Identity Theft Insurance Comprehensive Market Size
Product overview
Identity Theft Insurance Comprehensive Market to surpass USD 2.351 billion by 2030, which is valued at 0.54 billion in 2019 at a compound annual growth rate of 14.3%.
Online security comes with threats like viruses, adware, spyware, phishing, and malware which may attack the computer through the usage of an internet connection and leak important information such as passwords and financial information. Encryption and antivirus software programs can be used for protecting against such virus attacks. Identity theft insurance is used to cover identity theft costs. Identity theft victims are reimbursed for money they spend on financial identities and repairing their credit reports. The rise in insurance fraud threats is likely to increase its demand.
Market Highlights
Identity Theft Insurance Comprehensive Market is expected to project a CAGR of 14.3% during the forecast period, 2022-2032
The rise in the number of cyber frauds and cyber-attacks in the insurance sector followed by huge losses is expected to increase the need for theft insurance thus driving its market growth.
Identity Theft Insurance Comprehensive Market: Segments
By application, it can be divided into consumer and enterprise.
owing to the increasing incidences of insurance frauds and cyber-attacks on SMEs. The SMEs are small in terms of their size but cater to a large number of customers globally.
Market Dynamics
Driver
Rise in cyber frauds and attacks to increase the market growth
A rise in the number of cyber frauds and cyber-attacks in the insurance sector followed by huge losses are expected to increase the need for theft insurance thus driving its market growth. This market is on the rise as it improves the ability of the enterprises to examine appropriate data and ensure improved response more efficiently and effectively as well as enhance the experience of the customer and increase the adoption of analytical techniques and regulatory needs.
Restraint
High expectations of consumers decrease the market growth
The major restraints in the Identity Theft Insurance Market are unawareness of the need for fraud detection solutions in organizations as well as the improper implementation. Meeting the expectations of the customer in terms of process optimization, keeping the IoT hardware updated, easing security concerns due to various connected networks, connectivity issues, and waiting for government regulations are also other factors that hinder the market growth.
Identity Theft Insurance Comprehensive Market: Regions
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. North America is expected to register the highest growth among all the regions in the insurance fraud detection market due to the increased threats and vulnerability in the region. APAC market is also likely to show significant growth during the forecasted period due to the rise in the insurance fraud threats and thus the increased spending in the sector.
Identity Theft Insurance Comprehensive Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities-o-Y Growth, CAGR – the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and the Rest of APAC
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Identity Theft Insurance Comprehensive Market: Key players
- Erie
Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Allstate
- American Family
- Liberty Mutual
- Nationwide
- State Farm
- USAA
- Esurance
- GEICO
- AXA
The Identity Theft Insurance Comprehensive Market report also contains an analysis on:
Identity Theft Insurance Comprehensive Market segments
- By type
- Consumer
- Enterprise
- By application
- credit card fraud
- employment fraud
- utility fraud
- bank fraud
- Identity Theft Insurance Comprehensive Market dynamics
- Identity Theft Insurance Comprehensive Market size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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