Market analysis by digital identity security specialists, ID Crypt Global, reveals that the identity theft protection services market is set to grow by 2.2% in 2023 as the industry continues its post-pandemic bounce back.
ID Crypt Global has analysed the size of the digital identity protection services market since pre-pandemic 2019, based on total industry revenue, to better understand how the market, which is primarily made of companies who provide software and services aimed at reducing the risk of identity theft in online media, is performing at a time when digital identity security is becoming a more and more important area of conversation.
In 2022, total revenue for the digital identity protection services market was £324.6 million, a healthy 4.3% increase on the previous year. This rise was much needed after the market struggled during the pandemic. In 2019, the market was valued at £351.4 million before falling by -4.1% as the pandemic took over in 2020.
This was followed by an even steeper decline of -7.7% in 2021, causing market revenue to hit a slump of £311.2 million.
Despite 2022’s aforementioned recovery of 4.3%, last year’s revenue of £324.6 million was still far below the pre-pandemic total of £351.4 million.
The good news is that the newest projections show that 2023 will see revenue grow by a further 2.2% to total £331.9 million, although this will still leave the market some way off its 2019 peak.
CEO and Founder of ID Crypt Global, Lauren Wilson-Smith, commented:
“Digital identity protection has never been more important or more front and centre of the zeitgeist. As individuals, we have little choice but to provide sensitive personal information online, whether we’re renting a home, subscribing to a newspaper, or paying our taxes.
The companies we entrust with this information have a responsibility to protect it. If this isn’t done properly, it can result in data breaches of which we have seen countless damaging examples in recent years.
And so digital protection specialists are becoming increasingly vital to modern life and business, which is why we’re seeing the size of the market expand.
As with the majority of industries, digital ID protection took a blow or two as result of the pandemic, but such is the importance of the work being done that almost every organisation on the planet is now looking for someone to help them protect their customers’ personal data, so we fully expect the sector to keep growing year after year.”