Identity Theft Protection Service Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | NortonLifeLock Inc., TransUnion LLC, Experian Information Solutions Inc., LexisNexis Risk Solutions, AllClearID Inc.

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Identity Theft Protection Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $20.86 billion In 2028 At A CAGR Of 12.2%.

The identity theft protection services market size has grown rapidly in recent years. It will grow from $11.84 billion in 2023 to $13.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to financial fraud incidents, increased digitalization, high-profile data breaches, data privacy concerns, rise in cyber threats..

The identity theft protection services market size is expected to see rapid growth in the next few years. It will grow to $20.86 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to consumer awareness and demand, cybercrime trends and patterns, growth of digital transactions, market competition and innovation.. Major trends in the forecast period include ai and machine learning integration, biometric authentication advancements, rise in cybersecurity threats, regulatory changes and compliance, expansion of digital footprint protection..

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Identity Theft Protection Services Market Major Segments
The identity theft protection services market covered in this report is segmented -

1) By Service: Monitoring Services, Credit Monitoring, Identity Monitoring, Identity Recovery And Theft Insurance Services
2) By Type: Credit Card Fraud, Employment And Tax Related Fraud, Phone Or Utility Fraud, Bank Fraud
3) By End-Use: Consumers, Enterprises

Key Driver - Growing Frauds Propel The Identity Theft Protection Services Market

An increasing number of fraudulent activities is expected to propel the growth of the identity theft protection services market moving forward. Fraud is defined as any conduct that uses deceit to obtain an advantage, and it becomes a crime when there is a knowing distortion of the truth or concealment of a substantial fact to convince someone to act to his or her harm. Identity theft protection services monitor personally identifiable information in credit applications, public records, websites, and other locations for any unusual behavior that might indicate identity theft. For instance, in February 2022, according to the Federal Trade Commission, a US-based independent organization that enforces civil antitrust law and promotes consumer protection, approximately 2.8 million fraud claims were filed, with 25% indicating money was lost. People reported losing more than $5.8 billion to fraud in 2021, a $2.4 billion increase over the previous year. Therefore, the increasing number of fraudulent activities is driving the growth of the identity theft protection services market.

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Prominent Trend - Innovative Identity Protection And Restoration Services In The Identity Theft Protection Market

Major companies operating in the identity theft protection market are developing innovative products and services such as identity protection and restoration services to meet larger customer bases, more sales, and increase revenue. Identity protection and restoration services refer to a comprehensive suite of offerings designed to safeguard individuals against identity theft and fraud, as well as to assist in the recovery process if identity compromise occurs. For instance, in May 2022, Bitdefender, a Romania-based cybersecurity company, launched Bitdefender Identity Theft Protection. The Bitdefender Identity Theft Protection service is a novel consumer offering in the United States, providing continuous monitoring for identity threats and alerts, 24/7 surveillance of credit and financial accounts, and exclusive recovery services in the event of a successful identity takeover. This service is designed to thwart criminals attempting to steal or misuse personal information for activities such as draining financial accounts, initiating unauthorized credit lines, and engaging in identity-based offenses such as medical or tax fraud. The distinctive feature of Bitdefender's Identity Theft Protection service is its ability to empower consumers to engage in online activities such as shopping, banking, and social media with confidence, ensuring that their financial identity, privacy, and personal data are safeguarded at all times. Furthermore, it promises swift credit repair in case of any identified threats or breaches, providing users with peace of mind.

Identity Theft Protection Services Market Players
Major companies operating in the identity theft protection services market report are NortonLifeLock Inc., TransUnion LLC, Experian Information Solutions Inc., LexisNexis Risk Solutions, AllClearID Inc., Kroll Inc., Fair Isaac Corporation, McAfee LLC, Identity Force Inc., Equifax Inc., Malwarebytes Ltd., Lifelock Inc., Cyberscout LLC, Intersections Communications Inc., Symantec Corporation, RELX PLC, PrivacyGuard Holdings Inc., F-Secure Corporation, Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Holdings Inc., Fortinet Inc., Palo Alto Networks Inc., Rapid7 Inc., SentinelOne Inc., Sophos Group plc, Tenable Holdings Inc., Trend Micro Incorporated, Zscaler Inc., ID Watchdog .

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Largest And Fastest Growing Region In The Market
North America was the largest region in the identity theft protection services market in 2023. The regions covered in the identity theft protection services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Identity Theft Protection Services Market Report Structure
3. Identity Theft Protection Services Market Trends And Strategies
4. Identity Theft Protection Services Market - Macro Economic Scenario
5. Identity Theft Protection Services Market Size And Growth
…..
27. Identity Theft Protection Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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