Identity theft protection services have garnered prominence for establishment of a robust monitoring and protection framework, both for individuals as well as business enterprises. An alarming rise of high-profile data breaches resulting in hefty losses is predominantly pushing high-scale deployment of the services. The identity theft protection services market witnessed an opportunity worth US$ 7,377 Mn in 2018 and will continue its upward spiral in the forthcoming years.
Risks of Unauthorized Invasion of Electronic IDs to Spur Adoption
As per the report, rapid digitization of government records & emergence of electronic IDs have positioned data privacy spectrums in a highly-vulnerable state. With the increasing susceptibility of private data to potential threats, deployment of identity theft protection services are gaining consistent popularity. With people drawn to convenience associated with online shopping, the risk of ecommerce fraud is also increasing, intensifying the scope for large-scale deployment of identity theft protection services.
Credit card fraud, valued at US$ 2,906 Mn in 2018, is likely to be a significant type in parallel to the alarming situation of frauds faced by credit-card holders worldwide. According to the Federal Trade Commission, more than 32% of Americans lodged complaints about credit card frauds in the year 2016, which is double the rate recorded in 2015. Furthermore, escalating inclination toward internet-based financial transactions is spurring the deployment of identity theft protection services for banks and this deployment rate is likely to register promising growth over the forecast period- 2018 to 2027.
Emerging or Tier 3 Players Hold Substantial Revenue Share
Rising deployment of identity theft protection services by multiple enterprises to ensure a robust security apparatus is creating substantial opportunities for the market players, from an investment-making standpoint.
The identity theft protection services market remains highly competitive at the bottom and moderately competitive at top and middle levels. The tier 3 or emerging players retain their stronghold in the global market space, with a considerable revenue share and remain focused on product launches as well as acquisitions. Characterized by presence of a large number of players, the identity theft protection services market witnesses cut-throat competition for tapping into larger customer segments. Moreover, the vendors also strive to ameliorate their existing protection service portfolios with additional features to deal with the perpetual sophistications and diversified avenues adopted by hackers.
The research study positions the market players into four distinctive propositions-
- Leaders: Players with an established brand equity and impressive product portfolios
- Challengers: Players who remain focused on innovation-driven growth and enhancement of their revenue footprint
- Followers: Players who are scaling substantial heights to establish themselves in the global market space, albeit at a slow pace
- Aspirers: Players focused on foothold expansion and solidification by closely trailing the nearest competitors
In tune with the evolving requirements of end users, vendors have started offering seamless recovery assistance and insurance coverage.
Fact.MR’s report envisages the identity theft protection services market to proliferate at an impressive CAGR of over 13% through 2027.