Cybersecurity Insurance Market Revenues to Reach USD 32.52 billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence
Hyderabad, July 07, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Cybersecurity Insurance Market Report (2023-2028),” the market is estimated at USD 14.18 billion in 2023. It is expected to register a CAGR of 18.06% during the forecast period.
Rapidly evolving technology comes with rapidly advancing threats. Valuable personal data prompts cybercriminals to steal and sell personal information on the dark web. This has led to a boost in the demand for cybersecurity. Another significant factor is the popularization of cloud computing. Cloud computing is establishing new markets, stimulating the mobility trend, and enabling unified communications devices. Hence, tech stakeholders are opting for new insurance models to mitigate the risks involved in storing sensitive data in the modern cybersecurity landscape.
|Market Size (2023)||USD 14.18 billion|
|Market Size (2028)||USD 32.52 billion|
|Forecast Units||Value (USD billion)|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
|Report Scope||Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends|
|Key Market Drivers||Increasing dangers of cyberattacks.|
|Growing utilization of cloud computing.|
Who are the Top Companies in the Cybersecurity Insurance Market?
The global cybersecurity insurance market is moderately consolidated. Key market players are offering superior technology and fostering progression via their existing distribution channels. The leaders are constantly financing innovations and mergers and acquisitions, along with partnership activities, to uphold a competitive market edge.
The significant players holding the cybersecurity insurance market are:
- American International Group Inc.
- Zurich Insurance Co. Ltd
- Aon PLC
- Lockton Companies Inc.
- The Chubb Corporation
- AXA XL
- Berkshire Hathaway Inc.
- Security Scorecard Inc.
- Allianz Global Corporate & Specialty (AGCS)
- Munich Re Group
Other Reports That Might Be of Your Interest:
- Asia-Pacific Cybersecurity Market Report – The Asia-Pacific cybersecurity market size is expected to grow from USD 35.23 billion in 2023 to USD 84.57 billion by 2028, at a CAGR of 19.14% during the forecast period (2023-2028).
- Singapore Cybersecurity Market Report – The Singapore cybersecurity market size is expected to grow from USD 1.96 billion in 2023 to USD 4.15 billion by 2028, at a CAGR of 16.14% during the forecast period (2023-2028).
Key Highlights from the Cybersecurity Insurance Market Report:
BFSI Estimated to Hold a Significant Share
- The BFSI industry is a crucial infrastructure segment that is facing multiple data breaches and cyberattacks. The segment has a massive client base; therefore, important financial information remains at stake.
- Via numerous diabolical cyberattacks, cybercriminals can immobilize the financial industry. Threats include ransomware, institutional invasion, data thefts, fiscal breaches, etc. They have necessitated the demand for cybersecurity insurance in the BFSI sector.
United States Expected to Hold Major Share in North America
- The United States is considered the world’s most prominent cybersecurity insurance market. The country is also home to a significant number of key players operating in the market, which is another reason for the country’s high share.
- Cyberattacks in the United States are rising rapidly and have reached an all-time high, primarily owing to the rapidly increasing number of connected devices in the region. In the United States, consumers are using public clouds, and many of their mobile applications are preloaded with their personal information for the convenience of banking, shopping, communication, etc.
What are the Latest Developments in the Cybersecurity Insurance Market?
- In September 2022, Coalition, a cyber insurer headquartered in San Francisco, increased its clientele and entered the UK market. The company offers small and medium businesses solutions to handle cyber risk by incorporating cybersecurity technologies, monitoring, access to digital forensics, incident response, and vast insurance coverage in the United States.
- In August 2022, SolCyber partnered with Converge Insurance LLC. This partnership enhanced the coverage and improved the application process for small and medium-sized businesses, expanding security posture and lowering business risk.
Mordor Intelligence has Segmented the Cybersecurity Insurance Market Based on Organization Size, End-user Industry, and Geography:
- By Organization Site
- Small and Medium-sized Enterprises
- Large Enterprises
- By End-user Industry
- IT and Telecom
- Other End-User Industries
- By Geography
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Rest of the World
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Cybersecurity Insurance Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- MEA Cybersecurity Market Report – The MEA cybersecurity market size is expected to grow from USD 2.59 billion in 2023 to USD 4.65 billion by 2028, at a CAGR of 12.42% during the forecast period (2023-2028).
- Benelux Cybersecurity Market Report – The Benelux cybersecurity market is anticipated to witness a CAGR of 6.9% during the forecast period.
- Philippines Cybersecurity Market Report – The Philippines cybersecurity market is expected to register a CAGR of 8.7 % during the forecast period.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
- Cybersecurity Insurance Market – Mordor Intelligence
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