The necessity of identity theft protection to prevent this loss anticipates the growth of the identity theft protection market. Further, increasing digitalization, coupled with the increase in the number of internet-based financial transactions, is also accelerating the identity theft protection market growth.
Internet-based financial trading has become very popular among the current generation. Leading companies offering fund transfer services have seen significant involvement in recent times. For example, by 2020, Paytm, is one of the leading e-commerce payment companies, has registered a 50% increase in total transactions.
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The increasing acceptance of online payments is expected to drive the growth of the market for identity theft protection services. In addition, increased awareness of identity theft among people who are supported by similar events is estimated to strengthen their future demand.
COVID-19 Scenario Analysis:
- The emergence of COVID-19 has severely affected almost all industries globally. Further, lockdown restrictions on movement have disrupted the supply chain but gave opportunities to the detector industry positively impacting the growth of the identity theft protection market.
- The outbreak of COVID-19 has brought heavy traffic on the internet as people have been working, surfing, and shopping from home. On the other hand, cyber-attacks have experienced a sudden rise during the lockdown phase.
- In addition, the changes in consumer behavior, demand, purchasing patterns, re-routing of the supply chain, current market forces, and significant interventions of governments are noticeable.
- Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run, the impact of COVID-19 on technology may be extremely positive. Everyone is forced to embrace new technologies and discover its benefits. Additional investments in digital infrastructure can be expected to improve the growth of the market in the future.
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Credit card fraud accounts are mostly market share, as the demand for credit card-related security services has increased with the number of credit cardholders. However, due to the increasing demand for online banking that is driven by speed and ease of use, the share of bank fraud is expected to increase at a rapid rate during the forecast period. Therefore, an increase in the number of credit holders will soon accelerate the demand for identity theft protection.
Key Benefits of the Report:
- This study presents the analytical depiction of the global identity theft protection market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of global identity theft protection market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the global identity theft protection market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global identity theft protection market analysis based on competitive intensity and how the competition will take shape in coming years.
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