As per the latest findings of Future Market Insights, travelers identity protection service market is estimated at US$ 10,011.4 Million in 2023 and is expected to be around US$ 23,056.4 Million by 2033 with a CAGR of 8.7% during the forecast period.
| Attribute | Details |
|---|---|
| Travelers Identity Protection Service Market Estimated Size (2023) | US$ 10,011.4 Million |
| Projected Market Size (2033) | US$ 23,056.4 Million |
| Value CAGR (2023 to 2033) | 8.7% |
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As per the latest update, 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 such as Travelocity.com, expedia.com etc.
Millions of travellers worldwide 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. Numerous financial and commercial organisations located all over the world have been destroyed by this new crime trend.
To safeguard travellers 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 traveller a true sense of security. The market for these services is thus accelerating with time.
Increasing Risk of Identity Theft Is a Major Factor Driving the Industry
Today’s tech-savvy world has escalated the service industry and the travel industry being a part of it is highly dependent on the same. Nowadays, mostly 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 the customer experiences.
Thus, a greater number of online facilities for travel purposes were introduced to enhance customer satisfaction. Gradually, these online transactions became a major source of frauds, data breaches, identity cloning etc. With this, a dire need for theft protection services was felt. Such risking concerns are amongst the major contributors of the rapid expansion of this industry.
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With Rapid Expansion of the Tourism Industry, Technological Developments Will Offer Growth Potentials for Travelers Identity Protection Services Market
The travel industry is all set to witness a sharp 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 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.
Furthermore, the developing 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 towards 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.
Frequently Travelled Destinations Provide New Opportunities for Travelers Identity Protection Services Market to Grow
With the steadily rising trends in the Travelers Identity Protection Services Market, there has been an increase in the competition levels as well which further led to 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. Mostly people are unaware of the identity theft risks and do not have access to digital resources thus greatly affecting the market. Further, increasing level of identity thefts due to a greater number of visitors in regions such as USA, Australia, Thailand contributes significantly towards the growth of this market.
The Demand for Travelers Identity Protection Services Is Highly Dependent On Age Group and Intention of Using the Services
In the present scenario, it has been observed that the younger generation i.e., 15-25 years old are more prone to identity theft risks while travelling. They may not have a fear of loosing their smart devices which makes it all the more risky alternative. As compared to this, older generation is more concerned about the privacy and safety issues thereby making them more concerned about the perceived risks associated with traveler’s identity.
In addition, younger generations or generation Z is more willing to try new information technology and readily accept smart devices for tourism which gives rise to a spurring demand for identity theft services, thereby accelerating the growth of this sector.
Online booking channels are more likely to be preferred by the tourists
Infrastructure and technological advancements have always had an impact on the travel and tourist business. As a result, the idea of smart tourism gradually developed. This strategy began with the creation of smart cities and included the usage of smart gadgets and smart payments. This further influenced the demand and behaviour patterns exhibited by the tourists thereby affecting the overall industry.
With this, the tourism industry witnessed huge number of online bookings for many destinations. Furthermore, all the necessary information for travel planning was made available through messages, e-mails, internet, portable devices etc. However, this resulted in surging cases of identity theft as these booking channels and agencies require personal information of the visitors which is later used for commercial or monetary purposes. Identifying the risks and increasing cases of data breaches, identity theft, the need for such protection services came into the light. Thus, creating a favourable situation in the market.
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With the increasing pressure on the travel and tourism industry, security and safety of the visitors continues to be a foremost concern for the authorities. Acquiring information about the customers is crucial for the travel agencies but it should be done in compliance with the existing governing rules and regulations.
Technology companies are timelessly creating significant advancements in order to minimize the predicted risks. Numerous businesses are developing some reliable and efficient techniques to deftly resist the malice of identity theft. Some of the identity protection service companies with operations worldwide are ID Watchdog, True Identity Protection, and Identity Force. Further, government can also deploy true and fair resources to improve the security and enhance the customer experience.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Countries Covered | USA, Canada, Germany, France, United Kingdom, China, India, Japan, Mexico, Brazil |
| Key Segments Covered | Type, Region, Consumer Orientation, Tourist Type, Age Group, Booking Type |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives, Spending, |
| Customization & Pricing | Available upon Request |
The current travelers identity protection services market value reached a valuation of US$ 9,382.8 Million in 2022.
The market is anticipated to reflect a valuation of US$ 23,056.4 Million by 2033.
North America accounted for the largest share in the travelers identity protection services market.
1. Executive Summary | Travelers Identity Protection Services Market
1.1. Market Outlook
1.1.1. Who Is Travelling?
1.1.2. Travel Gross Bookings
1.1.3. Travel Gross Revenue
1.1.4. How Much Do They Spend?
1.2. Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Growth Parameters in Market
2.1. Travel to sites in the Asia Pacific area has been more accessible due to advancements in Identity Protection Services
2.2. People looking for accessible, high-quality Services
2.3. Infrastructure improvements have boosted accessibility and ease of Service Offerings
2.4. Online Booking channel rise the Asia – pacific Region
3. Supply to Demand: Todays Travel Distribution Network
3.1. Direct v/s Indirect Distribution
3.2. Travel Gross Revenues, by Channel, 2022
3.2.1. Supplier Direct
3.2.2. TMC
3.2.3. Tour Operator
3.2.4. OTA
4. Direct Suppliers in Market
4.1. Total Supplier Market, Share by Segment (%), 2022
4.1.1. Hotel Companies
4.1.2. Car Rental
4.1.3. Tour Operators
4.1.4. Government Bodies
5. Indirect Suppliers in Market
5.1. OTA (Online Travel Agency)
5.2. TMC's ( Travel Management Companies)
6. Number of Bookings, 2022
6.1. By Age
6.1.1. 15-25 years
6.1.2. 26-35 years
6.1.3. 36-45 years
6.1.4. 46-55 years
6.1.5. 56-65 years
6.1.6. 66-75 years
6.2. By Type
6.2.1. Credit Card Fraud
6.2.2. Bank Fraud
6.2.3. Phone Fraud
6.3. By Tourist Type
6.3.1. Domestic
6.3.2. International
6.4. By Consumer Orientation
6.4.1. Men
6.4.2. Women
6.4.3. Children
6.5. By Booking Type
6.5.1. Phone Booking
6.5.2. Online Booking
6.5.3. Direct Booking
7. Country Shift, Key Countries in Focus, 2022
7.1. China
7.1.1. By Age
7.1.2. By Tourist Type
7.1.3. By Type
7.1.4. By Consumer Orientation
7.1.5. By Booking Type
7.2. India
7.2.1. By Age
7.2.2. By Tourist Type
7.2.3. By Type
7.2.4. By Consumer Orientation
7.2.5. By Booking Type
7.3. Thailand
7.3.1. By Age
7.3.2. By Tourist Type
7.3.3. By Type
7.3.4. By Consumer Orientation
7.3.5. By Booking Type
7.4. Australia
7.4.1. By Age
7.4.2. By Tourist Type
7.4.3. By Type
7.4.4. By Consumer Orientation
7.4.5. By Booking Type
7.5. Malaysia
7.5.1. By Age
7.5.2. By Tourist Type
7.5.3. By Type
7.5.4. By Consumer Orientation
7.5.5. By Booking Type
7.6. New Zealand
7.6.1. By Age
7.6.2. By Tourist Type
7.6.3. By Type
7.6.4. By Consumer Orientation
7.6.5. By Booking Type
7.7. Rest of the World
7.7.1. By Age
7.7.2. By Tourist Type
7.7.3. By Type
7.7.4. By Consumer Orientation
7.7.5. By Booking Type
8. Gross Revenue
8.1. Gross Revenue (US$ Million) and Forecast (2023 to 2033)
8.2. Number of Bookings (Million) and Forecast (2023 to 2033)
8.3. Total Spending Y-o-Y Growth Projections (2023 to 2033)
8.4. Number of Tourists Y-o-Y Growth Projections
9. Challenges & Looking Forward
9.1. Success Stories: Case Studies
9.2. FMI Recommendations
10. Market Stakeholders Landscape – Key Direct Suppliers
10.1. Hotel Companies
10.1.1. Top Players
10.1.2. Market Concentration
10.1.3. Market Share
10.2. Car Rental
10.2.1. Top Players
10.2.2. Market Concentration
10.2.3. Market Share
10.3. Tour Operators
10.3.1. Top Players
10.3.2. Market Concentration
10.3.3. Market Share
11. Social Media Sentimental Analysis
11.1. Travel Influencers: A new Phenomenon in the world of Tourism
11.2. Social Media Platforms Preferred
11.3. Trending #Hashtags
11.4. Social Media Platform Mentions (% of Total Mentions)
11.5. Trending Subject Titles
12. Assumptions and Acronyms Used
13. Research Methodology
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Travelers Identity Protection Services Market
