Identity theft is a type of fraud in which an imposter steals individual or company information and uses this information to gain some benefit, such as financial or goods. Thereby, the necessity of identity theft protection to prevent this loss anticipates the growth of the identity theft protection market. Further, increasing digitalization, coupled with the increase in the number of internet-based financial transactions, is also accelerating the identity theft protection market growth.
COVID-19 Scenario Analysis:
- The emergence of COVID-19 has severely affected almost all industries globally. Further, lockdown restrictions on movement have disrupted the supply chain but gave opportunities to the detector industry positively impacting the growth of the identity theft protection market.
- The outbreak of COVID-19 has brought heavy traffic on the internet as people have been working, surfing, and shopping from home. On the other hand, cyber-attacks have experienced a sudden rise during the lockdown phase.
- In addition, the changes in consumer behavior, demand, purchasing patterns, re-routing of the supply chain, current market forces, and significant interventions of governments are noticeable.
- Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run, the impact of COVID-19 on technology may be extremely positive. Everyone is forced to embrace new technologies and discover its benefits. Additional investments in digital infrastructure can be expected to improve the growth of the market in the future.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increasing Adoption of Online Payments:
Internet-based financial trading has become very popular among the current generation. Leading companies offering fund transfer services have seen significant involvement in recent times. For example, by 2020, Paytm, is one of the leading e-commerce payment companies, has registered a 50% increase in total transactions. The increasing acceptance of online payments is expected to drive the growth of the market for identity theft protection services. In addition, increased awareness of identity theft among people who are supported by similar events is estimated to strengthen their future demand.
Rising Number of Credit Card Holders:
Credit card fraud accounts are mostly market share, as the demand for credit card-related security services has increased with the number of credit cardholders. However, due to the increasing demand for online banking that is driven by speed and ease of use, the share of bank fraud is expected to increase at a rapid rate during the forecast period. Therefore, an increase in the number of credit holders will soon accelerate the demand for identity theft protection.
Key Benefits of the Report:
- This study presents the analytical depiction of the global identity theft protection market 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 a detailed analysis of global identity theft protection market share.
- The current market is quantitatively analyzed to highlight the global identity theft protection market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global identity theft protection market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Global Identity Theft Protection Market Research Report:
- Which are the leading market players active in the identity theft protection market?
- What would be the detailed impact of COVID-19 on the identity theft protection market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the identity theft protection market?
- What are the projections for the future that would help in taking further strategic steps?
Identity Theft Protection Market Report Highlights
By Threat Type
By Deployment Type
By Organization Size
By End User
Key Market Players
6S Success Consulting, myFICO, ldentity Defense, IdentityIQ, Identity Guard, Others, InfoArmor, Inc., LegalShield, ZeroFox, CyberScout, IdentityForce, LifeLock