Cyber Insurance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Cyber Insurance Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Cyber Insurance Market

The cyber insurance market size was valued at USD 16.66 billion in 2023, and the market is now projected to grow from USD 20.88 billion in 2024 to USD 120.47 billion by 2032, exhibiting a CAGR of 24.5% during the forecast period of 2024-2032.

The COVID-19 pandemic advised the digitalization of commercial enterprise techniques and the candidates and organizations had been forced to deal with increasingly personnel operating remotely. With individuals working from home, your enterprise VPN servers are now required by the organization. Due to this, there were diverse cybercriminals against the backdrop of the crisis seeking to exploit the situation. The period of the pandemic marked an increase in mail spam, ransomware attacks, and phishing attacks among hackers who were seeking to lure people into believing they were their brand, to confuse them. Undoubtedly the pandemic was an essential press to the cyber insurance market growth.

The rate of cyber-assaults and fact breaches is rising at an alarming charge across all commercial enterprise sizes. The impact of the rising cyber-assaults is the effect they've on businesses and their operations, and this is expected to enhance the market boom. Industries such as BFSI, healthcare, education, and retail are attractive targets because they store large amounts of data belonging to customers and many hackers and threat actors try to exploit these vulnerabilities. Moreover, digitalization, internet banking, mobile banking, online shopping, and electronic medical records would raise the probability of data breaches across industries. Cyber insurance with comprehensive coverage helps enterprises decrease the incident aftermath consequences. Thus, the higher rate of cybercrime will cause the cyber insurance market share to expand.

Among the crucial factors for this is that the variety of crypto proprietors is expanding day-to-day around the globe. Naturally, as crypto-asset customers are expanding in number crypto-related dangers are likewise boosting at an escalating price. Crypto currency with high volatility, for a large amount of time serves as a goal of multimillion-dollar hacking. The result is a loss of millions for investors and the sector shedding billions of dollars. Cyber insurance which provides the companies the wide coverage is an instrument to minimize the damage caused after the cyber-attacks. In short, this will call for many different kinds of policies.

Comprehensive Analysis of Cyber Insurance Market

Due to product diversification, the cyber insurance industry and the hardware & software IT services space are unabatedly increasing in size. With the flourishing of this market high-level regional evaluations that are multi-dimensioned can be made which consider the essential services determinants of the hardware & software sectors. Divisions are created strictly by insurance type, coverage type, enterprise type, and end-user. Standalone and tailored are two types of insurance. Based on coverage type, it is classifies as first party and liability coverage. SMEs and large enterprise are the two enterprise size used. Finally, end users are healthcare, retail, BFSI, IT & telecom, manufacturing, and others including governmement and travel & tourism.

North American region is predicted to spearhead the decline during the forecast period being valued at USD 6. 10 billion in 2023. The emerging area concentrates on the continuous rise of cybercrime and the high risk of data leakage. The US constitutes the major share in the region whereby the government of the country is a major player in ensuring the security and high regulation of the cyber market. The other main reason for the growth is the availability of widely used alternative solution developers.

Travelers Indemnity Company (U.S.), AXA XL (U.S.), Chubb (Switzerland), American International Group, Inc. (U.S.),Beazley Group (UK.),AXIS Capital Holdings Limited (Bermuda),CNA Financial Corporation (US.),BCS Financial Corporation (US.),The Hanover Insurance, Inc. (US.), and Zurich Insurance (Switzerland) are the main players in this market. These market players provide a level-playing competitive landscape.

In March 2023, Saiber Innovation Technologies and CYMAR Management Ltd. a specialist in cyber-insurance, bore a flagship partnership to grant cyber insurance protection for the maritime & logistics part of UAE and shield this industry from cyber-attacks.

Segmentation Table

Global Cyber Insurance Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 24.5% from 2024 to 2032

Unit Value (USD billion)

Segmentation By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, By Region

By Insurance Type

Standalone

Tailored

By Coverage Type First-party

Liability Coverage

By Enterprise Size SMEs

Large Enterprise

By End-user Healthcare

Retail

BFSI

IT & Telecom

Manufacturing

Others (Government, Travel & Tourism)

By Region

North America (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)

- US (End-user)

- Canada (End-user)

- Mexico (End-user)

South America (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)

- Brazil (End-user)

- Argentina (End-user)

- Rest of South America

Europe (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)

- UK (End-user)

- Germany (End-user)

- France (End-user)

- Italy (End-user)

- Spain (End-user)

- Russia (End-user)

- Benelux (End-user)

- Nordics (End-user)

- Rest of Europe

Middle East & Africa (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)

- Turkey (End-user)

- Israel (End-user)

- GCC (End-user)

- North Africa (End-user)

- South Africa (End-user)

- Rest of the Middle East & Africa

Asia Pacific (By Component, By Insurance Type, By Coverage Type, By Enterprise Size, By End-user, and By Country)

- China (End-user)

- India (End-user)

- Japan (End-user)

- South Korea (End-user)

- ASEAN (End-user)

- Oceania (End-user)

- Rest of Asia Pacific


Please Note: It will take 5-6 business days to complete the report upon order confirmation.