Scienza e Tecnologia
Identity Theft Insurance Market to Reach $2.09 Bn, Globally, by 2030 at 14.2% CAGR: Allied Market Research
Surge in adoption of digital payments, rise in cybercrimes, and increase in the number of credit card users drive the growth of the global identity theft insurance market. However, lack of awareness among consumers hinders the market growth. On the other hand, growth in digitalization in developing countries and increase in number of users on online platform present new opportunities in the coming years.
Based on type, the credit card fraud segment held the in 2020, accounting for nearly two-fifths of the global identity theft insurance market, and is estimated to maintain its leadership status throughout the forecast period. The increase in cases of credit card fraud owing to digitization is proving beneficial for the growth of identity theft insurance market. Moreover, the bank fraud segment is projected to manifest the highest CAGR of 18.6% from 2021 to 2030, owing to rise in digital usage in the banking industry.
Based on application, the individuals segment accounted for the largest share in 2020, contributing to more than half of the global identity theft insurance market, and is projected to maintain its lead position during the forecast period. This is due to rise in cases for the personal data theft on social media. However, the business segment is expected to portray the largest CAGR of 15.5% from 2021 to 2030. While imitating a company's letterhead or sending forged communications are traditional approaches, newer and more sophisticated methods are being developed. As a result, the demand for identity insurance have been surged in recent years by business firms.
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global identity theft insurance market, owing to developed digitalized platform. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.8% during the forecast period. This is attributed to the continued high speed of digital adoption, along with a rapidly increasing digital ecosystem.
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