With the growing incidence of cyberattacks and data breaches, the demand for cyber insurance solutions is rising rapidly across the globe. As per several reports, due to data breaches during January 2019– April 2020, around 8 billion records including credit card number, phone numbers, home addresses, and other sensitive and confidential information were exposed.

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The increasing penetration of the internet and the rapid digitization of enterprise operations are the main factors fueling the incidence of these attacks. Thus, in order to mitigate the prevalence of these attacks, many governments are implementing policies that make the incorporation of cybersecurity measures and solutions mandatory.

Due to the above-mentioned factors, the value of the market is expected to rise from $5,573.2 million in 2019 to $70,671.9 million by 2030. The market is also predicted to exhibit a CAGR of 26.3% from 2020 to 2030. Depending on type, the market is categorized into integrated and standalone. Between these, the standalone category is predicted to dominate the market in the forthcoming years, on account of its soaring popularity around the world.

As these regulations become more and more stringent and authorities start handing out heavy fines for data breaches, the adoption of cybersecurity solutions including cyber insurance will surge sharply. Additionally, many companies are increasingly adopting cyber insurance solutions as a risk mitigation strategy, thereby driving the expansion of the global cyber insurance market.

This market research report provides a comprehensive overview of the market

* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings