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.
The global cyber insurance market forecast 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.
North America, led by the US, is expected to hold the largest market share of the global cyber insurance market. High rate of adoption of advanced technologies and rapid digital transformation that are taking place in North America are likely to be held responsible for the expansion of the global cyber insurance market. As the chances of cyber risks and vulnerabilities increase, the adoption of cyber insurance solutions across the region is increasing. As a result, the North America cyber insurance market can experience rapid expansion.
The increase in deployment of cloud-based services is expected to impel the Europe cyber insurance market. Other factor that is the existence of regulatory compliance laws in the region is expected to boost the market in the region. In Asia Pacific, the fast-paced growth of the cyber insurance market is due to the expansion of BFSI sector in the region.
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).