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Competitive Landscape – Notable Developments
- Equifax Inc. acquired ID Watchdog, a leading company offering identity protection and resolution services, in 2017. This acquisition enabled both the companies to merge their industry relationships and enhance access as well as range of employee benefits solutions.
- EZShield launched Mobile Defense Suite(TM) in the year 2018, which was a significant breakthrough for the protection of Personally Identifiable Information (PII). This launch was aimed at empowering individuals and organizations to thwart dangers caused by data breach or any other a potential security incident.
- LexisNexis® Risk Solutions Inc., completed the acquisition of Insurance Initiatives, Ltd. (IIL), a firm offering intelligent data delivery solutions, in the year 2016. This acquisition was aimed at enabling the UK insurers to upgrade business performance and tap into new opportunities.
- Affinion Group introduced PrivacyGuard, an identity theft protection service that safeguards information related to users’ identity and credit, in the year 2017.
The report on identity theft protection services market profiles these companies in the competitive landscape section, wherein other crucial insights apropos of the aforementioned and several other companies are illustrated in detail.
Identity Theft Protection Services Market – Competition Varies Across Tiers
The identity theft protection services market remains highly-competitive at the bottom level and moderately-competitive at top and middle levels. The emerging players or tier 3 players of the market account for a sizeable revenue share and remain highly oriented toward new product launches and acquisition strategies.
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The market players have been assessed in the report as per four propositions- leaders, challengers, followers, and aspirers. The report identifies players such as LifeLock, Inc., Experian Plc., and Equifax, Inc. as leaders with robust revenue footprints and innovative product portfolios. Companies such as Affinion Group and FICO are categorized as challengers, who possess the potential to scale up their revenues with innovation-driven strategies.
The report further categorizes companies such as LexisNexis Risk Solutions Inc. and TransUnion LLC as followers, who are growing at a steady pace to establish a stronghold in the global market space. Aspirers, such as Intersections Inc. and AllClear ID Inc., have been identified by the report as the ones vying to make it big in the market by observing their nearest competitors.
Rising Corporate Profits to Stimulate Investments in Identity Theft Protection Services
With the resurgence of corporate abilities, the corporate profit margins are also witnessing considerable rise. The willingness to invest in identity theft protection services is also scaling up, aimed at safeguarding the increased income.
As per a recent revelation by the U.S. Bureau of Economic Analysis (BEA), profits from the current production (corporate profits along with inventory valuation as well as capital consumption adjustments) revved up to $76.0 billion in the third quarter, in comparison with an increase of $65.0 billion in the second quarter. Particulars as such provide credence to the fact that corporate profits are not declining anytime soon, portraying potential opportunities for the vendors of identity theft protection services. Conversely, any sort of inconsistency in corporate profits is likely to have adverse impact on the investments being made for these services, which might hamper their deployment rate.
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