Identity Theft Protection Services Market 2022: Global Industry Analysis Report to 2028

The global identity theft protection services market is anticipated to grow at a considerable CAGR of 9.2% during the forecast period (2022-2028).

Identity theft protection services provide safety from various malware, frauds, and others. The major factor attributing to the growth of the global identity theft protection services market includes the increasing cases of identity theft and fraud complaints. According to the Federal Trade Commission (FTC), around 2.18 million identity theft complaints were reported and around 1.37 million fraud complaints were reported in the US alone in 2020.

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The subscription to identity theft protection services is also increasing for saving data from fraudsters due to large data breaches of large organizations. For instance, in October 2019, one of the worst data breaches was the Adobe Creative Cloud breach that gave personal data access to around 7 million users. Similarly, in July 2019, another data breach happened of Capital One Financial Corp. that exposed data of around 100 million records of the company.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance-

• In October 2020, an insurance and financial services company "Nationwide" partnered with Generali Global Assistance (GGA). This partnership launched personal cyber protection services under its identity theft protection program. These services will provide Nationwide users with the protection of their data from growing cybersecurity attacks and threats.

• In November 2020, Sontiq came into partnership with Breach Clarity. Sontiq is an intelligent identity security provider and Breach Clarity is a fintech provider. This partnership will provide support solutions to individuals in fighting identity vulnerabilities and data breaches using unprecedented personalized risk intelligence.

• In February 2021, Sontiq acquired CyberScout, an identity theft resolution provider. This acquisition was done in order to expand the insurance industry using forensic investigation and cyber solutions.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By End-User

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- McAfee LLC, Sontiq Inc., Equifax Inc., Malwarebytes Ltd., and LexisNexis Risk Solutions Group, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Identity Theft Protection Services Market Report by Segment

By Type
• Credit Card Fraud
• Bank Fraud
• Phone or Utility Fraud
• Employment Fraud
• Others

By End-User
• Consumer
• Enterprise

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This release was published on openPR.