Travelers Identity Protection Services Market to Reach $12.96 Billion by 2028
Dublin, December 6, 2024 – The global travelers identity protection services market is experiencing robust growth, according to a recent report, “Travelers Identity Protection Services Market Report 2024,” added to ResearchAndMarkets.com’s offering.
The market size is projected to increase from $8.64 billion in 2023 to $9.36 billion in 2024, marking a compound annual growth rate (CAGR) of 8.4%. This expansion is attributed to several factors, including the rising demand for mobile-based solutions, increased travel trends, growing online transactions, the widespread adoption of mobile devices, and rising business travel expenditures.
The report anticipates continued strong growth in the coming years, with the market reaching $12.96 billion by 2028, reflecting a CAGR of 8.5%. The expansion is expected to be driven by a rise in social engineering attacks, the expanded use of cybersecurity measures, widening digitalization efforts, greater utilization of online security services, and escalating demand for personalized services.
Key trends during this period 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 an emphasis on consumer education.
Online Fraud Fuels Market Growth
A primary driver of this market’s expansion is the escalating number of online scams and frauds. These deceptive practices, conducted over the internet, aim to steal money, personal information, or other assets from individuals and organizations. The increase in these scams is linked to increased digital activity and the growing sophistication of cybercriminal tactics. Travelers’ identity protection services offer tools and support to safeguard personal information and detect fraudulent activities, directly addressing the impact of these threats.
For example, the Internet Crime Complaint Center (IC3), a U.S.-based hub for reporting cybercrime, reported a substantial increase in investment fraud complaints, growing from $1.45 billion in 2021 to $3.31 billion in 2022 – a 127% surge. Cryptocurrency investment fraud experienced an even more dramatic increase of 183%, increasing from $907 million to $2.57 billion during the same period. This surge in online fraud significantly fuels demand for travelers’ identity protection services.
Biometric Technology and Strategic Developments
Major companies in the travelers’ identity protection services market are focused on developing advanced solutions, such as biometric technology solutions, to enhance passenger identification and improve security. Biometric technology leverages unique biological traits, such as fingerprints, facial recognition, or iris scans, for efficient and secure identity verification.
In January 2022, Idemia, a French-based company specializing in cryptography and biometrics technology, launched ID2Travel, a groundbreaking traveler identity platform in North America. This platform enhances the travel experience by using identity management and biometric identification to ensure efficient, secure, and seamless travel. Integrated into various travel infrastructures, including airports and airlines, ID2Travel utilizes Idemia’s patented biometric capture technologies, recognized by the National Institute of Standards and Technology (NIST). Passengers can enroll in the system from home using their mobile devices, scanning their state ID or passport and taking a selfie for verification. Once enrolled, travelers can navigate the airport seamlessly using biometric technology, from check-in to boarding.
In May 2023, Onfido, a UK-based technology company, acquired Airside Mobile Inc., a US-based digital identity network company, for an undisclosed amount. This acquisition positions Onfido to take a leading role in the evolving digital identity sector, offering innovative solutions that cater to the needs of both consumers and businesses while simultaneously addressing the challenges of identity verification in a digital-first world.
Major companies operating in the travelers identity protection services market 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.
This report from ResearchAndMarkets.com provides a detailed analysis of the market, including: market segmentation by type, booking type, age group, and consumer orientation; regional and country-specific market analysis; competitive landscape and key company profiles; and future outlook with potential analysis.
