Identity Theft Insurance Market (Type - Financial Identity Theft, Medical Identity Theft, Employment Identity Theft, Tax Identity Theft, Child Identity Theft, Synthetic Identity Theft, and Others; Application - Enterprise, and Consumer): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

A recent report published by Infinium Global Research on the identity theft insurance market provides in-depth analysis of segments and sub-segments in the global as well as regional identity theft insurance market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional identity theft insurance market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global identity theft insurance market. According to the report, the global identity theft insurance market is projected to grow at a CAGR of 14.38% over the forecast period of 2021-2027.

Market Insight

The revenue generated by the market was approximately USD 651.4 million in 2021 and is expected to reach approximately USD 1458.7 million in 2027. When someone acquires a person's personal information, such as their Social Security number, and uses it to open a new account, make a purchase, or commit other sorts of fraud, this is known as identity theft. Because of the nature of technology and the internet, personal information is always at risk. If a person does not maintain a tight eye on his or her credit record, he or she may not realize that they have been injured until it is too late. There are a number of causes that may lead to identity theft, such as data breaches, insecure browsing, malware activity, credit card theft, mail theft, phishing and spam attacks, Wi-Fi hacking, mobile phone theft, card skimming, and others. Identity theft can result in immediate financial loss, harm to a person's credit, and mental distress, depending on the sort of theft that occurs and how the thief uses a person's information.

Internet penetration is growing rapidly around the world, especially in developing countries. Growing internet penetration has led to an increase in the adoption of connected devices such as laptops, smartphones, tablets, and others. People use these linked devices for financial transactions, employment purposes, tax returns, and other purposes. The number of people who use online credit cards has increased dramatically. These connected devices are vulnerable to cybercrimes, such as identity theft. Thus, consumers have felt the need to have identity theft insurance that may compensate them and provide relief in the event of identity theft. Therefore, this factor is propelling the growth of the market. Also, identity theft cases are growing rapidly around the world. According to the FTC, there were 1,387,615 reported identity thefts in the US in 2020. The rapid growth in the number of identity theft cases has increased the awareness of the need for identity theft insurance. Therefore, this factor has greatly boosted the demand in the market. The growth of the market may be restrained as identity insurance is highly expensive. Nevertheless, new growth opportunities are in foresight as digitalization is growing in developing countries.

North America has a large number of credit card users who are vulnerable to identity theft. This one factor has majorly driven the market in North America. Also, subsequent data shows a sharp rise in identity theft cases in the past few years. The Federal Trade Commission, also known as the FTC, has revealed that there were 1,387,615 identity thefts in 2020, up from 650,523 in 2019. The identity cases tripled in a span of just one year. Furthermore, government documents or benefits fraud cases were 406,375, credit card fraud cases were 393,207, employment or tax-related fraud cases were 113,529, and other identity theft cases were 353,152 in 2020 in the United States. The immediate need for identity theft insurance can be understood based on the statistics presented by the FTC. Thus, due to such huge market potential, North America tops the market. Asia-Pacific is expected to grow at the fastest rate as digitalization is going on in full swing and cyber threats such as identity theft are rising.

Segment Covered

The report on the global identity theft insurance market covers segments such as type, and application. On the basis of type, the sub-markets include financial identity theft, medical identity theft, employment identity theft, tax identity theft, child identity theft, synthetic identity theft, and others. On the basis of application, the sub-markets include enterprise and consumer.

Companies Profiled:

The report provides profiles of the companies in the market such as Experian Information Solutions, Inc., IdentityForce, Inc., Aura Company, Trilegiant Corporation, NortonLifeLock Inc., Allstate Insurance Company, Zander Insurance Group, McAfee, LLC, Equifax, Inc., and TransUnion, LLC.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the identity theft insurance market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.