Global Identity Theft Protection Services Market Is 6647.90 Million USD In 2017
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The global market for Identity theft protection Services is expected to reach about 24058.7 Million USD by 2025 from 6647.90 Million USD in 2017, registering a Compounded Annual Growth Rate (CAGR) of 17.44% during the analysis period, 2017-2025.
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 industry is relatively fragment, the key brand include LifeLock (Symantec), Experian, Equifax, TransUnion, FICO, Affinion, LexisNexis, Intersections, CSID, AllClear ID and son on.
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.
Significant and lasting barriers make entry into this market difficult. These barriers include, but are not limited to: (i) product development costs; (ii) capital requirements; (iii) intellectual property rights; (iv) regulatory requirement; and (v) Transitions’ unfair methods of competition.
Despite the presence of competition problems, due to the global recovery trend is clear, investors are still optimistic about this area, the future will still have more new investment enter the field. Even so, the market is intensely competitive .The study group recommends the new entrants just having money but without technical advantage and upstream and downstream support do not to enter into this field.