The Global Cyber Security Insurance Market 2020-2023 Research Report provides idealistic and determined details of the Cyber Security Insurance Market, that assist you in promoting ideas with research-based factors. It offers in-depth data, refines variations of the worldwide Cyber Security Insurance market to help you in deciding the final strategy. The report features a thorough outlook of the market considering profitability, attractiveness, revenue, and CAGR.
The Cyber Security Insurance Market Research Report also focuses on leading industry Manufacturer with information such as company profiles, products, and services offered financial information throughout 2020 – 2023
- XL Group Ltd
- American International Group
- Zurich Insurance Co. Ltd
- AON PLC
- Allianz Global Corporate & Specialty
- Munich Re Group
- and Lockton Companies
The Cyber Security Insurance Market Report offers an accurate financial assessment of each leading Competitor based on their business data that includes estimation of gross margin, Cyber Security Insurance Market sales volume, profitability, pricing erection, product value, cost structure, revenue, and growth rate.
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Summary of Cyber Security Insurance Market:
The cyber security insurance market is expected to reach USD 17.55 billion in 2023 from USD 4.52 billion in 2017, registering a CAGR of 25.4%, during the forecast period (2020 - 2023). The scope of the report is limited to the size of organization and its usage in various industry verticals. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, and Rest of the World.
Rise in cyber data breaches and increasing adoption of cloud-based services are a few factors driving the growth of cyber security insurance market, whereas, high costs is inhibiting its growth.
Rise in Cyber Data Breaches
In 2017, ransom-ware attacks such as NotPetya and WannaCry shook the entire world. The cyber data breaches are immensely impacting the consumers’ confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million.
Equifax, one of the three largest credit agencies in the U.S., in 2017 suffered a breach that affected 143 million consumers. JPMorgan too witnessed one of the biggest bank breaches in history as hackers got access to the financial information of 3500 customers. Union bank of India was hacked in 2017 and USD 171 million was debited without bank’s authorization. All these incidents have led companies to buy cyber security insurances.
Asia-Pacific to Project the Fastest Growth
Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in this region are prone to cyber-attacks owing to poor protection against cyber-attacks. Though cyber security insurance market is at nascent stage in this region but it is growing rapidly. In India, the demand for cyber security insurance rose by more than 50% in 2017 as compared to that with 2016. Around 250 companies, including banks, bought cyber security insurance in 2017. As of now, the cyber security insurance premium is INR 200 crore, which is expected to increase to INR 400 crore in years to come. Moreover, there is huge demand of this market from telecom service providers as well.
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Reasons To Purchase This Report
- To know, how various factors are driving the market with respect to the global market scenario
- To analyze various market perspectives, with the help of Porter’s five forces analysis
- To know, which of the regions is expected to witness the fastest growth rate during the forecast period
- To identify the latest developments, market shares, and strategies that are employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet
The Cyber Security Insurance Market 2020-2023 Analysis objectives of the report are:
- To analyze Cyber Security Insurance Market regarding growth trends, anticipation and also their participation in the entire sector.
- To equitably share in-depth info regarding the vital elements influencing the increase of industry (growth capacity, probability, drivers and industry-specific challenges and risks).
- To know the Cyber Security Insurance Market by distinguishing its many sub-segments.
- To examine and study the market size (volume & value) from the company, essential regions/countries, products and application, background information from 2013 – 2020 and also prediction to 2023.
- To profile the Leading players in the industry and analyze their growth plans.
- To venture the amount and value of sub-markets, depending on key regions.
- Primary worldwide Antifouling Paints and Coatings Market manufacturing companies, to specify, clarify and analyze the product sales amount, value and market share, market rivalry landscape, SWOT analysis, and development plans next coming years.
- To examine competitive progress such as expansions, arrangements, new product launches and acquisitions on the market.
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The growth of this market worldwide is subjected to various factors; including consumer world-class Cyber Security Insurance Market of many Cyber Security Insurance Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
In conclusion, Cyber Security Insurance Market report presents the descriptive analysis of the parent market based on elite players, present, past and futuristic data that will serve as a profitable guide for all the Cyber Security Insurance Market competitors.
Mr. Ajay More
Phone: +14242530807 / + 44 20 3239 8187
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