Cyber Insurance Market Research Report - Global Forecast till 2025
Market Highlights
In current times, the online generation of data is surging. The scope for data leakage is growing that is underpinning the need for insurance of cyber security. Thus, the cyber insurance market 2020 is expected to experience an expeditious growth. Across the forecast period, the global cyber insurance market is expected expand at 10.5% CAGR, reveals Market Research Future (MRFR). The estimated cyber insurance market size is USD 199.9 billion by 2025 owing to the rise in cyber insurance coverage for different sectors. These solutions are dedicated to preserve integrity an organization’s assets that is noted to promote the expansion of the market. In addition, increase in the deployment of cloud solutions and technological advancements can also impel the global cyber insurance market growth.
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.
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Segmentation:
The global cyber insurance market’s segmental analysis is based on coverage type, component, vertical, and organization size. The component-based segments of the global cyber insurance market are services and solution. Companies are introducing improved services and solutions due to mounting industrial problems.
The coverage type-based market segments are first-party coverage, third-party coverage, and others. The third-party coverage segment comprises regulatory response, litigation, credit monitoring, crisis management, privacy and security liability, media, and communications liability, and network security liability. The first party coverage segment discusses forensic investigation, theft and fraud, computer program, business interruption, electronic restoration, and extortion.
Small- and medium-sized enterprise (SME) and large enterprise are organization size-based segments of the cyber insurance market. The rise in SMEs and their high rate of adoption of cyber insurance solutions are causes that are accountable for a surge in the global cyber insurance market.
The vertical-based segments of the global cyber insurance market are government, aerospace and defense, BFSI, healthcare, IT and telecom, automotive & transportation, retail, energy and utilities, manufacturing, education, media and entertainment, and others. Over the past few years, the growing cases of data leakage in government and BFSI sectors are reported. Thus, the high rate of adoption of cyber insurance solutions by these sectors is expected to surge the worldwide cyber insurance market.
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.
Key Players
MRFR’s study of key players' impact on the global cyber insurance market is based on their country of origin, recent key developments, product diversification, and their presence across different regions, and industry expertise. The companies that are studied by MRFR are GUY CARPENTER & COMPANY, AXA XL (US), At-Bay, Inc. (US), LLC (US), Lloyds Bank PLC (UK), American International Group Inc. (US), The Chubb Corporation (US), Zurich Insurance Co. Ltd (Switzerland), Beazley Group (UK), AON PLC (UK), Security Scorecard (US), Lockton Companies Inc. (US), Munich Re Group (Germany), Allianz SE (Germany), Jardine Lloyd Thompson Group Ltd (UK), and HDFC ERGO General Insurance Company Limited (India).
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Cyber Insurance Market Research Report: By Component (Solution and Service), Coverage Type [Third Party Coverage (Litigation, Regulatory Response, Crisis Management, Credit Monitoring, Media and Communications Liability, Privacy and Security Liability and Network Security Liability)
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