Research Nester has released a report titled “United States and United Kingdom Identity Theft Protection Services Market: Demand Analysis & Opportunity Outlook 2019-2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.

In the United States, over 2.1 Million fraud reports were reported from consumers in the year 2020, according to the statistics by the Federal Trade Commission (FTC). Additionally, between the years 2019 and 2020, losses borne by consumers due to such frauds grew from USD 1.8 Billion to USD 3.3 Billion. Moreover, in the UK, the number of identity thefts reported in Florida, Georgia, Tennessee, South Carolina, and Virginia in the year 2020 was 101368, 69487, 19180, 19192, and 15632 respectively.

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The statistics portray the growing incidences of identity thefts and frauds in the United States and United Kingdom, which is anticipated to be one of the major factors for driving the market growth. Backed by the increasing advancements in technology and increasing number of users accessing the internet for various applications, individuals have witnessed a surge in the number of frauds and thefts. This, as a result, has generated a concern amongst the individuals for the use of identity theft protection services, which is anticipated to contribute to the growth of the market in the coming years.

The United States identity theft protection services market is estimated to grow with a CAGR of 10.81% during the forecast period, i.e., 2020-2028. On the other hand, the market in the United Kingdom is anticipated to grow with a CAGR of 14.96% during the forecast period. Increasing number of identity thefts, followed by the rising number of online transactions, rising use of electronic identification systems, and the growing awareness for phishing activities and breach of data amongst the end-users in both the nations are some of the factors anticipated to drive the market growth. The market in the U.S. registered a market revenue of USD 2203.51 Million in 2019 and is further projected to reach USD 5345.34 Million by 2028, whereas, the market in the UK registered USD 304.93 Million in 2019 and is further anticipated to reach USD 1060.07 Million by 2028.

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The U.S. and UK identity theft protection services market is segmented by theft type into criminal, financial, governmental, and employment identity thefts, credit card fraud, and others, out of which, the credit card fraud segment in the United States identity theft protection services market is anticipated to grow with the highest CAGR of 11.59% during the forecast period. Alternatively, the segment in the United Kingdom is anticipated to grow at a CAGR of 16.65% during the forecast period and hold the largest market value of USD 294.81 Million by the end of 2028.

Based on region, the United States identity theft protection services market is segmented into West U.S., Northeast U.S., Southeast U.S., Southwest U.S., and Midwest U.S. region. Among these regions, the market in the Southeast U.S. region is anticipated to reach a value of USD 1545.34 Million by the end of 2028. The growth of the market in the region can be attributed to the growing incidences of ID theft cases in the states of Tennessee, Florida, Virginia, and others, and the growing awareness for identity theft protection services.

However, the availability of low-cost alternatives is anticipated to hamper the market growth during the forecast period.

This report also provides the existing competitive scenario of some of the key players of the U.S. and UK identity theft protection services market, which includes company profiling of Experian Information Solutions, Inc., Equifax, Inc., NortonLifeLock Inc., LexisNexis Risk Solutions Group, IdentityForce, Inc., AllClear ID, Identity Intelligence Group LLC, ADT Inc., Fair Isaac Corporation, and others.

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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “United States and United Kingdom Identity Theft Protection Services Market: Demand Analysis & Opportunity Outlook 2019-2028”, analyses the overall U.S. and UK identity theft protection services industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the U.S. and UK identity theft protection services market in the near future.

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