DUBLIN, DUBLIN -- (SBWire) -- 03/15/2021 --Cyber Security Insurance Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The global cyber security insurance market is predicted to witness an upsurge in demand during the forecast period due to the strong presence of organizations and dependency on technology for storing private & confidential information, rising usage of the internet, and increasing cases of security breaches and digital frauds. Moreover, rising IT connectivity and the high adoption of technologies, such as Bid Data, cloud computing, artificial intelligence (AI), and IoT, in businesses and society will further boost the demand for cyber insurance security. Additionally, the strong adoption of cyber insurance products as a risk mitigation strategy in several end-users that include healthcare, banking, telecommunication, utilities, retail, and others, are some other factors surging the growth of the cyber security insurance market size. As per the Identity Theft Resource Center (ITRC), in the starting six months of 2020, there were about 540 data breaches, and around 164 million individuals affected include those who got more than one breach notice. This factor will support the growth of the cybersecurity insurance market share in terms of revenue. On the other hand, the factors hindering the growth of the cybersecurity insurance market include lack of awareness, increased cost of cyber insurance, and limited standardized policies.
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Cyber Security Insurance Market's leading Manufacturers:
- American International Group, Inc.
- AXA SA
- Berkshire Hathaway, Inc.
- Zurich Insurance Group Ltd
- Chubb Limited
- Aon PLC
- Munich Re Group
- Lockton Companies LLP
- SecurityScorecard
- Allianz Group
Organization Size Segment Drivers
On the basis of organization size, small and medium enterprises is projected to rise at a higher CAGR over the upcoming years due to the rising digitization and the increasing adoption of cyber insurance solutions to manage and secure enterprise sensitive data. As per the World Bank Group, small and medium enterprises show approximately 90% of businesses across the globe, and it is predicted to offer about 600 million jobs by the end of 2030.
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Regional Drivers
Based on region, North America is expected to dominate the market due to various industries like retail, banking, healthcare, growing awareness regarding the importance of cyber insurance, and rising harmful cyber activities in organizations including Apple Inc., Facebook Inc., and Marriott International, Inc. furthermore, the large presence of companies like Berkshire Hathaway, Inc., American International Group, Inc., and Chubb Limited will further propel the growth of the cybersecurity insurance market.
Cyber Security Insurance Market Segmentation:
Segmentation by Organization Size:
- Small Medium Enterprises (SMEs)
- Large Enterprises
Segmentation by End-Use Industry:
- Healthcare
- Retail
- BFSI
- IT and Telecom
- Manufacturing
- Others
Segmentation by Region:
- North America
o United States of America
o Canada
- Asia Pacific
o China
o Japan
o India
o Rest of APAC
- Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
- RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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Global Cyber Security Insurance Market Growth, Share, Size, & Industry Report, 2020-2027
The GMI Research's latest analysis reveals that the Cyber Security Insurance Market is slated to register a significant CAGR over the forecast period. This is attributed to organizations' strong presence and dependency on technology for storing private & confidential information, rising usage of the internet, and increasing cases of security breaches and digital frauds.