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Allied Market Research

Identity Theft Insurance Market By Type (Credit Card Fraud, Tax-Related Fraud, Utility Fraud, Bank Fraud, and Others) and Application (Individual and Businesses): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11987
Pages: NA
Sep 2021 | 132 Views
   
Author(s) : Vijay Poola
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COVID-19

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Identity Theft Insurance Market Outlook - 2030

Identity theft is the crime of obtaining personal or financial information to commit fraud such as making unlawful transactions or purchases and using that person's identity without taking prior permission of the victim. Identity theft is committed in many different ways such as misuse of credit & finances without permission or by participating in an activity with intention of damaging their reputation. Therefore, to protect the unpredicted damages, demand for identity theft insurance is expected to rise in the market.

The global identity theft insurance market is segmented on the basis of type, application and region. Based on type, the market is divided into credit card fraud, tax-related fraud, utility fraud, bank fraud, and others. In terms of application, the market is categorized into individual and businesses. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global identity theft insurance industry include Allianz, AXA, GEICO, Esurance Insurance Services, The Travelers Indemnity Company, State Farm Mutual Automobile Insurance Company, Nationwide, MetLife Services and Solutions, LLC, Erie Indemnity, Liberty Mutual Insurance, The Hanover Insurance Group, Allstate Insurance Company, and American Family Mutual Insurance Company. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global identity theft insurance market.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available for Years

2020–2030

Base Year Considered

2020

Forecast Period

2021–2030

Forecast Unit

Value (USD)

Segments Covered

Type, Application, and Region

Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

Companies Covered

Allianz, AXA, GEICO, Esurance Insurance Services, The Travelers Indemnity Company, State Farm Mutual Automobile Insurance Company, Nationwide, MetLife Services and Solutions, LLC, Erie Indemnity, Liberty Mutual Insurance, The Hanover Insurance Group, Allstate Insurance Company, and American Family Mutual Insurance Company.

 

COVID-19 Impact Analysis

  • During the COVID-19 pandemic, the trend of work from home culture has increased the chances of cyber-attack. Moreover, rapid information exchange in terms of personal and business information through the network, which makes it easier for hackers to breach the enterprise security framework through the incursion of coronavirus scams. As a result, this has accelerated the demand for identity theft insurance during the pandemic situation.
  • Furthermore, the Federal Bureau of Investigation (FBI) and law enforcement agencies have been warned of numerous identity theft scams. As a result, to safeguard personal and business information, the demand for identify theft insurance is expected to rise in the coming years.

Top Impacting Factors

The rising number of credit cardholders and increasing internet-based financial transactions are driving the growth of the market. However, higher cost associated with safety is expected to hamper the growth of the market. Contrarily, fastest growing virtual information sharing via online platforms is expected to create lucrative opportunity to market in the coming years.

Rising Number of Credit Card Holders

Credit card fraud accounts for the majority of market share, as demand for credit card-related protection services has increased with the number of credit cards holders. However, due to the increasing demand for online banking transactions driven by speed & convenience, the bank fraud segment is predicted to increase at the fastest rate during the forecast period. Therefore, rise in number of credit holders will accelerate the demand for identity theft insurance in near future.

Fastest Growing Virtual Information Sharing Via Online Platforms

With rise in a growing number of data frauds, breaches, and thefts in companies to protect confidential business data, demand for identity theft insurance is expected to grow tremendously in the market. On the contrary, identity theft is expected to increase among the individual segment, as the number of consumers opening online social media accounts, shopping accounts, and online banking accounts has increased. Therefore, growing number of online platforms is anticipated to create an immense opportunity for identity theft insurance market in the coming years.

Key Segments Covered

Segment

Sub-Segment

Type

  • Credit Card Fraud
  • Tax-Related Fraud
  • Utility Fraud
  • Bank Fraud
  • Others

Application

  • Individual
  • Businesses

 

Key Benefits of the Report

  • This study presents analytical depiction of the identity theft insurance market forecast along with the current trends and future estimations to determine the imminent investment pockets.        
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the identity theft insurance market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the identity theft insurance market growth scenario.               
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.         
  • The report provides a detailed identity theft insurance market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Identity Theft Insurance Market Research Report  

  • Which are the leading players active in the identity theft insurance market size?
  • What are the detailed impacts of COVID-19 on the identity theft insurance market trends?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
 
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