Rise in Digital Transaction Boosts APAC & MEA Identity Theft Protection and Verification Market Growth
According to our latest study on “APAC & MEA Identity Theft Protection and Verification Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component, Fraud Type, and Vertical,” the market is projected to grow from US$ 4,380.54 million in 2022 to US$ 9,232.35 million by 2028; it is expected to record a CAGR of 14.1% from 2023 to 2028.
Identity theft is a criminal act whereby an unauthorized person uses valuable information for monetary benefits. The US National Institute of Standards and Technology defines identity verification as the process of confirming or denying that a claimed identity is correct. It compares the credentials of a person requesting access with those stored in the Personal Identity Verification card (or a derived PIV credential). Identity theft protection and verification solutions and services help in detecting potential fraud early and restoring the identity during fraudulent activities. These solutions/services continuously monitor different websites and databases to verify the customer's personal information—such as PIV number, driver's license number, credit card number, and bank account number. If such sensitive information appears on any unauthorized sites, the owner is notified, and preventive steps are taken to prohibit misuse.
The high adoption rate of digital transactions is the primary driver of the APAC & MEA identity theft protection and verification market size. Technological advancements in mobile payments, greater usage of digital wallets, and telecom penetration in rural areas are contributing to the rise in digital transactions. Also, several government authorities have been taking measures to bolster the digitalization of financial services. Such steps have been strongly aided by the proliferation of mobile technology and the increasing mobile internet penetration in both the regions. In the process, digital transactions have fueled identity thefts and digital frauds, leading to a rise in the demand for various identity theft protection and verification solutions and services. In all, the high demand for digital transactions is driving the APAC & MEA identity theft protection and verification market growth.
Impact of COVID-19 Pandemic on APAC & MEA Identity Theft Protection and Verification Market Growth
The COVID-19 pandemic disrupted several industry verticals globally. While a few received a positive impact, most were negatively impacted. India, Malaysia, Indonesia, Egypt, the UAE, and Turkey were among the worst-affected economies by the pandemic. Implementing containment measures, such as trade bans, travel restrictions, and workplace workforce limitations, impacted various businesses, manufacturing, supply, and sales, negatively impacting daily functioning. Such disruptions, however, resulted in a sudden usage spike in digital payment modes due to several factors; thus, the fear of contracting the virus through cash resulted in the boom in e-commerce. These trends collectively resulted in a spurt in demand for identity theft protection and verification solutions from verticals such as banking and telecom. Hence, the pandemic had a positive effect on the APAC & MEA identity theft protection and verification market size.
The APAC & MEA identity theft protection and verification market is segmented into component, fraud type, vertical, and region. Based on component, the APAC & MEA identity theft protection and verification market is bifurcated into solutions and services. The fraud type segment is further categorized into bank-related fraud, tax-related fraud, phone-related fraud, and others. By vertical, the APAC & MEA identity theft protection and verification market is sub-segmented into insurance companies, healthcare sector, telecommunications sector, airline, and others. Based on region, the market is bifurcated into APAC and MEA.
AllClear ID, Bitdefender, CrowdStrike, Equifax Inc, IDMERIT, Mcaffe LLC, Gen Digital Inc, Ravelin Technology Ltd, Shuftipro Ltd, and Thales Group are among the key players operating in the APAC & MEA identity theft protection and verification market.
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