Identity Theft Protection Services Market is Estimated to Reach USD 24 Billion by 2032 - Fact.MR Analysis

North America to Contribute Over 24.5% of the Identity Theft Protection Services Market Revenue

NEW YORK, Jan. 28, 2022 /PRNewswire/ --  The latest research report by Fact.MR provides detailed information on key factors affecting growth in the global identity theft protection services market. It presents valuable insights on analysis of the different segments of the global identity theft protection services market.  For the purpose of study, the market has been segmented in terms of Type, Region and End Use Industry. 

The global identity theft protection services market is estimated at USD 10 Billion in 2022 and is forecast to surpass USD 24 Billion by 2032, growing at a CAGR of 9.4% during 2022-2032. The global identity theft protection services market is estimated to have an absolute $ opportunity of USD 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.

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. Identity theft Protection Services are one of the fastest-growing financial crimes and the risks of cyberattacks and other similar threats to organizations are rising due to the surge in communications and the digitalization of businesses. 

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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.