts. They can do this because they manage critical data such as the Social Security Number which is needed to open new accounts and secure credit lines. Cyber frauds can be both financial crimes, and they are often carried out through online purchases, taking data from a breach, sharing personal information, or phishing. The services of banks have been extended and customer experience has also been upgraded due to the rapid increase of online transactions that result from convenience and speed in transactions and subsequently in the development of economies which has also enabled the growth of identity theft protection services market share. But at the same time, it still gives more chances for frauds to get access to sensitive information.

The number of cyberattacks against non profit organisations, government bodies and public sector organisations have increased significantly in the recent pasts. E-government departments are storing personal and financial information, therefore, there is an enormous amount of information flowing around and being stored via electronic networks. This has led to a rise in identity theft with tax fraud being one of the prevalent websites in identity theft.

Comprehensive Analysis of Identity Theft Protection Services Market

The identity theft protection services market is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by type, and by application. The types include: credit card fraud, bank fraud, phone or utility fraud, and employment or tax-related fraud. However, the applications include: consumers & enterprises.

The North America region leads the protective gloves market by benefitting a market size of USD 5.54 billion in 2023 due to the flourishing e-commerce sector in the region.

The top players in the market play a crucial role in the industry, assuring industrial prospectus growth and setting market standards. These players include: Equifax, Inc. (U.S.) NortonLifeLock Inc. (U.S.) TransUnion LLC (U.S.) Experian Information Solutions, Inc. (U.S.) Malwarebytes Ltd (U.S.) LexisNexis Risk Solutions (U.S.) AllClearID (U.S.) Kroll (U.S.) Fair Isaac Corporation (U.S.) McAfee, LLC (U.S.).

In February 2024, Norton introduced a dark web monitoring solution, Norton 360 Premium, intended to protect customers from identity theft. With the Dark Web Monitoring facilities, the software observes and signals customers if their private information has been shared on the Dark Web and permits them to take action on the problems.

Segmentation Table

Global Identity Theft Protection Services Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 13.7% from 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, and Application

By Type Credit Card Fraud

Bank Fraud

Phone or Utility Fraud

Employment or Tax-related Fraud

By Application Consumer

Enterprise

By Region North America (By Type, Application, and Country)

- U.S. (By Type)

- Canada (By Type)

- Mexico (By Type)

South America (By Type, Application, and Country)

- Brazil (By Type)

- Argentina (By Type)

- Rest of South America

Europe (By Type, Application, and Country)

- U.K. (By Type)

- Germany (By Type)

- France (By Type)

- Italy (By Type)

- Spain (By Type)

- Russia (By Type)

- Benelux (By Type)

- Nordics (By Type)

- Rest of Europe

Middle East & Africa (By Type, Application, and Country)

- Turkey (By Type)

- Israel (By Type)

- GCC (By Type)

- North Africa (By Type)

- South Africa (By Type)

- Rest of Middle East & Africa

Asia Pacific (By Type, Application, and Country)

- China (By Type)

- Japan (By Type)

- India (By Type)

- South Korea (By Type)

- ASEAN (By Type)

- Oceania (By Type)

- Rest of Asia Pacific


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