Global cyber insurance market expected to reach USD 22.8 billion globally by 2024, growing at a CAGR of around 27% between 2018 and 2024. Advancements in technology have paved ways for retailers to broaden their customer base. Over the past decade, online business for retailers has increased owing to online shopping and introduction of mobile payment option.
Cyber Insurance Market
The report analyzes and forecasts the cyber insurance market on a global and regional level. The study offers past data from 2015 to 2017 along with forecast from 2018 to 2024 based on revenue (USD Billion). Assessment of cyber insurance market dynamics gives a brief thought about the drivers and restraints for the cyber insurance market along with the impact they have on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the cyber insurance market on a global level.
The report gives a transparent view of the cyber insurance market. We have included a detailed competitive scenario and portfolio of leading vendors operative in the cyber insurance market. To understand the competitive landscape in the cyber insurance market, an analysis of Porter’s Five Forces model for the cyber insurance market has also been included. The report also covers patent analysis with bifurcation into a patent trend, patent by the company, and patent by region. The study encompasses a market attractiveness analysis, wherein product, company size, end-user industry, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a crucial view of the cyber insurance by segmenting the market based on end-use industry, product, company size, and region. All the segments of the cyber insurance market have been analyzed based on present and the future trends and the market is estimated from 2018 to 2024. Based on the product, the global cyber insurance market is categorized as cybersecurity insurance, cyber liability insurance, and technology errors & omissions insurance. Small corporation, medium corporation, large corporation are the company size segment of the global cyber insurance market. Manufacturing, retail, IT & telecom, government, BFSI, and others are the end use industry segment for the cyber insurance market. The regional segmentation comprises the current and forecast demand for Middle East & Africa, North America, Asia Pacific, Latin America, and Europe for cyber insurance market with further division into the U.S., Canada, Mexico, the UK, France, Germany, China, Japan, South Korea, Brazil, and Argentina, among others is included in the report.
Cyber insurance is a kind of insurance in any business firm to reduce the risk of data breach. The insurance is used to prevent data loss, secure privacy, hacking, and theft & extortion. For an organization, cyber insurance covers the legal fees & expense, recovers data, repairs damaged computer systems, and notifies the user of any kind of threat.
Technological advancement in the manufacturing sector is preliminarily driving the cyber insurance market. Global manufacturing output increased by 3.2% in 2017 from 2016. Top manufacturing countries such as the U.S., the UK, Germany, China, and others contributed almost 40% of the global industrial growth. Major factors contributing to this growth are increasing the adoption of automation and artificial intelligence (AI) in various manufacturing processes. Usage of technology in the manufacturing sector to gain a competitive edge has increased the risk of cyber attacks. Major cyber threats for manufacturers exist in supply chain management, theft of intellectual property, physical damage to products & machinery. Thus, the manufacturing sector will contribute significantly to the growth of the cyber insurance market during the forecast period.
Cyber insurance helps financial institutes to detect and prevent cyber attacks. As of 2017, almost 35% of all the cyber attacks were targeted towards the banking sector as compared to 20% in 2016. Financial institutions such as Lloyds, Halifax, and the Bank of Scotland along with others have opted for cyber insurance to secure their data. Thus, the global cyber insurance market is expected to propel during the forecast time frame. However, a lengthy and tedious procedure of claiming for data theft can affect the cyber insurance market growth. However, advancements in technology along with government norms for companies to have cyber insurance policies may open new avenues for the market in the near future.
Based on product, the global cyber insurance market is categorized into cybersecurity insurance, cyber liability insurance, and technology errors & omissions insurance. The cybersecurity insurance segment is expected to hold a significant market share during the timeframe. Manufacturing, retail, IT & telecom, government, BFSI, and others are the prominent end-user industries for the cyber insurance market. BFSI segment is projected to grow at a substantial rate during the forecast period.
North America holds a substantial share in the global cyber insurance market and will maintain its dominance in the near future. Increasing usage of artificial intelligence in manufacturing sector along with the rapid advancements in technology are the major drivers for the market growth in this region. Further, the presence of significant market players in the region is projected to propel the cyber insurance market. Rising digitalization along with increasing cyber attacks are the major driving factors for the growth of the cyber insurance market in the Asia Pacific. The Asia Pacific is expected to grow at a significant rate during the analysis period.
The competitive profiling of noticeable players of cyber insurance market includes company and financial overview, business strategies adopted by them, their recent developments and product offered by them which can help in assessing competition in the market.
Noticeable players included in the report are
Most of the companies are concentrating on upgrading their products in accordance with the advanced technology.
The report segments the global cyber insurance market as follows:
Global Cyber Insurance Market: End-use Industry Segment Analysis
Global Cyber Insurance Market: Product Segment Analysis
Global Cyber Insurance Market: Company Size Segment Analysis
Global Cyber Insurance Market: Regional Segment Analysis