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Travelers Identity Protection Services Market Report 2024: Growth Outlook and Trends
Travelers Identity Protection Services Global Market Report 2024
According to The Business Research Company's, the travelers identity protection services market size has grown strongly in recent years. It will grow from $8.64 billion in 2023 to $9.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing demand for mobile-based solutions, rising trends among travelers, rising online transactions, rising adoption of mobile devices, and growing business travel spending.
The travelers identity protection services market size is expected to see strong growth in the next few years. It will grow to $12.96 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to growing social illness, growing use of cybersecurity, growing digitalization initiatives, increasing use of online security services, and growing demand for personalized services. Major trends in the forecast period include the adoption of AI and machine learning, demand for comprehensive solutions, integration with mobile and digital wallets, expansion of services to emerging markets, and a focus on consumer education.
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Market Drivers and Trends:
The rising number of online frauds is expected to propel the growth of the travelers identity protection services market going forward. Online frauds involve deceptive practices conducted over the internet to steal money, personal information, or other assets from individuals or organizations. The number of online frauds is growing due to increased digital activity and the sophistication of cybercriminal tactics. Travelers identity protection services help mitigate the impact of the rising number of online frauds by providing tools and support to safeguard personal information and detect fraudulent activities. For instance, in March 2023, according to the Internet Crime Complaint Center (IC3), a US-based central hub for reporting cybercrime, investment fraud complaints increased by 127%, rising from $1.45 billion in 2021 to $3.31 billion in 2022. Cryptocurrency investment fraud saw an even more significant rise of 183%, escalating from $907 million to $2.57 billion during the same period. Therefore, the rising number of online frauds is driving the travelers identity protection services market.
Major companies operating in the traveler identity protection services market are focusing on developing advanced solutions, such as biometric technology, to enhance passenger identification and improve security. Biometric technology refers to the use of unique biological traits, such as fingerprints, facial recognition, or iris scans, to verify and authenticate a traveler's identity efficiently and securely. For instance, in January 2022, Idemia, a France-based cryptography and biometrics technology company, launched ID2Travel, an innovative traveler identity platform, in North America. This platform enhances the travel experience by using identity management and biometric identification, ensuring efficient, secure, and frictionless travel. ID2Travel can be integrated into various travel infrastructures, including airports and airlines, and uses Idemia's patented biometric capture technologies recognized by the National Institute of Standards and Technology (NIST). Passengers can enroll in the system using their mobile devices from home by scanning their state ID or passport and taking a selfie for verification. Once enrolled, travelers can use biometrics to navigate through the airport seamlessly, from check-in to boarding.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Costco Wholesale Corporation; USAA Identity Theft Protection; TransUnion LLC; NortonLifeLock; Kroll Identity Monitoring; Aura; Credit Karma Identity Monitoring; Bankrate LLC; ID Experts; Zander Insurance; Credit Sesame; PrivacyGuard; Sontiq Inc; ID Watchdog; IDShield; ProtectMyID; ID Theft Assist; Cyberscout; IdentitySecure; ReliaShield; IDStrong; IdentityIQ; IdentityHawk
Travelers Identity Protection Services Market 2024 Key Insights:
• The travelers identity protection services market size is expected to grow to $12.96 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• The Growing Need For Travel Identity Protection Amid Rising Online Fraud
• Advanced Biometric Solutions Enhance Travelers Identity Protection Services
• North America was the largest region in the travelers identity protection services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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