The travelers identity protection services market size has experienced strong growth recently, projected to grow from $8.64 billion in 2023 to $9.36 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. This growth can be linked to the increasing demand for mobile-based solutions, rising trends among travelers, a surge in online transactions, greater adoption of mobile devices, and growing business travel spending. Looking to the future, the travelers identity protection services market is expected to continue its upward trajectory, forecasted to reach $12.96 billion in 2028 at a CAGR of 8.5%. Contributing factors for this forecast period include rising social illness, increased use of cybersecurity measures, ongoing digitalization initiatives, greater reliance on online security services, and growing demand for personalized services. Major trends expected in the forecast period encompass the adoption of AI and machine learning, a demand for comprehensive solutions, integration with mobile and digital wallets, service expansion to emerging markets, and a focus on consumer education.
Major Driver In The Travelers Identity Protection Services Market
The growing number of online scams and frauds is expected to significantly boost the demand for travelers' identity protection services in the near future. Online scams and frauds encompass deceptive practices conducted over the internet aimed at stealing money, personal information, or other assets from individuals or organizations. The prevalence of these scams is on the rise due to increased digital activity and the evolving sophistication of cybercriminal tactics. Travelers' identity protection services help mitigate the effects of these online scams and frauds by offering tools and support to safeguard personal information and detect fraudulent activities. For instance, in March 2023, the Internet Crime Complaint Center (IC3), a U.S.-based central hub for reporting cybercrime, reported that investment fraud complaints surged by 127%, escalating from $1.45 billion in 2021 to $3.31 billion in 2022. Additionally, cryptocurrency investment fraud witnessed an even more significant rise of 183%, increasing from $907 million to $2.57 billion during the same period. Thus, the rising incidence of online scams and frauds is driving the demand for travelers' identity protection services, with continued growth projected through 2024 and into 2028.
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Travelers Identity Protection Services Market Competitive Landscape
Major companies operating in the travelers identity protection services market are 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, IdentityIQ, IdentityHawk
Key Travelers Identity Protection Services Market Trend
Major companies in the traveler identity protection services market are focusing on developing advanced solutions, such as biometric technology, to improve passenger identification and security. Biometric technology involves using unique biological traits, like fingerprints, facial recognition, or iris scans, for efficient and secure identity verification of travelers. For instance, in January 2022, Idemia, a France-based cryptography and biometrics technology company, launched ID2Travel, an innovative traveler identity platform in North America. This platform enhances the travel experience through identity management and biometric identification, ensuring a secure and frictionless travel process. ID2Travel can be integrated into various travel infrastructures, such as airports and airlines, utilizing Idemia's patented biometric capture technologies recognized by the National Institute of Standards and Technology (NIST). Passengers can enroll using their mobile devices from home by scanning their state ID or passport and taking a selfie for verification. Once enrolled, travelers can navigate through the airport seamlessly, from check-in to boarding, using biometrics.
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Global Travelers Identity Protection Services Market Segmentation
The travelers identity protection services market covered in this report is segmented –
1) By Type: Credit Card Fraud, Bank Fraud, Phone Fraud
2) By Booking Type: Online Booking, Direct Booking, Phone Booking
3) By Age Group: Below 15 Years, 16 To 25, 26 To 35, 36 To 45, 46 To 55, Above 55
4) By Consumer Orientation: Men, Women, Children
5) By Tourist Type: Domestic, International
By Geography:The regions covered in the travelers identity protection services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the travelers identity protection services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Travelers Identity Protection Services Global Market Report 2024 furnishes information about the global travelers identity protection services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
