The global identity theft protection service market size was valued at USD 5,879.6 million in 2018. The global identity theft protection service market is growing, due to increasing digital payments and e-commerce transactions across the globe. The global identity theft protection service industry is majorly driven due to intensive use of smart phones with internet and internet-based financial transactions coupled with associated fraudulent activities. Additionally, high exposure towards social media where personal information is extensively circulated and give opportunity to fraudsters to do unlawful act or crime with those information. Moreover, the records posted on government websites such as vehicle records, court files, property details, and others of public are making them more vulnerable to data breach due to which there is the need for identity theft protection services. However, the identity theft protection service provider does not ensure consumer data from breaches and lack of awareness among the victims of identity theft are expected to restraint the market growth.
5G network i.e. next generation of internet connectivity create more opportunities for disruption which will provide favorable circumstances to online fraudsters to misuse the information thus, give a positive growth to identity theft protection service market. The market is estimated to raise its position due to the introduction of newer policies and regulations like electronic ID’s has led to increase instances of identity thefts which will bolster the identity theft protection service market.
Segmentation of identity theft protection service are done on the basis of theft type, application and regional. Credit card frauds is projecting the global identity theft protection service market ahead because the major use of credit cards during online shopping and online transactions thus, credit card information is stolen to commit frauds or other crimes. On the basis of application, the use of identity theft protection service in consumer service is more because the hackers can easily get the individuals data as consumers are not taking any precautions to protect their identity. North America region is leading on the basis of region as a result of digitally advanced regions, majority of financial transactions are done using credit and debit cards and increasing use of social media apps and online shopping apps is making individuals more vulnerable to lose their identity credentials.
The competitive landscape of the global identity theft protection service market is marked by the presence of players catering to consumers locally as well as internationally. Companies including Life Lock, Inc., Experian PLC, Equifax, Inc., TransUnion, LLC, FICO (Fair Isaac Corporation), LexisNexis Risk Solutions, Intersections, Inc., All Clear ID, Civic Technologies, Inc., and Identity Force, Inc. among others have a broader presence within the global market.
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