According to our latest study on "APAC & MEA Identity Theft Protection and Verification Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component, Fraud Type, and Vertical," the market size is projected to grow from US$ 4,380.54 million in 2022 to US$ 9,232.35 million by 2028; it is expected to record a CAGR of 14.1% from 2023 to 2028.

Rising Digital Transactions Fuel APAC & MEA Identity Theft Protection and Verification Market Growth

The digitalization of financial services and the proliferation of mobile technology are increasingly transforming the socio-economic landscape of APAC and MEA, and positively impacting the APAC & MEA identity theft protection and verification market size. It has increased digital payments, resulting in more digitalized connections and e-commerce businesses. APAC is one of the most significant contributors to global digital payments revenue, aided by a relatively young population and higher income levels. The payments landscape in APAC is experiencing a bevy of changes driven by technological advancements and consumers' and businesses' willingness to adopt on-demand banking and payment solutions. The advent of contactless cards and online payments has strongly supported the switch to cash-free consumerism over the last decade. Similarly, in the MEA, major economies are witnessing an upward trend of digital transactions. Conformably to the data released in August 2022, a study conducted in 2021 by the Saudi Central Bank found electronic payments to represent 94% of all payment values. Hence, rising digital transactions primarily drive the APAC & MEA identity theft protection and verification market growth.

The COVID-19 pandemic dramatically impacted the APAC & MEA identity theft protection and verification market size during its peak in 2020. The crisis hampered business activities in various industries, such as hospitality, tourism, and manufacturing. Factory shutdowns, trade restrictions, and border lockdowns to combat the infection hampered business operations in the region. The COVID-19 pandemic also hampered the growth of manufacturing companies, impacting every process, from supply chain operations to capital spending, loans, and long-term strategies. Consequently, most high-value enterprises, including academic institutions, hotels, cafes, restaurants, and offices, stopped operations and faced liquidity challenges. Such disruptions, however, resulted in a sudden usage spike in digital payment modes due to several factors; thus, the fear of contracting the virus through cash resulted in the boom in e-commerce. Additionally, several organizations started functioning remotely. It led to a rise in new mobile data connections, prompting the requirement for remote user verification and online payment of subscriptions. Hence, digital transactions witnessed a record growth despite such a tumultuous business scenario. Such factors strongly boosted the APAC & MEA identity theft protection and verification market size.

Key Findings of Study:

The APAC & MEA identity theft protection and verification market is segmented into component, fraud type, vertical, and region. Based on component, the APAC & MEA identity theft protection and verification market is bifurcated into solutions and services. The fraud type segment is further categorized into bank-related fraud, tax-related fraud, phone-related fraud, and others. By vertical, the APAC & MEA identity theft protection and verification market is sub-segmented into insurance companies, healthcare sector, telecommunications sector, airline, and others.

Banks play a vital role in national economies by providing financial services to individuals and businesses and supporting infrastructural and other developments in countries. The primary function of banks is to facilitate financial transactions such as granting loans and receiving deposits. They emphasize adopting digital technologies to deliver convenient banking services to their customers. Online banking, mobile banking, and automated teller machine are a few examples of digitally enabled banking services. In these services, the bank collects and uses sensitive data of customers, such as name, address, contact details, bank account details, transaction history, and credit card details. Due to increased digitization, bank-related frauds are increasing day by day. Such factors have been boosting the segment's growth in the APAC & MEA identity theft protection and verification market.

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