logo
logo
Sign in

Cyber Insurance Market Statistics, Size, Share, Growth Factors, Emerging Technologies, Regional Analysis, Competitive Landscape and Forecast to 2025 | Impact of COVID-19

avatar
Ehtesham Peerzade

Market Highlights

Digital security and privacy are two of the primary drivers of the organizations in today’s era. It has paved the way for the rising demand for cyber insurance services over the next few years. In the analysis offered by Market Research Future (MRFR), the global cyber insurance market is presumed to register 22.6% CAGR over the assessment period 2018 to 2025. The market is supposed to accrue decent revenue by 2025, increasing from USD 4.71 Bn in 2018.

It is imperative for businesses to have cyber insurance in today’s era. The businesses can be exposed in various ways, and the data and information can be hacked, which leads to serious damages. The professional hackers target businesses to make money. Also, hacktivists attack interfaces, which results in significant damages. Also, currently, the espionage of intellectual property rights is very common.

Rising investments in digital and social media marketing is another factor expected to increase investments in cyber insurance market. Furthermore, rising cases of cyberattacks have further helped the cyber insurance market to growth at a considerable pace. With the rising attacks, enterprises have catalyzed investments in the adoption of insurance services to keep away from drastic losses.

Segmentation:

On the basis of component, the cyber insurance market forecast has been segmented into solution and services.

Based on coverage type, the cyber insurance market has been segmented into first-party coverage, third-party coverage, and others. The third-party coverage segment is further sub-segmented into litigation, crisis management, regulatory response, credit monitoring, privacy and security liability, media and communications liability, and network security liability. The sub-segments of the first-party coverage segment are business interruption, forensic investigation, computer program, theft and fraud, and electronic restoration and extortion

On the basis of organization size, the cyber insurance market has been divided into small- and medium-sized enterprise (SME) and large enterprise.

Based on vertical, the segments of the cyber insurance market are aerospace and defense, banking, financial services, and insurance, government, IT and telecom, healthcare, automotive & transportation, retail, manufacturing, energy and utilities, education, media and entertainment, and others.

Regional Analysis

The Global Cyber Insurance Market is estimated to register a CAGR of 22.6% over the forecast period. The geographic analysis of the global cyber insurance market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America has the largest market share as the companies in this region lead in terms of advancements in technologies globally. The US leads the market in North America due to the high adoption of digital transformation. With an increase in digitalization, the chances of vulnerabilities and cyber risks increase. As a result, the need for cyber insurance is high in the country.

Europe is expected to be the second-largest market during the review period due to the high adoption of cloud-based services. Factors such as regulatory compliance of laws such as GDPR are also boosting the cyber insurance market in the region. Asia-Pacific is expected to be the fastest-growing market in the global cyber insurance market during the forecast period. The market in countries such as China and Japan are expected to increase at a fast pace in the coming few years. The high growth in the instances of cyberattacks is the key driver for the growth of the market in Asia-Pacific.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Competitive Dashboard:

AXA XL (US), At-Bay, Inc. (US), GUY CARPENTER & COMPANY, LLC (US), American International Group Inc. (US), Zurich Insurance Co. Ltd (Switzerland), Lloyds Bank PLC (UK), The Chubb Corporation (US), Beazley Group (UK), AON PLC (UK), HDFC ERGO General Insurance Company Limited (India), Lockton Companies Inc. (US), Allianz SE (Germany), Security Scorecard (US), Munich Re Group (Germany), and Jardine Lloyd Thompson Group Ltd (UK) are few of the key cyber insurance market companies.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/cyber-insurance-market-8635 

collect
0
avatar
Ehtesham Peerzade
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more