Cyber Insurance Market Emerging Factors, Leading Growth Drivers, Segments, Sales, Profits and Future Outlook | Coronavirus Effects
Market Highlights
In current times, the online generation of data is
surging. The scope for data leakage is growing that is underpinning the need
for insurance of cyber security. Thus, the cyber insurance market 2020 is
expected to experience an expeditious growth. Global Cyber Insurance Market size was valued at USD
4.71 Billion in 2018 and is expected to register a CAGR of
22.6% during the forecast period. These solutions are
dedicated to preserve integrity an organization’s assets that is noted to
promote the expansion of the market. In addition, increase in the deployment of
cloud solutions and technological advancements can also impel the global cyber
insurance market growth.
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Segmentation:
According
to Market Research Future, the Global Cyber Insurance Market has been Segmented
Based on Component, Coverage Type, Organization Size, Vertical, and
Region/Country.
By
component, the Global Cyber Insurance Market has been divided into solution and
services. The services segment is expected to have a higher market share during
the forecast period, while the solutions segment is expected to have the
fastest growth rate.
By
coverage type, the global cyber insurance market has been divided into
third-party coverage, first-party coverage, and others. The third-party
coverage segment has been further classified as litigation, regulatory
response, crisis management, credit monitoring, media, and communications
liability, privacy and security liability, and network security liability. The
regulatory response segment is expected to have the fastest growth during the
forecast period due to the implementations of regulations such as the General
Data Protection Regulation (GDPR) and the California Consumer Privacy Act
(CCPA). The first party coverage segment has further been divided into theft
and fraud, forensic investigation, business interruption, computer program, and
electronic restoration and extortion. The forensic investigation segment is
expected to have the fastest growth rate as it is the practice of collecting,
analyzing, and reporting digital data in a way that is legally admissible.
Based
on organization size, the global cyber insurance market has been divided into
small- and medium-sized enterprise (SME) and large enterprise. The large
enterprise segment held the largest market share during the forecast period.
Previously, the SMEs segment had a low market share compared to large enterprises
across a range of verticals earlier. The SMEs have now realized that the threat
and potential financial consequences of an attack could lead to considerable
losses.
On
the basis of vertical, the global cyber insurance market has been divided into aerospace
and defense, government, banking, financial services, and insurance, IT and
telecom, healthcare, retail, automotive & transportation, manufacturing,
energy and utilities, media and entertainment, education and others. The BFSI
vertical is expected to adopt these services on a larger scale in the near
future.
Regional Outlook
North America, led by the US, is expected to hold the
largest market share of the global cyber insurance market. High rate of
adoption of advanced technologies and rapid digital transformation that are
taking place in North America are likely to be held responsible for the
expansion of the global cyber insurance market. As the chances of cyber risks
and vulnerabilities increase, the adoption of cyber insurance solutions across
the region is increasing. As a result, the North America cyber insurance market
can experience rapid expansion.
The increase in deployment of cloud-based services is
expected to impel the Europe cyber insurance market. Other factor that is the
existence of regulatory compliance laws in the region is expected to boost the
market in the region. In Asia Pacific, the fast-paced growth of the cyber
insurance market is due to the expansion of BFSI sector in the region.
Key Players
MRFR’s study of key players' impact on the global cyber
insurance market is based on their country of origin, recent key developments,
product diversification, and their presence across different regions, and
industry expertise. The companies that are studied by MRFR are GUY CARPENTER
& COMPANY, AXA XL (US), At-Bay, Inc. (US), LLC (US), Lloyds Bank PLC (UK),
American International Group Inc. (US), The Chubb Corporation (US), Zurich
Insurance Co. Ltd (Switzerland), Beazley Group (UK), AON PLC (UK), Security
Scorecard (US), Lockton Companies Inc. (US), Munich Re Group (Germany), Allianz
SE (Germany), Jardine Lloyd Thompson Group Ltd (UK), and HDFC ERGO General
Insurance Company Limited (India).
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Cyber
Insurance Market Research Report: By Component (Solution and Service), Coverage
Type [Third Party Coverage (Litigation, Regulatory Response, Crisis Management,
Credit Monitoring, Media and Communications Liability, Privacy and Security Liability
and Network Security Liability)
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