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Market Research Future Insights:
According to the research report published by Market Research Future (MRFR), “Cyber Insurance Market By Component, Coverage Type, Third-Party Coverage, Organization Size, Vertical – Forecast till 2032,” the global cyber insurance market is poised to reach USD 68.35 billion by 2032, growing at a 26.57% CAGR throughout the review period (2023-2032).
The future holds substantial revenue growth for the cyber insurance market, driven by the widespread use of the Internet and the corresponding increase in risks associated with online activities.
Businesses are turning to cyber insurance as a financial safeguard against potential threats such as ransomware and malware that pose risks to the smooth functioning of their operations. The market for cyber insurance has witnessed significant expansion in recent years, fueled by the heightened recognition of the importance of cyber risk insurance products. This increased acceptance is in response to the growing impact of cyberattacks on factors like public safety, economic prosperity, and government cybersecurity.
Key Players:
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Scope of the Report – Cyber Insurance Market:
|
Report Metrics |
Details |
|
Market Size by 2032 |
USD 68.35 Billion |
|
CAGR during 2023-2032 |
26.57% |
|
Base Year |
2022 |
|
Forecast |
2023-2032 |
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Segmentations:
The report on the cyber insurance market is structured based on types, components, enterprise size, coverage types, end-users, and regions. Within the insurance type segment, there are two sub-segments: standalone and tailored. The standalone segment holds the largest market share, primarily due to its comprehensive coverage policy. Conversely, the tailored insurance type segment is experiencing higher growth at a Compound Annual Growth Rate (CAGR) because of the availability of numerous customized solutions. Tailored insurance is gaining popularity, especially in the BFSI, healthcare, and IT & telecom industries, as it addresses various potential industry hazards.
In the component segment, there are two sub-segments: solutions and services. The services segment commands the largest market share, fueled by the increasing demand from small and medium businesses for advisory, maintenance, and upgrade services. Various factors, including the consequences of the global pandemic, privacy concerns, and the sophistication of cyber exploits, contribute to the segment’s growth, leading to a notable increase in data breaches.
The enterprise size segment is divided into SMEs and large enterprises. The large organization segment dominates the market, facing a surge in cybercrimes and data breaches. With extensive data collection, cybercrime incidents and severe data breaches are on the rise. Large corporations make substantial investments in risk management solutions to secure the confidentiality of customer and company data. However, the SME segment is experiencing significant expansion and is becoming a prime target for hackers. Small firms are increasingly investing in cybersecurity insurance solutions.
The coverage type segment has two sub-segments: first party and liability coverage. The liability/third-party coverage segment holds the market dominance due to the various risk management programs it offers. The high demand for liability coverage insurance is attributed to its benefits in business interruption loss coverage, data breach coverage, forensic aid in defending against cyber extortion, and coverage beyond standard liability policies.
The end-user segment is categorized into healthcare, retail, BFSI, IT & telecom, manufacturing, and others (government, travel & tourism). The BFSI segment captures a significant market share, witnessing a substantial increase in cyber hazards driven by consumer preferences for digitalization, mobile apps, and Internet banking. Geographically, the cyber insurance market is segmented into Europe, North America, Asia-Pacific, and the rest of the world.
Browse In-depth Market Research Report (87 Pages, Charts, Tables, Figures) Cyber Insurance Market – https://www.marketresearchfuture.com/reports/cyber-insurance-market-8635
Regional Analysis:
The global cyber insurance market is predominantly led by North America. The region’s growth is fueled by an increasing number of cyberattacks and a heightened risk of data loss. Furthermore, the market share in North America is bolstered by the emergence of leading solution providers. The United States, with its robust cybersecurity measures and stringent government regulations, commands the largest share of the regional market. The country faces significant annual losses due to the surge in cyber activities, prompting an escalating demand for cyber security insurance to mitigate the impact of cyber attacks.
In the Asia-Pacific region, the cyber insurance market is experiencing substantial growth, primarily driven by the increasing incidents of ransomware attacks. Revil and Maze, the most prevalent ransomware strains responsible for over 50% of overall attacks, contribute to a higher frequency of ransomware incidents in this region compared to others. Additionally, governments in countries like China, Japan, India, and South Korea are investing in insurance to mitigate the impact of cybercrimes. The popularity of cyber insurance solutions is on the rise in Asia, supported by the region’s growing digital transformation.
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