December 2018: Adroit Market Research launched a study titled, “Global Identity Theft Protection Services Market Size 2017 by Theft Type (Bank Fraud, Phone & Utility, Employment & Tax, Credit Card Fraud and Others), by Application (Consumer Service and Enterprise Service), by Region and Forecast 2018 to 2025”. The study covers the global identity theft protection services market value for a period ranging between 2015 to 2025, where 2015 to 2017 imply the historical value with forecast between 2018 and 2025. The global identity theft protection services market report also includes qualitative insights of the market such as drivers, restrains, value chain, and porters five force analysis. The value chain has been analyzed in detail covering key stages and participants at each stage.
The global identity theft protection services market is expected to reach USD 18.70 billion by 2025. Owing to increasing internet penetration and its associated malware and virus attacks by hackers. Other factors that are expected to boost the market demand for identity theft protection services are creating awareness among individuals and at business level, growing use of internet of things such as every device which are being used are connected to each other, and use of digital applications for payments and shopping purposes.
The collaboration between government bodies such as Federal Trade Commission and identity theft protection service providers such as Equifax, Experian, and TransUnion are promoting and making aware about the types of identity thefts that are happening and necessary precautions to be followed to avoid your identity theft. For instance, the governing bodies and companies listed out some steps to be followed in order to avoid identity theft by hackers such as provide your social security number (SSN) on when necessary, never reply to unsolicited mails or calls by revealing your personal details and periodically review your credit and debit card statements for unauthorized transactions.
North America dominated the identity theft protection service market by occupying nearly 72% in 2017. As a result of digitally advanced regions, majority of financial transactions are done using credit and debit cards. To enable swift and easy transaction all details are linked with one unique identity number such as social security number. Further, increasing use of social media apps and online shopping apps is making individuals more vulnerable to lose their identity credentials. One of the major reasons hackers are targeting United States is the dollar which is the most traded global currency and is the benchmark for international trades and transactions.
Consumer business segment dominated the overall identity theft protection services market by occupying 82.4% share in 2017. The hackers can easily get the individuals data as consumers are not taking any precautions to protect their identity. Majority of the individuals don’t even know what identity theft is and where to report such kind of incidents if occurred to anyone. As the businesses are growing, majority of financial transactions and cross border payments are done through digital platforms via internet.
Hackers found a way to hack into enterprises as they are less aware about such type of thefts happening in the industry. Hackers use different types of methods to steal company’s data and one of the methods is insider attack. The insider attack is done by inside employee where he is paid a huge amount to install a bug in the servers and makes the hackers work easy.
The global identity theft protection services industry is consolidated as of 2017. The major players are either partnering or acquiring domestic players to expand their presence around the world. Moreover, the companies are launching new products and offering free subscription models to buyers for three to four months to promote their products and create awareness about identity theft. For instance, In August 2018, EZShield acquired IdentityForce to expand EZShield’s identity protection ecosystem by nearly 50 percent, by providing partners in every industry, businesses of all sizes, and consumers with the most secure capabilities and rapid restoration services.
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.
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