The increasing incidence of identity theft on government premises and the growing popularity of the e-commerce channels are expected to drive the demand in the United Kingdom identity theft protection services market throughout the forecast period.
According to TechSci Research report, “United Kingdom Identity Theft Protection Services Market By Region, Competition Forecast & Opportunities, 2027”, the United Kingdom commercial is expected to grow with a steady CAGR in the forecast period. Identity theft is one of the most popular cybercrimes which results in massive financial losses for an organization. It involves stealing personal information to impersonate a person’s identity. It includes stealing a vast amount of information covering social security identity details, medical records, financial details, and child identification details, amongst others. Identify theft services includes monitoring services that help witness the unauthorized access to personal information and recovery services that helps the organizations to recover the information stolen or lost.
The development of the telecommunication industry and the ongoing digitalization of business operations is increasing the amount of confidential data entered into the system on a daily basis. Fraudsters steal consumers’ sensitive personal information, such as social security numbers, passwords, addresses, and passwords, which fuels the demand for theft protection tools. Therefore, organizations prefer to spend significant amounts on strengthening their cybersecurity network and adopting identity theft tools and services. The high demand for data protection software and network access control to prevent unauthorized access to confidential data and safeguard the employee’s personal data is expected to accelerate the demand for theft protection services among the organizations.
However, the high cost of identity theft protection services may restrain the market growth in the next five years.
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United Kingdom identity theft protection services market is segmented into type, application, regional distribution, and competitive landscape.
Based on type, the market is divided into credit card fraud, bank fraud, phone or utility fraud, employment/tax related fraud. The credit card fraud segment is expected to hold the largest market share in the forecast period. The continuous increase in the number of credit card holders is accelerating the demand for credit card protection services. The bank fraud segment is expected to witness the fastest incremental growth in the next five years, owing to the increased popularity of online transactions across the country.
Based on application, the market is bifurcated into consumer and enterprise. The enterprise segment is anticipated to capture the highest market share in the next five years, 2023-2027. Enterprises witness a huge number of data breach cases, data thefts, and frauds and resulting in the loss of sensitive business information. They look for solutions that can protect the confidential information and protect the enterprise from facing financial loss. The high demand for identity theft protection services from enterprises is expected to contribute to the market growth in the forecast period.
Major market players operating in the United Kingdom identity theft protection services market are:
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“The growing popularity of the e-commerce channels such as Amazon UK, eBay UK, Asos, Currys PC World, Tesco, and Asda in the United Kingdom is expected to boost the number of fraudulent activities in the country. Users enter their personal and financial details into the online sales platform, making it vulnerable to cyber-attacks. E-commerce market players are actively looking for solutions to monitor, control, and identify unauthorized access to private information and alter the concerned authorities. Availability of identity theft protection services at affordable rates and integration of advanced solutions in the software is expected to propel the growth of the United Kingdom identity theft protection services market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.
“United Kingdom Identity Theft Protection Services Market By Type (Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment/Tax Related Fraud), By Application (Consumer, Enterprise), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of United Kingdom identity theft protection services market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of United Kingdom identity theft protection services market.
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