Identity Theft Protection Services Market Is Expected To Be Driven By The Increasing Rate Of Identity Thefts Across The Globe
Pune, Maharashtra, July 19, 2019 (Wired Release) Prudour Pvt. Ltd. – The internet has brought the world closer and made it possible to interact within social circles, right from mobile device or PC. Moreover, the social media platform has made it easier to keep all updates. While, this is the positive side of the internet, there are also a few negative sides to all of this. High exposure towards internet and social media, personal information is circulated widely, which gives opportunities to online fraudsters to misuse such information and commit frauds or unlawful acts. Identity theft is a fraudulent practice of using another person’s identity and information without permission, to gain a financial advantage or obtain some other benefits. The hacked data may not just be used for personal gains, but can also be sold on the online black market, further creating severe damage.
The global Identity Theft Protection Services market was valued at US$ 3,214.6 Mn in 2018 and is expected to reach US$ 8,538.8 Mn by 2028 at a CAGR of 10.3%. It also offers a holistic view of the global identity theft protection services market through systematic segmentation that covers every aspect of the target market.
Identity theft includes hacking of information such as photographs, identity, credentials, education background, relationship, financial detail, child identity, medical records, and other sensitive information. Identity theft is becoming an increasingly common problem in developed economies, as fraudsters discover a new way to get hold of information, which is increasing demand for identity theft protection services market in the coming years.
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Global Identity Theft Protection Services market is segmented on the basis of identity theft type, application and region. On the basis of identity theft type, the market is segmented into Credit Card Fraud, Tax Related Fraud, Utility Fraud and Bank Fraud. The Credit Card Fraud segment accounts for the majority share, followed by Tax Related Fraud segment. On the basis of application, the market is segmented into Consumer and Enterprise. The Enterprise segment accounts for a majority share in the global Identity Theft Protection Services market.
Increasing digital payments and e-commerce transactions globally, coupled with associated fraudulent activities is expected to propel the demand of target market at an alarming rate over the forecast period. However, an identity theft protection service provider does not ensure consumer data from breaches, and consumers are not entitled to theft insurance. Nonetheless, growing digitalization in developing economies in the Asia Pacific region, such as India, China, etc. is also expected to provide lucrative opportunities for players to increase penetration in these untapped markets.