![]() ![]() This will help them better protect their customers from potential threats. Key players operating in this market are focusing on strategic partnerships with other enterprises. Strategic Partnerships to Help Key Enterprises Develop Novel Protection Services The increasing population of credit card holders coupled with the rising adoption of online payments is expanding the market share of identity theft protection services in the region. The region is expected to register the highest CAGR during the forecast period. The market in Asia Pacific is estimated to showcase robust growth. ![]() government introduced a new initiative called BuySecure, which will help the citizens protect themselves against security threats such as credit card fraud or identity theft. government to minimize identity thefts and security breaches are anticipated to strengthen the demand for the services. North America is projected to dominate the identity theft protection services market share during the forecast period. to Accelerate Service Demand in North America For instance, as reported by the Indian Express, in February 2021, Vodafone had lost INR 94 lakh due to identity theft in India. In addition, the rising awareness regarding identity theft among people backed by the increasing occurrences of the same is estimated to further strengthen their demand in the future. The increasing adoption of online payments among tech-savvy millennials is expected to drive the identity theft protection services market growth. For instance, in 2020, Paytm, one of the leading e-commerce payment companies, registered a 50% increase in overall transactions. Leading companies offering such fund transfer services have witnessed massive engagement in recent times. ![]() Internet-based financial transactions have become highly popular among the current generation. Increasing Adoption of Online Payments to Drive Growth Our next step included the bottom-up procedure to arrive at the overall size of the market. We have conducted extensive interviews with key industry experts in order to track and analyze competitive developments, such as partnerships, mergers & acquisitions, new product launches, and research & development activities. In order to prepare this report, we have captured data on the revenue of several key players through secondary sources, such as company websites, corporate filings, annual reports, and investor presentations. Based on our findings, the market will exhibit a significant growth of 13.1% in 2021.Ĭlick here to get the short-term and long-term impact of COVID-19 on this market. The incidents have had a positive impact on the market for identity theft protection services. According to Deloitte, phishing attacks, ransomware attacks, and Malspams, showcased rapid increase as cybercriminals used COVID-19 as bait to target employees and customers. On the other hand, cyber-attacks have experienced a sudden rise during the lockdown phase. The emergence of the COVID-19 pandemic brought heavy traffic on the internet as people have been working, surfing, and shopping from home. By region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Based on application, it is fragmented into consumer and enterprise. In terms of type, the market is divided into credit card fraud, bank fraud, phone or utility fraud, and employment or tax-related fraud. We have categorized the market on the basis of type, application, and geography. As per the report, the value of the market stood at USD 8.94 billion in 2020. Fortune Business Insights™ shares this information in its report, titled “ Identity Theft Protection Services Market, 2021-2028”. Pune, India, J(GLOBE NEWSWIRE) - The global identity theft protection services market size is projected to reach USD 24.90 billion by 2028, exhibiting a CAGR of 13.7% during the forecast period. ![]()
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