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Cyber Insurance Market Set to Surge to $116.7 Billion by 2032 Amid Escalating Digital Threats
Cyber Insurance Market Set to Surge to $116.7 Billion by 2032 Amid Escalating Digital Threats
NEW CASTLE, WILMINGTON, UNITED STATES, August 5, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โCyber 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, 2022โ2032." The cyber insurance market was valued at $12.5 billion in 2022, and is estimated to reach $116.7 billion by 2032, growing at a CAGR of 25.3% from 2023 to 2032.
โก๏ธ ๐๐๐ญ ๐๐จ๐ฎ๐ซ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ & ๐๐๐ ๐๐จ๐๐๐ฒ: https://www.alliedmarketresearch.com/request-sample/1705
Increase in cyber-attacks and surge in mandatory legislations regarding cyber security fuel the growth of the global cyber insurance market. On the other hand, dearth of standardized policies impedes the growth to some extent. However, expansion of products and services, and development in emerging economies are expected to create lucrative opportunities for the key players in the industry.
Cyber breach insurance market is widely used to help businesses to protect their valuable IT assets against cyber-attacks such as malware, ransomware, phishing, distributed denial-of-service (DDoS) attacks, and others. The cyber insurance companies provide personalized products and services to mitigate specific risks across several end user industries. Furthermore, significant increase in cyber-attacks has led organizations to shift their focus on cyber security as well as cyber insurance thus, acting as one of the major factors boosting the cyber insurance market growth.
Moreover, organizations of all sizes are becoming more and more in need of cyber insurance as a result of rising awareness of cyber threats and the monetary consequences of data breaches and cyberattacks. In addition, the cyber insurance carriers is growing internationally as cyber dangers become more widespread. To address the worldwide nature of cyber hazards, insurers are providing coverage to businesses operating in different geographical areas. Furthermore, in their cyber insurance coverage, several insurers now include incident response services. This gives policyholders access to cybersecurity specialists, legal counsel, and crisis management tools so they can react to cyber crises in an efficient manner.
The large enterprises segment to maintain its dominance till 2026-
Based on organization size, the large enterprises segment contributed to more than two-thirds of the total market share in 2018, and is expected to dominate by the end of 2026. The SMยญEs segment, on the other hand, would grow at the fastest CAGR of 27.2% from 2019ยญยญ to 2026.
โก๏ธ๐๐ฌ๐ค ๐๐๐๐จ๐ซ๐ ๐๐จ๐ฎ ๐๐ฎ๐ฒ : https://www.alliedmarketresearch.com/purchase-enquiry/1705
The BFSI segment garnered the lionโs share in 2018-
Based on industry vertical, the BFSI segment accounted for one-fourth of the total market revenue in 2018, and is projected to lead the trail by 2026. At the same time, the government & ยญยญpublic sector would manifest the fastest CAGR of 27.5% throughout the forecast period. The other segments analyzed in the market report include IT & Telecom, Retail & E-Commerce, Healthcare, and Manufacturing.
North America to rule the roost in terms of revenue-
Based on geography, North America held the major share in 2018, garnering more than two-fifths of the global market. Simultaneously, the Asia-Pacific region is anticipated to grow at the fastest CAGR of 26.9% during the study period. The other provinces discussed in the report take in Europe and LAMEA.
Key players in the industry-
The key market players analyzed in the global cyber insurance market report include American International Group, Inc., Munich Re, Zurich, Lockton Companies, Inc., Aon plc, AXA, Berkshire Hathway Inc., Allianz, Lloydโs of London Ltd., and The Chubb Corporation. These market players have combined several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their flair in the industry.
Key Findings of the Study
By coverage, the data breach segment led the cyber insurance market in terms of revenue in 2022.
By enterprise size, the large enterprise for the highest cyber insurance market share in 2022.
By industry vertical, BFSI segment accounted for the highest cyber insurance market trends in 2022
By region, North America generated the highest revenue in 2022.
โก๏ธ๐๐ก๐จ๐ฎ๐ฅ๐ ๐ฒ๐จ๐ฎ ๐ก๐๐ฏ๐ ๐๐ง๐ฒ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ, ๐๐จ๐ง'๐ญ ๐ก๐๐ฌ๐ข๐ญ๐๐ญ๐ ๐ญ๐จ ๐ข๐ง๐๐จ๐ซ๐ฆ ๐ฎ๐ฌ : https://www.alliedmarketresearch.com/request-for-customization/1705
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