The global travelers’ identity protection services market is anticipated to create an absolute dollar opportunity over the forecast period from 2023 to 3033 by registering a CAGR of 8.7%. The global market is estimated to garner a revenue of US$ 10,011.4 Million in 2023 and is expected to be around US$ 23,056.4 Million by 2033. Millions of travelers globally have suffered as a result of the growing identity cloning trend. According to a recent study presented by the Federal Trade Commission, more than 8 million Americans become victims of identity theft each year.
According to the latest updates, the travelers’ identity protection services market has witnessed staggering and unparalleled growth rates in the past few years and has been experiencing an upward trend ever since.
Identity theft is a growing social ill that has a debilitating impact on the world economy and is a problem for the tourism sector. The travel industry depends heavily on expensive and innovative technologies, which are primarily employed to enhance service levels. A lot of third-party online sites for travel purposes have emerged. Numerous financial and commercial organizations located all over the world have been destroyed by this new crime trend.
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In order to safeguard travelers from potential identity theft, identity protection services have been devised. Travelers can choose from a variety of reliable identity protection options on the market. Although identity protection services are cutting-edge, they cannot offer a traveler a true sense of security. The market for these services is thus accelerating with time.
Key Takeaways
- In today’s tech-savvy world, the service industry has significantly accelerated and the travel industry is a crucial part of it and is highly dependent on the same. These days, majority of the people prefer convenience and speed over all other factors.
- This led to a spike in the demand for online facilities, thereby offering opportunities for the agencies to scale up and enabling them to improve customer experiences. Therefore, a great number of online facilities for travel purposes were introduced to improve customer satisfaction.
- Gradually, these online transactions became a major source of fraud, data breaches, identity cloning, etc. With this, a dire need for theft protection services was felt. Such risk concerns are among the major contributors to the rapid expansion of this industry.
- The travel industry is set to witness a significant increase in the number of international arrivals during the forecast period. As per the recent findings, it is estimated that by 2030 the industry will observe a 50% growth in the number of international arrivals. Hence, the Travelers Identity Protection Services Market is expected to grow tremendously due to the increasing security threats along with limited infrastructure.
- The development of the IT sector and the concept of machine learning, biometrics, etc. offer numerous opportunities for this market to flourish during the forecast period. Moreover, this will also contribute to the economy by increasing revenue and generating job opportunities. Additionally, the introduction of facilities such as cryptography, state and non-state entities of electronic passports, etc will also assist in reducing the risk factors.
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Competitive Landscape
With elevating pressure on the travel and tourism industry, the security and safety of visitors continue to be one of the foremost concerns for the authorities. Acquiring information about the customers is crucial for travel agencies but it should be done in compliance with the existing governing rules and regulations.
IT companies are anticipated to create significant advancements in order to minimize the predicted risks. Numerous businesses are developing reliable and efficient techniques to deftly resist the malice of identity theft. Some of the identity protection service companies with operations worldwide are ID Watchdogs. Moreover, the government can also deploy true and fair resources to improve security and enhance the customer experience.
More Insights into the Travelers Identity Protection Services Market
Attributing to a steadily rising trend in the travelers’ identity protection services market, there has been a significant surge in the competition levels as well which further led to the depleting quality of technology and tools available.
The South East Asian market which is currently at the initial stages of development is one of the major contributors that restrain the growth owing to the low level of awareness among the residents.
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Travelers Identity Protection Services Market by Category
By Type:
- Credit Card Fraud
- Bank Fraud
- Phone Fraud
By Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East
- South Africa
By Booking Type:
- Online Booking
- Direct Booking
- Phone Booking
By Consumer Orientation:
- Men
- Women
- Children
By Tourist Type:
- Domestic
- International
By Age Group:
- 15-25 years
- 26-35 years
- 36-45 years
- 46-55 years
- 56-65 years
- 66-75 years
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