The global identity theft protection services market is estimated at $10 Billion in 2022 and is forecast to surpass $24 Billion by 2032, growing at a CAGR of 9.4% during 2022-2032, according to Fact.MR. The global identity theft protection services market is estimated to have an absolute $ opportunity of $14 Billion during the assessment period of 2022-2032.
Identity theft technology is escalating at a rapid pace for preventing financial losses to individuals and business enterprises. Multiple factors such as digitization of government records, the rising trend towards online payment, growing e-commerce sector have made security and privacy more vulnerable which further drives growth of this market.
Cybercrime uplifting the demand for theft protection tools
Theft of sensitive personal information such as an address, bank account numbers, social security numbers, passwords etc. being used by fraudsters uplifts the demand of theft protection tools.
Monitoring services that help in observing unauthorized use of personal information and recovery services which deals with the ripple effects of post-identity theft are anticipated to increase the identity theft protection services market growth of by ~23% in upcoming half-decade.
Ransomware attacks, phishing attacks, and mail spams witnessed rapid increase during COVID-19, as cybercriminals targeted employees and customers, according to Deloitte. These cases had a positive impact on the identity theft protection services market by 1.2X.
- The global identity theft protection services market is estimated to have an absolute $ opportunity of $14 Billion.
- The identity theft protection services market is expected to witness exhibiting growth at 9.4% CAGR during 2022-2032.
Identity theft protection services market growth drivers
- Consumers and enterprises are using data protection software’s and are deploying Network Access Control (NAC) across their enterprises, which is increasing the demand.
- The intensifying emphasis on electronic IDs by global government, present market size is likely to multiply by 1.3X of present market valuation in the forecast period (2022-2032).
Key restraints for the identity theft protection services market
- Identity theft protection services depends upon on the services being chosen which then prove very expensive.
- These services may range from $10 to $30 per month & may not cover legal expenses and time spent away.