TMCnet News
Cyber Insurance Market to Reach $1,16,682.32 Million, Globally, by 2032 at 25.3% CAGR: Allied Market ResearchThe cyber insurance market is quickly expanding as a result of increase in global wealth, growth in retirement savings, a shift towards professional management, and the need for investment diversification in a complex financial landscape. WILMINGTON, Del., Nov. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cyber Insurance Market by Coverage (Data Breach, Cyber Liability, First-Party Coverage, Third-Party Coverage, and Others), Enterprise Size (Large Enterprise, and Small and Medium-sized Enterprise), and Industry Vertical (BFSI, IT and Telecommunication, Retail and E-commerce, Healthcare, Manufacturing, Government and Public Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032. According to the report, the global cyber insurance industry generated $12.5 billion in 2022, and is anticipated to generate $116.7 billion by 2032, witnessing a CAGR of 25.3% from 2023 to 2032.
Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/1705 Prime Determinants of Growth The demand for cyber insurance is mostly driven by the frequency and severity of cyberattacks and data breaches. Businesses want coverage owing to rising cyber risks and high-profile breaches. Furthermore, regulations pertaining to data protection and privacy, such as the CCPA, GDPR, and HIPAA, demand compliance and frequently call for firms to obtain cyber insurance. Updates or modifications to these rules can boost the market. Moreover, cyber insurance is becoming more necessary as a result of the greater reliance on digital technology and the growth of online corporate operations, both of which raise the potential exposure to cyber threats. In addition, cyber catastrophes can cause large financial losses, including expenditures for responding to data breaches, lost revenue from operations, and legal bills. The acceptance of insurance is encouraged by the possibility of a significant financial impact. Report Coverage & Details:
The data breach segment is expected to maintain its dominance throughout the forecast period By coverage, the data breach segment held the highest market share in 2022, accounting for around two-fifths of the global cyber insurance market revenue. This can be attributed to the fact that data breaches are happening more frequently and with greater severity, and because the losses to a company's finances and reputation are so great, data breach coverage has become a top priority for companies. However, the first-party coverage segment is projected to witness the fastest CAGR of 25.3% from 2023 to 2032, this is attributed to its direct effect on a company's capacity to recover financially from a cyber-disaster and handle its immediate aftermath, all of which are of utmost importance to businesses. Request Customization: https://www.alliedmarketresearch.com/request-for-customization/1705 The large enterprise segment maintained its dominance throughout the forecast period. By enterprise size, the large enterprise segment held the highest market share in 2022, more than two-thirds of the global cyber insurance market revenue and is estimated to maintain its dominance throughout the forecast period. This is attributed to greater financial resources, higher exposure to cyber risks, and the need for comprehensive coverage to protect substantial assets, making them a primary customer segment for cyber insurance. However, the cloud segment is projected to manifest the fastest CAGR of 26.9% from 2023 to 2032, which is attributed to companies increasingly recognizing their vulnerability to cyber threats and the potential financial impact of a breach, leading to a growing need for affordable and accessible coverage. The BFSI cyber insurance segment to maintain its leadership status throughout the forecast period Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for more than one-fifth of the global cyber insurance market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the sector's high data sensitivity, regulatory requirements, and the critical importance of maintaining customer trust, driving substantial demand for comprehensive cyber insurance coverage. However, the manufacturing segment is projected to witness the fastest CAGR of 30.5% from 2023 to 2032, this is attributed to the increasing integration of digital technologies in manufacturing processes, which heightened cyber risks, necessitating rapid adoption of cyber insurance for risk mitigation. North America to maintain its dominance by 2032 By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global cyber insurance market revenue. This is attributed to its large and technologically advanced business landscape, increase in awareness of cyber threats, and stringent data protection regulations, making it a key region for cyber insurance adoption. However, the Asia-Pacific region is expected to witness the fastest CAGR of 28.5% from 2023 to 2032 and is projected to dominate the market during the forecast period, owing to the region's rapid digitalization, a surge in cyberattacks, and a growth in awareness of cyber risks, prompting businesses to seek cyber insurance solutions at an accelerated pace. Leading Market Players: -
The report provides a detailed analysis of the key players in the global cyber insurance market. These players have adopted different strategies such as expansion and product launch, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1705 Key Benefits for Stakeholders
Cyber Insurance Market Report Highlights Aspects Details By Coverage
By Enterprise Size
By Industry Vertical
By Region
Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario): Pet Insurance Market by Policy Coverage (Accident Only, Accident and Illness, and Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 Mobile Phone Insurance Market by Phone Type (Budget Phones, Mid & High-End Phones, Premium Smartphones), by Sales Channel (Retail, Online), by Coverage Type (Physical Damage, Internal Component Failure, Theft & Loss Protection, Others), by End User (Business, Individuals),: Global Opportunity Analysis and Industry Forecast, 2020-2030 Reinsurance Market by Type (Facultative Reinsurance, Treaty Reinsurance), by Application (Property & Casualty Reinsurance, Life & Health Reinsurance), by Distribution Channel (Direct Writing, Broker), by Mode (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031 P&C Insurance Software Market by Component (Software, Service), by Deployment Model (On Premise, Cloud), by Application (Claims, Underwriting, Operations, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 Critical Illness Insurance Market by Application (Cancer, Heart Attack, Stroke, Others), by Premium Mode (Monthly, Quarterly, Half Yearly, Yearly), by End User (Individual, Businesses): Global Opportunity Analysis and Industry Forecast, 2021-2031 Gadget Insurance Market by Coverage Type (Physical Damage, Internal Component Failure, Theft and Loss Protection, Virus and Data Protection, Others), by Device Type (Laptop and PCs, Mobile Phones and Tablets, Home Entertainment Devices, Cameras, Others), by Sales Channel (Retail, Online), by End User (Business, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031 Decentralized Insurance Market by Type (Life Insurance, Non-life Insurance), by End User (Businesses, Individuals): Global Opportunity Analysis and Industry Forecast, 2023-2032 About Us: We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact Us: United States Logo: https://mma.prnewswire.com/media/636519/4405994/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research 
|
View original content to download multimedia: