In 2023, the ID theft market is projected to grow significantly, driven by the increasing reliance on digital platforms and the proliferation of data breaches. <\/p>\n\n\n\n
A Javelin Strategy & Research<\/a> report found that losses involving identity fraud scams involving direct contact with victims totaled $28 billion. These scams affected 27 million consumers in the United States.<\/p>\n\n\n\n The report notes that while the overall number of identity theft victims<\/a> has decreased since 2021, the financial losses per victim have increased, indicating that identity theft and other types of cyberattacks are becoming more sophisticated and targeted.<\/p>\n\n\n\n Read on to explore the latest trends and growth drivers in the ID theft market. <\/p>\n\n\n\n (Fact.MR) <\/a><\/p>\n\n\n\n According to a study from Fact.MR<\/a>, identity theft protection services, comprises 5% of the global cybersecurity market. The digitalization of businesses has contributed to the fast-growing financial crime of identity theft. <\/p>\n\n\n\n Fraudsters who obtain sensitive personal information, bank account numbers, and other personal information drive demand for theft protection tools. <\/p>\n\n\n\n (Fortune Business Insights) <\/a><\/p>\n\n\n\n In 2021, the identity theft protection services market reached $10.07 billion globally. With a CAGR of 13.7%, the market is expected to grow from $11.39 billion to $27.90 billion in 2029. The COVID-19 pandemic has significantly impacted the global demand for identity theft protection services. <\/p>\n\n\n\n (IBIS World)<\/a><\/p>\n\n\n\n The COVID-19 pandemic has pushed people back inside their homes and required people to work remotely. Because the world is more digitalized than ever, identity theft has become a more rampant problem. This shift in how people worked also called for more protection and caused the market’s growth. <\/p>\n\n\n\n (McAfee) <\/a><\/p>\n\n\n\n The prevalence of internet usage has opened up more avenues for scammers to access and trade personal data on the dark web. Various online businesses, such as social media platforms and others, often store users’ data for diverse purposes, thereby creating multiple opportunities for theft.<\/p>\n\n\n\n (ACFE)<\/a><\/p>\n\n\n\n The Association of Certified Fraud Examiners (ACFE)<\/a> report in 2022 found that fraud causes companies to lose up to 5% of their revenue annually. This adds up to a global estimate of US$4.7 trillion. <\/p>\n\n\n\n During the pandemic, bankers noticed increased fraud due to new opportunities created by the situation. <\/p>\n\n\n\n Unfortunately, history shows that the upcoming economic downturn in 2023 is likely to result in more fraud affecting both businesses and consumers.<\/p>\n\n\n\n (Maximize Market Research)<\/a><\/p>\n\n\n\n As a result of the pandemic, on-site personnel has shifted to remote work-from-home arrangements, which has heightened the risk of cyberattacks.\u00a0<\/p>\n\n\n\n Sharing personal and corporate information using personal and work devices and home networks has made it easier for hackers to penetrate the organization’s security framework. This situation led to a surge in coronavirus-related fraud directed toward workers, clients, and consumers.<\/p>\n\n\n\n (Fortune Business Insights)<\/a><\/p>\n\n\n\n The rise of communication and the digitization of business operations have escalated the threat of cyberattacks such as phishing or smishing<\/a>, introducing new risks to organizations. <\/p>\n\n\n\n With identity theft being the fastest-growing form of financial crime, around 10 million Americans fall victim to this malicious act annually. Security.org reports that in 2019-2020, 67% of U.S. adults experienced identity theft.<\/p>\n\n\n\n (Fortune Business Insights)<\/a><\/p>\n\n\n\n In 2022, North America dominated the market with a 30% share, specifically in the e-commerce industry. It controls the market share for identity theft protection services and is experiencing rapid growth due to the creation of new online accounts. <\/p>\n\n\n\n The US government has taken recent measures to combat identity theft, including implementing the BuySecure project, a specialized task force aimed at preventing identity theft.<\/p>\n\n\n\n The market size of the Identity Theft Protection Services industry is expected to increase by 2.5% in 2023. <\/p>\n\n\n\n (Maximize Market Research) Credit card fraud holds the largest market share within the fraudulent activity category. However, the bank fraud category is projected to experience the fastest growth rate throughout the forecast period due to the speed and convenience of banking transactions. <\/p>\n\n\n\n Con artists have been taking advantage of the growing costs of utilities such as power and phone bills to acquire personal and financial information from customers.<\/p>\n\n\n\nID Theft Protection Services Market Size, Growth, & Trends Statistics (Editor\u2019s Pick)<\/strong><\/h2>\n\n\n\n
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ID Theft Protection Services Market Size, Growth, & Trends Statistics<\/strong><\/h2>\n\n\n\n
1. The global identity theft protection services market accounts for 5% of the worldwide cybersecurity market. <\/h3>\n\n\n\n
2. The Identity Theft Protection Services market will experience a compound annual growth rate (CAGR) of 13.7% from 2023 to 2028.<\/h3>\n\n\n\n
3. The US’s Identity Theft Protection Services industry’s market grew 2.1% annually between 2018 and 2023.<\/h3>\n\n\n\n
4. The market size of the US’s Identity Theft Protection Services industry increased faster than the economy overall.<\/h3>\n\n\n\n
5. Bank fraud is expected to grow 5.3% in 2022-2023.<\/h3>\n\n\n\n
6. The COVID-19 pandemic has positively impacted the growth of the identity protection services market.<\/h3>\n\n\n\n
7. The Identity Theft market is projected to grow from $11.39 billion in 2022 to $27.90 billion by 2029. <\/h3>\n\n\n\n
8. North America is expected to dominate the identity theft protection services market share.<\/h3>\n\n\n\n
9. Credit card fraud is a leading driver of the identity theft protection services market. <\/h3>\n\n\n\n
<\/a><\/p>\n\n\n\n10. Internet-enabled transactions are huge drivers of the need for identity theft protection services. <\/h3>\n\n\n\n