Global identity theft protection services market was valued at USD 4.98 billion in 2018 and is expected to grow exponentially over the forecast period. This growth can be attributed to growing digitalization, increasing use of social media, strong penetration of smart phones, implementing new standards, robust crime reporting system by governing bodies and creating awareness among individuals about identity theft.
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The worldwide antitheft service market is expected to reach $ 187 billion by 2025. Internet penetration by hackers and related malicious code and virus attacks. Other factors that are expected to increase market demand for identity theft protection services include increasing awareness at the individual and business level, the use of the Internet, including the use of all connected devices and Internet applications. And for shopping purposes.
Identity theft occurs when personal information such as address, social security number, birthdate or credit card information is stolen to commit frauds or other crimes. Identity theft through data breach can occur at an organization level, where large amounts of sensitive personal information are stored or, it can occur at an individual level who are tricked to share their own or others sensitive data.
Moreover, well-established companies, as a strategic step, are expanding their presence in different countries as the identity theft protection services industry is witnessing a healthy return on investments. For instance, In October 2017, Civic technologies formed a partnership with Progrexion to expand its suite of product offerings in the identity theft protection market. Moreover, market participants are launching new products and are offering free services up to a limited time to spread awareness about the identity theft crimes that are happening around the world. For instance, In March 2018, Intersections Inc. launched AI-Powered identity theft protection with IBM Watson.
For instance, in September 2017, Equifax (major credit reporting agency) announced a massive data breach in their organization which included personally identifiable information such as names, social security numbers, birth dates, addresses and driver license numbers. So as a part of its breach response, they provided consumers with one year of free credit monitoring service before they freeze their account. Also, in the year of 2015, US alone acknowledged a total loss of USD 15 billion due to identity theft says one of the major players in identity theft services market, LifeLock Inc.
Internet today, offers opportunities that were unimaginable a decade ago. However, this also creates opportunities for hackers, scammers and identity thieves to steal personal information to commit crimes. According to the identity theft study conducted by LifeLock, social media users are 3 times more likely than the non-social media users to be identity theft victim. Identity thieves thrive by exploiting interconnected systems such as World Wide Web.
Bank fraud involves leveraging stolen personal information of the victim to gain control over finances, majorly involving credit/debit cards, loans and state benefits. Thieves can open a new bank account using the victim’s personal information and also use it for various other criminal activities such as wire transferring money overseas, making it extremely difficult to track. The market share for bank fraud was USD 856.7 million in 2017 and is expected to grow at a fastest CAGR in the coming years.
The top players in the identity theft protection service market are LifeLock, Inc., Experian PLC, Equifax, Inc., TransUnion, LLC, FICO (Fair Isaac Corporation), LexisNexis Risk Solutions, Intersections, Inc., AllClear ID, Civic Technologies, Inc. and IdentityForce, Inc.
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Key segments of the global Identity Theft Protection Services market
Theft Type Overview, 2015-2025 (USD million)
- Bank Fraud
- Phone & Utility
- Employment & Tax
- Credit Card Fraud
Application Overview, 2015-2025 (USD million)
- Consumer Service
- Enterprise Service
Regional Overview, 2015-2025 (USD million)
- North America
- United Kingdom
- Asia Pacific
- Rest of the World
What does the report include?
- The report focuses on identity theft protection services market, the types of identity theft occurs.
- The study on the global identity theft protection services market includes qualitative factors such as drivers, and restraints
- Additionally, list of number of breach records by country since 2013 are provided
- The study covers qualitative and quantitative analysis of the market segmented on the basis of theft type and application. Moreover, the study provides similar information for the key geographies
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
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