Travelers’ Identity Protection Services Market to Reach $12.96 Billion by 2028, According to New Report
Dublin, December 6, 2024 – The market for travelers’ identity protection services is experiencing significant growth, with projections indicating continued expansion in the coming years. A recently released report, “Travelers Identity Protection Services Market Report 2024,” forecasts substantial market growth, driven by increasing online scams and technological advancements.
The report, offered by ResearchAndMarkets.com, highlights the substantial growth the market has already witnessed, increasing from $8.64 billion in 2023 to $9.36 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. This surge can be attributed to the increasing demand for mobile-based solutions, the growing popularity of travel, expansion of online transactions, increasing adoption of mobile devices, and the rise in business travel spending. The report anticipates continued strong growth in this sector, estimating the market size to reach $12.96 billion by 2028, at a CAGR of 8.5%.
The projected growth is fueled by the rising number of online scams and the growing sophistication of cybercriminal tactics. Travelers’ identity protection services are vital tools for helping individuals and organizations protect their personal information and detect fraudulent activities. The report indicates that key trends influencing this growth include the adoption of artificial intelligence (AI) and machine learning, a demand for comprehensive solutions, integration with mobile and digital wallets, expansion of services into emerging markets, and a focus on consumer education.
According to the Internet Crime Complaint Center (IC3), a US-based cybercrime reporting hub, investment fraud complaints rose by 127% between 2021 and 2022, with cryptocurrency investment fraud experiencing a staggering 183% increase during the same period. The report cites these statistics as key drivers, emphasizing the need for protection services in line with increasing threats.
Major companies in the travelers’ identity protection services market are focusing on advanced solutions, such as biometric technology, to enhance passenger identification and improve security standards. This technology uses unique biological characteristics like fingerprints, facial recognition, or iris scans to verify a traveler’s identity securely and efficiently. For example, in January 2022, Idemia, a French-based company specializing in cryptography and biometrics, introduced ID2Travel, a traveler identity platform in North America, improving the travel experience through advanced identity management and biometric identification. The system, which is integrable within various travel infrastructures like airports and airlines, uses Idemia’s patented biometric capture technologies, recognized by the National Institute of Standards and Technology (NIST). Passengers can enroll in the system at home, utilizing their mobile devices to scan their state ID or passport and complete a selfie for identity verification. Once enrolled, passengers can use biometric technology seamlessly throughout their airport experience, from check-in to boarding.
In May 2023, Onfido, a UK-based technology company, acquired Airside Mobile Inc., a US digital identity network company, to lead in the evolving digital identity sector. Airside provides travelers with identity protection services using cutting-edge digital identity solutions.
Some of the major companies identified in the report include Costco Wholesale Corporation, USAA Identity Theft Protection, TransUnion LLC, NortonLifeLock, Kroll Identity Monitoring, Aura, Credit Karma Identity Monitoring, Bankrate LLC, ID Experts, Zander Insurance, Credit Sesame, PrivacyGuard, Sontiq Inc, ID Watchdog, IDShield, ProtectMyID, ID Theft Assist, Cyberscout, IdentitySecure, ReliaShield, IDStrong, and IdentityIQ.
The report provides a comprehensive analysis of the market, including segmentation by type (credit card fraud, bank fraud, phone fraud), booking type (online, direct, phone), age group, consumer orientation, and tourist type (domestic, international). It also includes an in-depth analysis of the market across various regions and countries, providing valuable insights for stakeholders and industry participants. The report covers a five-year historic period and a ten-year forecast, with data including market size, growth rates, and key attributes such as the estimated market values for 2024 and 2028, and growth analysis, and analysis of key trends and strategies, macroeconomic scenarios, and competitive landscapes.
