According to a market research study published by Contrive Datum Insights Identity theft insurance is a form of insurance policy that provides victims of identity theft with financial protection. Identity theft occurs when thieves use personal information such as an address, a social security number, date of birth, telephone numbers, bank account numbers, credit card numbers, and passwords to commit fraud such as opening fake accounts, applying for loans, making expensive purchases, and draining users' bank accounts.

Farmington, May 02, 2023 (GLOBE NEWSWIRE) -- The  Global Identity Theft Protection Services Market size was valued at USD 11.45 billion in 2022 and is projected to reach USD 31.98 billion by 2030, growing at a CAGR of 13.70% from 2023 to 2030. Key factors driving the growth of this market include the growing threat associated with cyber security, Increase in Credit Card User Population, Acceleration of Digitalization in Developing Nations, and Rising Internet-based Financial Transactions.

Credit card fraud accounts for the vast majority of market share, as consumer demand for credit card-related security products and services has increased in tandem with the number of credit card users. The digitalization of developing economies has been aided by increased smartphone and other device penetration. In addition, the pervasive use of digital payment methods and e-commerce has created lucrative growth opportunities for the market for identity theft insurance. In addition, the increase in cybercrimes and data breaches brought on by accelerated digitalization will be a significant factor in the growth of the identity theft insurance market in developing nations.

Request sample copy of report Identity Theft Protection Services Market  Size, Share & Trends Estimation Reports By Type Outlook (Credit Card Fraud, Employment or Tax-Related Fraud, Phone or Utility Fraud, Bank Fraud, Others), By Application Outlook (Consumer, Enterprise, Others), By Region and Forecasts, 2023 - 2030. published by Contrive Datum Insights.

Segmentation Overview:

Type  Outlook:

As the number of consumers with credit cards continues to rise, credit card fraud holds the largest share of the market. Due to the importance of speed and convenience in banking transactions, bank fraud is anticipated to develop at the fastest rate over the forecast period. The bank fraud segment, which accounts for 26.1% of the market at present, is projected to expand at a CAGR of 5.3% between 2022 and 2030. Consumer preference for online banking transactions, online utility bill payment, online phone bill payment, etc., has increased.

Application Outlook:

The market has been segmented based on application into consumer, commercial, and other segments.

The number of consumers opening online bank accounts, social media accounts, and online shopping accounts is increasing rapidly, making the consumer segment the largest. The increasing number of data breaches, forgeries, and thefts in industries is expected to propel the industry to the highest compound annual growth rate (CAGR) over the forecast period.

Regional Analysis:

Due to new account openings, North America is anticipated to dominate the identity theft protection services market share. In 2021, the North American market is anticipated to account for a substantial portion of the global market share, with a value of $4.25 billion. In addition, government initiatives to combat identity theft may increase the demand for identity theft protection services.

According to the report, In the Asia-Pacific region, the expanding number of credit card holders and the widespread adoption of digital payment methods may lead to a rise in the use of digital payment methods. In addition, the increasing development of 5G services may contribute to the expansion of the identity theft prevention service market.

In Europe, increased activity such as postal theft and malicious activity may stimulate industry growth.

It is essential to take into account the specific local factors when analysing the Identity Theft Protection Services Marketin each region, as market conditions and trends can vary significantly from region to region and even from country to country.

Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/2758

Scope of Report:

Market Dynamics:

Restraining Factors:

There are a number of challenges that could slow the expansion of the Global Identity Theft Protection Services Market. Among the most important constraints are:

Expensive Identity Protection Services

Depending on how comprehensively users wish to secure their assets, identity theft protection services can be costly. Plans for these services range between $10 and $30 per month, depending on the services selected. For instance, identity theft insurance may only cover a limited number of insurance-related services and may exclude legal fees and time away from work.

Opportunity Analysis:

A number of promising new avenues for development and expansion exist in the international Identity Theft Protection Services Market. Consider a few of the most promising prospects:

Increasing Identity Theft in Government and Public Sectors Will Increase Demand

In recent years, crimes on government departments, non-governmental organizations, and other public sector institutions have increased drastically. As government agencies have begun to rely on networks of computers and electronic data to conduct daily operations, greater quantities of financial and personal data are being transmitted and stored online. Identity fraud is one of the most rapidly expanding crimes in the government sector. Government records can be used in a variety of ways, with fraud on taxes being one of the most prevalent types of identity theft over the past few years.

Increased cybercrime

The growth of the global identity theft insurance policies market is anticipated to be fueled by factors such as the increasing prevalence of cybercrime and identity theft, along with the increasing use of digital identification and other modern technologies. In addition, growing concerns about internet crimes and identity theft, as well as the dread of data exploitation, are likely to propel the growth of the global identity theft insurance industry.

Key Segments Covered:

Top Market Players:

• Lifelock Inc.

• Experian Information Solutions, Inc.

• Equifax Inc.

• Affinion Group

• FICO

• LexisNexis Risk Solutions Inc.

• TransUnion LLC

• Intersections Inc.

• All Clear ID Inc.

• Fair Isaac Corporation

• IdentityForce, Inc.

• Identity Guard

• Privacy Guard

• Cyberscout, LLC

• Kroll

By Type

• Credit Card Fraud

• Employment or Tax-Related Fraud

• Phone or Utility Fraud

• Bank Fraud

• Others

By Application

• Consumer

• Enterprise

• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)

• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

• Asia-Pacific:(Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

• Latin America: (Brazil, Argentina, Rest of Latin America)

• Rest Of the World

Check out more related studies published by Contrive Datum Insights:

• Cybersecurity Market- The Global Cybersecurity Market is estimated to be worth over USD 202.72 billion in 2022 and is projected to expand USD 266.2 billion by 2030 at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030.

• The Credit Risk Rating Software Market - The Credit Risk Rating Software Market was worth USD 1,590,000,000 in 2022. It is projected to be worth USD 4.54 billion by 2030, which means that from 2022 to 2030, it will have grown at a CAGR of 13.44%.

• Fire Protection System Market- The Global Fire Protection System Market was valued at USD 67.7 billion in 2022 and is expected to grow to USD 95.5 billion by 2030, at a CAGR of 7.1% during the forecast period.

Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.

About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.

Social: Facebook / LinkedIn / Twitter

Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 215-297-4078
Email: anna@contrivedatuminsights.com

Website:
https://www.contrivedatuminsights.com
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports