Identity Theft Protection Services Market Research Report: By Service Type (Credit Monitoring, Identity Monitoring, Fraud Resolution, Insurance, Others), By Deployment Model (Cloud-Based, On-Premise), By Organization Size (Small & Medium-Sized Enterprises (SMEs), Large Enterprises), By Industry Vertical (Financial Services, Healthcare, Retail, Government), By End-User (Individuals, Businesses) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Identity Theft Protection Services Market Overview

Identity Theft Protection Services Market Size was estimated at 4.63 (USD Billion) in 2022.The Identity Theft Protection Services Market Industry is expected to grow from 5.1(USD Billion) in 2023 to 12.37 (USD Billion) by 2032. The Identity Theft Protection Services Market CAGR (growth rate) is expected to be around 10.3% during the forecast period (2024 - 2032).

Key Identity Theft Protection Services Market Trends Highlighted

The Identity Theft Protection Services Market has witnessed a surge in adoption due to the increasing incidence of identity theft and data breaches. The demand is driven by growing concerns among individuals and businesses about the security of their personal and financial information. The market is supported by the proliferation of digital transactions, e-commerce, and the widespread use of mobile devices, making it easier for criminals to access and steal sensitive data. The rise in data breaches has heightened the need for robust identity protection solutions, resulting in the growth of the market.

Advanced technologies such as artificial intelligence (AI) and machine learning (ML) are gaining prominence in identity theft protection services. These technologies enable real-time monitoring, threat detection, and fraud prevention, enhancing the accuracy and effectiveness of these services. The integration of AI and ML has led to the development of more sophisticated and proactive identity theft protection solutions that can adapt to evolving threats in real time.

Emerging trends in the market include the growing adoption of cloud-based identity theft protection services. Cloud-based solutions offer flexibility, scalability, and cost-effectiveness, making them an attractive option for businesses and individuals alike. Additionally, there is a growing emphasis on personalized identity protection services that cater to the specific needs and risk profiles of individuals and businesses. 

Figure 1: Identity Theft Protection Services Market, 2018 - 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Identity Theft Protection Services Market Drivers

Rising Identity Theft Incidents

One of the key drivers of demand in the Identity Theft Protection Services Market is the phenomenon of identity theft itself. As defined by Investopedia, identity theft is a type of crime in which your private information is stolen and used for criminal activity. This type of crime has become increasingly prevalent in recent years, and as a result, the demand for identity theft protection services has grown. This growth is expected to continue as the prevalence of identity theft continues to increase.

There are many ways in which individuals can be victims of identity theft. One of the most common types of identity theft is the use of a person’s Social Security number to access credit and commit fraud. This type of identity theft is becoming increasingly prevalent as the use of credit cards and other forms of electronic payment becomes more common. In addition, many people now do their shopping online, which makes them more vulnerable to having their personal information stolen.Identity theft can have extremely negative consequences on the victim.

A person who is the victim of identity theft can suffer serious financial losses, damage to their credit rating, and, in some cases, even charges for crimes that they did not commit. In addition, the process of clearing up the mess caused by identity theft can take many months or even years, during which time the victim will be unable to obtain credit or buy larger items such as cars or houses.According to a study by Javelin Strategy Research, there were more than 42 million victims of identity theft in the United States in 2022.

This number is expected to increase to more than 50 million by 2027. There are many reasons why the incidence of identity theft is increasing. One reason is that there is an increasing amount of personal information available online. In addition, electronic shopping is becoming increasingly popular, and many people now have their credit card information stored on their computers.Finally, identity thieves are becoming increasingly sophisticated in their approach, making it harder for people to protect themselves.

Overall, the increasing prevalence of identity theft is a key driver of the Identity Theft Protection Services Market. Identity theft protection services can help victims of identity theft recover their Identities and protect themselves from future attacks. These services offer a range of features, including credit monitoring, identity theft alerts, and identity restoration assistance.

Increasing Adoption of Digital Technologies

Increasing adoption of digital technologies The increasing adoption of digital technologies is another major driver of the Identity Theft Protection Services Market. Digital technologies allow identity thieves to access the personal information of businesses and consumers in new ways. For example, online banking, e-commerce, and social media have made it easier for identity thieves to access the personal information of businesses and consumers.In addition, the increasing use of mobile devices has created new opportunities for identity thieves.

Mobile devices typically store a wealth of personal information, including contacts, text messages, and financial data. This personal information is readily accessible to identity thieves if a mobile device is lost or stolen. The increasing adoption of digital technologies is making it more difficult for businesses and consumers to protect their personal information.Identity theft protection services allow businesses and consumers to protect their personal information and reduce the risk of identity theft.

Government Regulations

Government regulations are also driving the growth of the Identity Theft Protection Services Market. In recent years, governments across the globe have forced businesses to take several measures to protect their consumers from identity theft. These acts included offering a free credit report and fraud alert, along with taking relevant actions to protect consumer data. With this, it has become important for businesses to safeguard consumers’ data. Identity theft protection services help them in doing so.

Identity Theft Protection Services Market Segment Insights

Identity Theft Protection Services Market Service Type Insights

The Identity Theft Protection Services Market is categorized based on service types such as credit monitoring, identity monitoring, fraud resolution, insurance, and others. Among these, the market shares of credit monitoring and identity monitoring are the largest due to the increasing incidence of identity theft and data breaches. Credit Monitoring Credit monitoring services keep track of and provide the latest details on individuals' credit reports. These services provide relational information on recent activities on credit cards or loans, any new approvals on loans or credit cards, and any unauthorized credit card usage.

The Identity Theft Protection Services Market for credit monitoring is quite high in countries as the ultimate usage of these services focuses on issues such as credit theft unauthorized charges and are expected to reach $ 20.5 billion by 2026 at a CAGR of 10.3% over the next five years. Identity Monitoring Identity monitoring services also monitor information such as the name, address, driver’s license number, and social security number. These services keep track through online, public records, or through any unauthorized usage of personal information in social media and other sectors.The Identity Theft Protection Services Market for Identity Monitoring is expected to grow at a CAGR of 12.4% over the next five years and is expected to reach $ 25.7 billion by the end of 2026.

Fraud Resolution Such services seek to recover the lost value of the Identity of the individual and also the money stolen by counterfeiters. The process generally involves filing reports, disputing transactions, and being in coordination with the creditor and credit card departments of the banks. The increased frequency of identity theft and gradual changes in the counterfeiters and fraudsters are enhancing the demand for such services, and the Identity Theft Services Market for Fraud resolution is expected to reach $ 16.2 billion by the end of 2026.

Figure 2: Identity Theft Protection Services Market, By Service Type, 2023 & 2032 (USD billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Identity Theft Protection Services Market Deployment Model Insights

The deployment model is another factor affecting the Identity Theft Protection Services Market. As of 2023, this market is divided into two equal parts. However, the cloud-based segment is expected to capture a larger market share due to scalability, cost-effectiveness, and easy implementation. The on-premise segment will show a lower growth rate due to the high cost of implementation and maintenance. However, many companies prefer it due to their highly classified nature and the need to comply with government regulations. The cloud-based segment captured over 60% in terms of revenue as of 2023.

Identity Theft Protection Services Market Organization Size Insights

The Identity Theft Protection Services Market is segmented by organization size into Small and Medium-Sized Enterprises (SMEs) and Large Enterprises. The Large Enterprises segment is expected to hold a larger market share in 2023, owing to the increasing adoption of identity theft protection services by large organizations to protect their sensitive data and comply with regulatory requirements. However, the SME segment is expected to grow at a faster CAGR during the forecast period, driven by the rising awareness of identity theft threats among small businesses and the increasing availability of affordable identity theft protection solutions tailored to their needs.

Identity Theft Protection Services Market Industry Vertical Insights

The Identity Theft Protection Services Market is segmented into various industry verticals, including Financial Services, Healthcare, Retail, and Government. Among these, the Financial Services segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. This growth can be attributed to the increasing adoption of digital banking, online payments, and other financial services, which make consumers more vulnerable to identity theft.

The Healthcare segment is also expected to witness significant growth, owing to the rising prevalence of medical identity theft and the increasing adoption of electronic health records.The Retail segment is another key vertical, driven by the growth of e-commerce and the increasing number of data breaches targeting retailers. Lastly, the Government segment is expected to show steady growth as governments worldwide implement measures to protect citizens from identity theft and fraud.

Identity Theft Protection Services Market End-User Insights

The Identity Theft Protection Services Market is segmented by End-User into Individuals and Businesses. Among these segments, the Individuals segment is expected to hold a larger market share in 2023. This is due to the increasing awareness of identity theft among individuals and the growing adoption of identity theft protection services by consumers. The Businesses segment is also expected to witness significant growth in the coming years, as businesses are increasingly becoming targets of identity theft. This growth can be attributed to the rising incidences of identity theft, increasing awareness of identity theft protection services, and growing adoption of digital technologies.

Identity Theft Protection Services Market Regional Insights

The Identity Theft Protection Services Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the dominant position in the market in 2023, accounting for over 40% of the revenue. The region is home to a large number of identity theft victims, as well as a well-developed identity theft protection industry. Europe is the second-largest market for identity theft protection services, followed by APAC. The APAC region is expected to experience the fastest growth in the coming years due to the increasing adoption of digital technologies and the rising awareness of identity theft.South America and MEA are relatively small markets for identity theft protection services, but they are expected to grow steadily in the coming years. 

Figure 3: Identity Theft Protection Services Market, By Regional, 2023 & 2032 (USD billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Identity Theft Protection Services Market Key Players And Competitive Insights

Many leading players in the Identity Theft Protection Services Market industry adopt multiple strategies to stay ahead. Product launches, partnerships, and acquisitions are the key ones. The Identity Theft Protection Services Market is expected to grow at a significant pace in the upcoming years on account of the rising incidences of data breaches and identity theft. Prominent brand leaders of the Identity Theft Protection Services Market are striving to develop advanced solutions and looking forward to product innovation. Also, they are expanding geographically, which would, in return, help them widen their customer base. Partnerships, as well as acquisitions, are other major strategies that players are currently adopting.

These strategies are helping companies to enhance their market share and profitability. For instance, Norton LifeLock is a leading provider of identity theft protection services. The company offers various tools and services that protect families and individuals from identity theft. There are various companies that offer identity theft protection, and some of them develop innovative and valuable products. Similarly, NortonLifeLock's products and services are innovative and useful. The biggest boost for Norton LifeLock came when it acquired LifeLock, a provider of identity theft protection services and products, in 2017. In 2017, it also launched Norton 360 with LifeLock, its best-ever product that includes not only antivirus and internet security features but also identity theft protection. Apart from its high reputation in the US, Norton LifeLock also has an overseas base in Europe, Asia, Australia, Africa, and Latin America.

Experian is one of the leading companies in identity theft protection. It has a broad range of products and services, including credit monitoring, credit reports, and FICO scores. It soon worked out a new product that is innovative and advanced in identity theft protection. In 2023, it launched a new product named Experian IdentityWorks, which contains artificial intelligence software and helps to detect identity theft. It works to prevent personalized Extending Threats by staging a non-credit account in the customers’ names and monitoring it, which is known as development, while including reliable protection against identity theft that leverages the groundbreaking existence of trusted Experian.

Key Companies in the Identity Theft Protection Services Market Include

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  Experian

  
  


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  ADT

  
  


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  IdentityForce

  
  


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  SimpliSafe

  
  


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  LifeLock

  
  


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  Equifax

  
  


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  Norton LifeLock

  
  


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  IDShield

  
  


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  ProtectMyID

  
  


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  Frontpoint Security

  
  


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  TransUnion

  
  


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  FICO

  
  


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  Ring

  
  


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  PrivacyGuard

  
  


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  Brinks Home Security

  
  

Identity Theft Protection Services Market Industry Developments

The Identity Theft Protection Services market is projected to reach USD 127.6 billion by 2032, exhibiting a CAGR of 12.53% from 2024 to 2032. Increasing identity theft incidents, rising adoption of digital technologies, and growing awareness about data privacy are driving the market growth. Moreover, government initiatives to combat identity theft and protect consumer data are further propelling the demand for these services. The market is witnessing the emergence of AI-powered solutions, biometric authentication, and blockchain technology, offering enhanced security measures against identity theft. Strategic partnerships and acquisitions among key players are shaping the competitive landscape, with an increasing focus on innovation and expanding geographical reach.

Identity Theft Protection Services Market Segmentation Insights

Identity Theft Protection Services Market Service Type Outlook

• Credit Monitoring


• Identity Monitoring


• Fraud Resolution


• Insurance


• Others

Identity Theft Protection Services Market Deployment Model Outlook

• Cloud-Based


• On-Premise

Identity Theft Protection Services Market Organization Size Outlook

• Small Medium-Sized Enterprises (SMEs)


• Large Enterprises

Identity Theft Protection Services Market Industry Vertical Outlook

• Financial Services


• Healthcare


• Retail


• Government

Identity Theft Protection Services Market End-User Outlook

• Individuals


• Businesses

Identity Theft Protection Services Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa