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The global identity theft protection services market was valued at US$ 8.62 Bn in 2019 expanding at a CAGR of 12.7% from 2020 to 2028.
Identity theft is rising at an alarming rate resulting in heavy financial losses to business enterprises as well as individuals. Factor such as rising e-commerce sector, online payment, digitization of government records & IDs has made data privacy and security more vulnerable. The identity theft protection services market is highly governed by the consistently growing instances of identity thefts worldwide.
Similarly, increasing inclination towards online payment is another prominent factor in supporting market growth. Due to the growing internet user base along with the rapid adoption of digital payment modes, the market would witness promising growth over the forecast period.