With the growing incidence of cyberattacks and data breaches, the demand for cyber insurance solutions is rising rapidly across the globe. As per several reports, due to data breaches during January 2019– April 2020, around 8 billion records including credit card number, phone numbers, home addresses, and other sensitive and confidential information were exposed. The increasing penetration of the internet and the rapid digitization of enterprise operations are the main factors fueling the incidence of these attacks.
Additionally, many companies are increasingly adopting cyber insurance solutions as a risk mitigation strategy, thereby driving the expansion of the global cyber insurance market. Due to the above-mentioned factors, the value of the market is expected to rise from $5,573.2 million in 2019 to $70,671.9 million by 2030. The market is also predicted to exhibit a CAGR of 26.3% from 2020 to 2030. Depending on type, the market is categorized into integrated and standalone.
Between these, the standalone category is predicted to dominate the market in the forthcoming years, on account of its soaring popularity around the world. When enterprise is taken into consideration, the cyber insurance market is bifurcated into small and medium enterprises (SMEs) and large enterprises. Between these, the large enterprises category is predicted to dominate the market in the upcoming years.
Geographically, the cyber insurance market will demonstrate the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the increasing cybersecurity challenges such as cloud security vulnerabilities and attacks on blockchain systems, in the regional countries such as China and India. Additionally, these countries are rapidly implementing policies for improving cybersecurity, which is subsequently fueling the market expansion in the region.
Thus, the demand for cyber insurance solutions will rise tremendously in the coming years, primarily because of the growing incidence of cyberattacks and data breaches and the increasing implementation of policies that mandate the incorporation of cybersecurity technologies by the governments of several countries.
Additionally, many companies are increasingly adopting cyber insurance solutions as a risk mitigation strategy, thereby driving the expansion of the global cyber insurance market. Due to the above-mentioned factors, the value of the market is expected to rise from $5,573.2 million in 2019 to $70,671.9 million by 2030. The market is also predicted to exhibit a CAGR of 26.3% from 2020 to 2030. Depending on type, the market is categorized into integrated and standalone.
Between these, the standalone category is predicted to dominate the market in the forthcoming years, on account of its soaring popularity around the world. When enterprise is taken into consideration, the cyber insurance market is bifurcated into small and medium enterprises (SMEs) and large enterprises. Between these, the large enterprises category is predicted to dominate the market in the upcoming years.
Geographically, the cyber insurance market will demonstrate the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the increasing cybersecurity challenges such as cloud security vulnerabilities and attacks on blockchain systems, in the regional countries such as China and India. Additionally, these countries are rapidly implementing policies for improving cybersecurity, which is subsequently fueling the market expansion in the region.
Thus, the demand for cyber insurance solutions will rise tremendously in the coming years, primarily because of the growing incidence of cyberattacks and data breaches and the increasing implementation of policies that mandate the incorporation of cybersecurity technologies by the governments of several countries.
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