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The Identity Theft Protection Services Market are Projected To Reach USD 31.98 billion By 2030, From USD 11.45 billion in 2022,Registering a CAGR Of 13.70% During The Forecast Period 2023-2030| Data B
According to a market research study published by Contrive Datum Insights Identity theft insurance is a form of insurance policy that provides victims of identity theft with financial protection. Identity theft occurs when thieves use personal information such as an address, a social security number, date of birth, telephone numbers, bank account numbers, credit card numbers, and passwords to commit fraud such as opening fake accounts, applying for loans, making expensive purchases, and draining users' bank accounts.
Farmington, May 02, 2023 (GLOBE NEWSWIRE) -- The Global Identity Theft Protection Services Market size was valued at USD 11.45 billion in 2022 and is projected to reach USD 31.98 billion by 2030, growing at a CAGR of 13.70% from 2023 to 2030. Key factors driving the growth of this market include the growing threat associated with cyber security, Increase in Credit Card User Population, Acceleration of Digitalization in Developing Nations, and Rising Internet-based Financial Transactions.
Credit card fraud accounts for the vast majority of market share, as consumer demand for credit card-related security products and services has increased in tandem with the number of credit card users. The digitalization of developing economies has been aided by increased smartphone and other device penetration. In addition, the pervasive use of digital payment methods and e-commerce has created lucrative growth opportunities for the market for identity theft insurance. In addition, the increase in cybercrimes and data breaches brought on by accelerated digitalization will be a significant factor in the growth of the identity theft insurance market in developing nations.