Cyber Insurance Market Size to Reach USD 64.49 Billion, With a CAGR of 26.57% CAGR by 2030 – Report by Market Research Future (MRFR)
Growing Enterprise Cyberattacks & Data Breaches Drive the Cyber Insurance Market Growth
New York, USA, June 02, 2023 (GLOBE NEWSWIRE) — 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 2030,” the global cyber insurance market is poised to reach USD 64.49 billion by 2030, growing at a 26.57% CAGR throughout the review period (2020-2030).
The cyber insurance market is likely to witness significant revenue growth in future years. The proliferation of the Internet and the risks associated with online browsing would drive the market growth.
Cyber insurance enables businesses to take financial precautions against ransomware, malware, and other threats that could compromise the integrity of their operations. The market for cyber insurance has experienced tremendous growth in recent years due to increased acceptance of cyber risk insurance products due to the growing implications of cyberattacks on public safety, economic prosperity, and government cyber security.
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Cyber Insurance Market Key Players:
Leading cyber insurance market players include:
- Tata Consultancy Services Limited (India)
- Guy Carpenter and Company LLC. (US)
- At-Bay Inc. (US)
- Lloyds Bank PLC (UK)
- AXA SA (France)
- Cisco Systems Inc. (US)
- Chubb Limited (Switzerland)
- Apple Inc. (US)
- American International Group Inc. (US)
- Zurich Insurance Group (Switzerland)
- Beazley Group PLC (UK)
- Lockton Companies (US)
- AON Plc (UK)
There is more awareness of business interruption (BI) cyber risks and increased laws that are becoming obligatory for data protection in various end-user industries, including banking, healthcare, and others. Many businesses now offer cyber liability insurance, creating attractive opportunities for the market. Businesses now require Enterprise Virtual Private Network (VPN) servers as more workers work from home.
Cybercriminals worldwide have recognized opportunities and are utilizing them to imitate brands and trick employees. Mail spam, ransomware attacks, and phishing attempts are growing in large and small businesses that obtain complete cyber coverage through insurance policies in the case of an attack or breach. Most cyber insurance policies offer a wide variety of coverage pertinent to the present situation, safeguarding the company’s network security and privacy.
Scope of the Report – Cyber Insurance Market:
|Market Size by 2030||USD 64.49 Billion|
|CAGR during 2020-2030||26.57%|
|Key Market Opportunities||High Demand for Cyber Insurance Services|
|Key Market Drivers||Increasing Cyber Risks Triggering Market Demand|
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The cyber insurance market report is segmented into types, components, enterprise size, coverage types, end-users, and regions. The insurance type segment is sub-segmented into standalone and tailored. The standalone segment holds the largest market share due to its complete coverage policy.
On the other hand, the tailored insurance type segment is growing at a higher CAGR due to the availability of numerous customized solutions. Tailored insurance is becoming increasingly popular in BFSI, healthcare, and IT & telecom industries, as it covers various potential industry hazards.
The component segment is sub-segmented into solutions and services. Of these, the services segment holds the largest market share, witnessing the growing demand from small and medium businesses for advisory, maintenance, and upgrade services. Besides, factors such as the global pandemic’s consequences, lack of privacy, and the sophistication of exploits contribute to the segment’s growth, creating a sharp rise in data breaches.
The enterprise size segment is sub-segmented into SMEs and large enterprises. The large organization segment dominates the market, witnessing increasing cybercrimes and data breaches. As a result of the extensive data gathering, cybercrime, and severe data breach occurrences are on the rise.
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Large corporations make significant investments in risk management solutions to safeguard the security of customer and company data. However, the SME segment witnesses significant expansion, becoming the prime target of hackers. Small firms are increasingly investing in cybersecurity insurance solutions.
The coverage type segment is sub-segmented into first party and liability coverage. The liability/third-party coverage segment dominates the market due to the various risk management programs it offers. Due to its benefits in business interruption loss coverage, data breach coverage, forensic aid in defending against cyber extortion, and coverage beyond standard liability policies, liability coverage insurance is in high demand.
The end-user segment is sub-segmented into healthcare, retail, BFSI, IT & telecom, manufacturing, and others (government, travel & tourism). The BFSI segment accounts for the key market share, witnessing a significant rise in cyber hazards due to consumer preference for digitalization, mobile apps, and Internet banking. By regions, the cyber insurance market is segmented into Europe, North America, Asia-Pacific, and the rest of the world.
North America dominates the global cyber insurance market. The rising number of cyberattacks and increased likelihood of data loss fuel regional growth. Additionally, the rise of leading solution suppliers boosts the region’s cyber insurance market share. With its tight cybersecurity and strong government regulations, the US accounts for the largest share of the regional market. The country suffers huge annual losses due to growing cyber activities. The demand for cyber security insurance is rising in this region to minimize the damage brought on by cyber attacks.
The Asia-Pacific region witnesses considerable growth in the cyber insurance market due to the rising ransomware attacks. With Revil and Maze being the most prevalent ransomware responsible for over 50% of overall assaults, the region perceives more ransomware attacks than other regions. Additionally, governments in China, Japan, India, and South Korea, are investing in insurance to decrease the impact of cybercrimes. Cyber insurance solutions are becoming more popular in Asia due to the growing digital transformation in this region.
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The cyber insurance market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have global reach with diverse product portfolios. Several cyber insurance market players compete with their unique products, sound financial standing, innovative strategic plans, and presence in more regions. The participants focus on promoting R&D and supporting strategic expansion activities, including product launches and partnerships to expand their global footprints.
For instance, on May 18, 2023, Patriot Growth Insurance Services announced a new partnership with TEKRiSQ, Inc., a specialist in technology-related risks, including cybercrime, intellectual property, and more. Under the partnership, TEKRiSQ will assist Patriot agencies with cybersecurity products and services, as well as compliance tools, to enhance client insurability and create more favorable coverage terms for clients.
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