PUBLISHER: Polaris Market Research | PRODUCT CODE: 1175520
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1175520
The global cybersecurity insurance market size is expected to reach USD 48.83 billion by 2030, according to a new study by Polaris Market Research. The report "Cybersecurity Insurance Market Share, Size, Trends, Industry Analysis Report, By Components (Solution, Services); By Insurance Type (Standalone and Tailored); By Coverage type (First-Party, Liability Coverage); By End-Use (Healthcare, Retail, BFSI, IT & Telecom, Manufacturing, and Others); By Region; Segment Forecast, 2022-2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market will be driven by increased cyberattacks and data breaches. Additionally, information that is sensitive, confidential, or protected may be made available to an unauthorized individual through data breaches and cyberattacks. Anyone can be at risk of a data leak, including private individuals, elite businesses, and governments. Data can be accessed through text messages, the internet, Bluetooth, or daily-used online services, regardless of whether users are online. In comparison to 2019, Check Point Research reports that mobile banking malware assaults increased by 50% in 2020. Due to an exposed MongoDB database.
Businesses are implementing insurance coverage due to rising cybersecurity risks and data breaches. Additionally, the corporation is subject to regulatory sanctions and fines from several nations for any data breach. The demand for new insurance products for small firms is fueled by the fact that small and medium-sized industries are also targeted by cyberattacks. For instance, Aviva plc. created new insurance solutions specifically for small businesses in March 2021 to address cyberattacks.
Cybersecurity Insurance Market Report Highlights
Solution segment is anticipated to grow at the highest CAGR. Adopting Blockchain and the Internet of Things (IoT) is expected to boost service demand. In addition, post-incident services are expected to drive market growth.
Standalone accounted for a major revenue share. Standalone policies usually include media liability insurance, which covers claims alleging libel, slander, invasion of privacy, etc.
First-Party accounted largest revenue share. In the event of a data breach or cyber attack, first-party cyber liability insurance helps reduce the impact on the organization.
In North America, the global market is anticipated at the fastest growth during the projected period. This is due to the presence of key cyber insurance companies in the country.
Major players operating in the market include BitSight, Prevalent, RedSeal, Security Scorecard, Zurich Insurance, Cyber Indemnity Solutions, Cisco, Axis Capital, UpGuard, Microsoft, Check Point, AttackIQ, Broadcom, Accenture, CyberArk, CYE, SecurIT360, Founder Shield, AIG, Arthur, Travelers Insurance, Cylance, FireEye, CNA Financial, Fairfax Financial, Liberty Mutual, Lloyd's of London, and others.
Polaris Market Research has segmented the cybersecurity insurance market report based on component, Insurance type, coverage type, end-use, and region:
Cybersecurity Insurance, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Solution
Services
Cybersecurity Insurance, Insurance Type Outlook (Revenue - USD Billion, 2018 - 2030)
Standalone
Tailored
Cybersecurity Insurance, Coverage Type Outlook (Revenue - USD Billion, 2018 - 2030)
First-Party
Liability Coverage
Cybersecurity Insurance, End-use Outlook (Revenue - USD Billion, 2018 - 2030)
Healthcare
Retail
BFSI
IT & Telecom
Manufacturing
Government agencies
Others
Cybersecurity Insurance Market, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Figure 1. Global Cybersecurity Insurance Market, 2018 - 2030 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up End-use
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Component
Figure 7. Global Cybersecurity Insurance Market, by Component, 2021 & 2030 (USD Billion)
Figure 8. Market by End-use
Figure 9. Global Cybersecurity Insurance Market, by End-use, 2021 & 2030 (USD Billion)
Figure 10. Market by Coverage Type
Figure 11. Global Cybersecurity Insurance Market, by Coverage Type, 2021 & 2030 (USD Billion)
Figure 12. Market by Insurance Type
Figure 13. Global Cybersecurity Insurance Market, by Insurance Type, 2021 & 2030 (USD Billion)
Figure 14. Cybersecurity Insurance Market Assessment, By Geography, 2018 - 2030 (USD Billion)
Figure 15. Strategic Analysis - Cybersecurity Insurance Market