The identity theft can also affect companies, causing not only economic but also reputational damages (e.g. the imposter offers lower quality services compared to the ones offered by the original company). Moreover the companies are supposed to protect beyond themself, also their employees, clients and suppliers, and so they are responsible to damages caused to the third parties in a case of bad handling of their sensible data. Depending on a different country the fine for not proper handling such data could be very high. Therefore, in order to prevent that risk, the most important practices are the training of the employees about the risks and manners in which identity theft can be performed, and the countermeasures to adopt. Also it is advisable to have a good information system provided with adequate security and constantly updated.
Identities are more valuable than ever. Identity theft protection helps protect potential victims of identity theft. Companies typically offer four different services: credit monitoring, expert support, insurance, and information surveillance via internet and public sources. Through these, companies are can detect identity theft, and mitigate the damage thereof.
We believe that there is a significant, underpenetrated market opportunity for proactive identity theft protection services for consumers and consumer risk management services for enterprises. Based on our research indicating that two-thirds of U.S. adults are concerned about identity theft, we believe the total addressable market for our consumer identity theft protection services is approximately 148 million adults in the United States alone. We focus our efforts on adults with a household income in excess of $50,000 per year and who are concerned about identity theft, of which we estimate there are approximately 78 million in the United States. Additionally, international markets could provide substantial opportunities for us in the future, if we chose to pursue them and tailor our offerings to the different identity elements and regulatory requirements in those markets. We believe the total addressable market for our enterprise consumer risk management services includes approximately 3.4 billion transactions per year, based on our analysis of industry research, public filings, industry trade publications, and U.S. government studies.
The global market for Identity theft protection Services is expected to reach about 24,060 Million USD by 2025 from 6,650 Million USD in 2017, registering a Compounded Annual Growth Rate (CAGR) of 17.44% during the analysis period, 2017-2025.
The industry is relatively fragment, the key brand include LifeLock (Symantec), Experian, Equifax, TransUnion, FICO, Affinion, LexisNexis, Intersections, CSID, AllClear ID and son on.
New data reveals the global circulation of stolen identities is leading to major shifts in cybercrime worldwide, with developing countries cultivating newly formed internet-based economies responsible for a generous amount of fake and stolen account activity.
Notably, as ecommerce markets in Latin America continue to expand, incidents of fraud are beginning to skyrocket. Stolen and forged identities used to create fake accounts is, in turn, becoming a market unto itself.
Global cybercrime expansion is being driven by developing economies recently emerging as major perpetrators of fraud, creating new epicenters of cybercrime off the back of attacks that extend beyond their own borders into the surrounding region.
Moreover, new and emerging economies—Egypt, South Korea, Ecuador, Ukraine, and Vietnam, are offered as examples—have contributed to 820 million bot-based attacks targeting ecommerce sites worldwide.
These attacks continue to be focused on identity abuse and testing. As a result, the overall attack rates for account logins and new account creations have steadily grown in the ecommerce sector, with fraudsters targeting account takeovers to access sensitive personal credentials and saved credit cards.
Specifically, fraudulent new account registrations increased more than 30 percent over the previous year, as fraudsters used the relatively modest sign up requirements of ecommerce vendors as a breeding ground to test stolen identity credentials. And these tests often serve as a gateway to further attacks in other industries.
It’s a highly competitive business market. The players may provide products and services comparable or superior, or at lower prices, adapt more quickly to evolving industry trends or changing market requirements, increase their emphasis on products and services, enter the markets. Any of these factors could reduce the player’s market share or decrease the player’s revenue.
The market is growing at a very rapid pace and with rise in technological innovation, competition and M&A activities in the industry many local and regional vendors are offering specific application products for varied end-users. The new manufacturer entrants in the market are finding it hard to compete with the international vendors based on quality, reliability, and innovations in technology.
The Global Identity Theft Protection Services Market Research Report 2018 report released by Global QYResearch provides a basic overview of the Identity Theft Protection Services industry, including definition, classification, application and industrial chain structure. Discuss development policies and plans as well as manufacturing processes and cost structures.
The report then focuses on major industry players in Global, including company profiles, product images and specifications, sales, market share, and contact information. More importantly, the Identity Theft Protection Services industry development trends and marketing channels were analyzed. Providing the main statistical data on the current status of the industry is a valuable guide and direction for companies and individuals interested in the market.
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