Identity Theft Insurance Market Key Findings by 2031
The identity theft insurance market size is expected to register a CAGR of 14.6% during 2023–2031. The adoption of advanced technologies such as artificial intelligence (AI) is likely to remain a key trend in the market.
Identity Theft Insurance Market Analysis
The identity theft insurance market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period. The identity theft insurance market is growing due to the increasing number of identity fraud cases and the increase in the number of credit card users. Increasing digitization in small and medium enterprises provides lucrative opportunities for identity theft insurance market growth.
Identity Theft Insurance Market Overview
Identity theft insurance helps pay for costs associated with restoring credit after identity theft. Identity theft insurance assists customers in covering identity theft-related expenses, such as lost fees and lost wages. Identity theft insurance covers expenses such as credit application fees, notary and postage fees, legal fees, other financial institutions fees, lost wages, and child care services. At the same time, customers take necessary actions to restore their identity. Identity theft insurance only pays for subsequent costs, such as application fees, missed income, and litigation fees. It will not compensate for any immediate monetary damages brought on by identity theft, such as unauthorized credit card charges.
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Identity Theft Insurance Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Identity Theft Insurance Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Identity Theft Insurance Market Drivers and Opportunities
Increase in Identity Frauds to Favor Market
The digitalization has gained traction in the pandemic period across all industry verticals. People have shifted towards e-commerce over the brick-and-mortar model. The majority of the transactions and exchange of critical information are taking place via digital platforms which has opened gates for the fraudsters to carry out identity fraud. According to Regula, ~95% of enterprises and approximately 90 percent of small businesses experienced identity fraud in 2022. On average, a company experienced ~30 cases in 2022. Such frauds result in business disruption, legal expenditures, and loss of existing and potential clients. The table below provides the total number of identity theft reports in 2022.
Theft Type | Number of Reports (2022) |
Credit Card Fraud | 441,822 |
Other Identity Theft | 326,590 |
Bank Fraud | 156,099 |
Loan or Lease Fraud | 153,547 |
Employment or Tax-Related Fraud | 103,402 |
Phone or Utility Fraud | 77,284 |
Government Documents or Benefits Fraud | 57,877 |
Source: Federal Trade Commission Consumer Sentinel Network Data Book
Due to such rising cases of identity fraud, individuals and organizations are increasingly adopting identity theft insurance.
Increasing Digitization in Small and Medium Enterprises
SMEs are major contributors to economic growth as they account for the majority of businesses (~90%) worldwide. However, due to financial constraints, the growth of SMEs slows down. Thus, the government sector and organizations are constantly supporting SMEs to expand their business, which further contributes to the economic growth of any country. In Europe, initiatives such as European Digital Innovation Hubs or the Enterprise Europe Network offer help for SMEs to adopt digital tools securely. It provides solutions such as raising awareness, assessing digital maturity, access to finance, offering mentoring, and facilitating experimentation with digital tools. Increasing digitization also increases the risk of cyber attacks. The increasing need for digitization in small and medium enterprises to improve operational workflow and to adapt to the fast-changing marketplace is anticipated to offer massive growth opportunities for market players.
Identity Theft Insurance Market Report Segmentation Analysis
Key segments that contributed to the derivation of the identity theft insurance market analysis are type, and end user.
- Based on type, the identity theft insurance market is divided into credit card fraud, employment or tax-related fraud, phone or utility fraud, bank fraud, and others.
- By end user, the market is segmented into individuals and businesses.
Identity Theft Insurance Market Share Analysis by Geography
The geographic scope of the identity theft insurance market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The increasing number of identity theft and cybercrime in the US is driving the adoption of identity theft insurance in North America. Data breaches are becoming more common and expensive, and businesses and consumers are adopting identity verification solutions to protect themselves. According to the National Council on Identity Theft Protection, the number of identity theft scenarios in the US is nearly three times higher than in other countries. According to the same source, approximately 33% of Americans have faced some form of identity theft; furthermore, Georgia reported the highest number of cases of identity theft. Further, according to the Federal Bureau of Investigation’s (FBI) 2021 Internet Crime Report, the US recorded 51,629 victims of identity theft in 2021, and over 50,000 cases of identity theft are reported each year in the country. In addition, according to Consumer Sentinel Network, approximately 20% of US citizens were a victim of identity fraud in 2021.
Identity Theft Insurance Market Report Scope
Identity Theft Insurance Market News and Recent Developments
The identity theft insurance market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the identity theft insurance market are listed below:
- Malwarebytes, a global leader in real-time cyber protection, launched an essential new consumer solution, Identity Theft Protection. The new service helps individuals secure their digital identities and defend against identity and online threats. Malwarebytes identity theft protection includes real-time identity monitoring and alerts, robust credit protection and reporting and live agent-supported identity recovery and resolution services backed by up to a US$2 million identity theft insurance policy. (Source: Malwarebytes, Press Release, October 2023)
- Vero announced a partnership with automotive privacy-tech pioneer Privacy4Cars to offer Identi-FI, the first and only full-circle solution that protects against personal data abuses by providing peace-of-mind vehicle data deletion and ID theft recovery. (Source: Vero, Press Release, March 2024)
Identity Theft Insurance Market Report Coverage and Deliverables
The “Identity Theft Insurance Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Identity theft insurance market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Identity theft insurance market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Identity theft insurance market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the identity theft insurance market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
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The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The leading players operating in the identity theft insurance market are Allstate Insurance Company, Aura, Chubb, Experian, GEICO, IdentityForce, Inc., IDShield, McAfee, LLC, NortonLifeLock In, Nationwide Mutual Insurance Company, Equifax, MetLife, TransUnion LLC, Malwarebytes Ltd, LexisNexis, AllClearID, Kroll, Fair Isaac Corporation, Bajaj Allianz, Bitdefender, and Zander Insurance.
The adoption of advanced technologies such as artificial intelligence (AI) is anticipated to play a significant role in the global identity theft insurance market in the coming years.
The global identity theft insurance market is expected to grow at a CAGR of 14.6% during the forecast period 2024 - 2031.
The major factors driving the identity theft insurance market are the increasing number of identity fraud cases and the increase in the number of credit card users.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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