According to the report published by Allied Market Research, the global cyber insurance market was estimated at $4.85 billion in 2018 and is expected to hit at $28.60 billion by 2026, registering a CAGR of 24.9% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in cyber-attacks and surge in mandatory legislations regarding cyber security fuel the growth of the global cyber insurance market. On the other hand, dearth of standardized policies impedes the growth to some extent. However, expansion of products and services, and development in emerging economies are expected to create lucrative opportunities for the key players in the industry.
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The large enterprises segment to maintain its dominance till 2026-
Based on organization size, the large enterprises segment contributed to more than two-thirds of the total market share in 2018, and is expected to dominate by the end of 2026. The SMEs segment, on the other hand, would grow at the fastest CAGR of 27.2% from 2019 to 2026.
The BFSI segment garnered the lion’s share in 2018-
Based on industry vertical, the BFSI segment accounted for one-fourth of the total market revenue in 2018, and is projected to lead the trail by 2026. At the same time, the government & public sector would manifest the fastest CAGR of 27.5% throughout the forecast period. The other segments analyzed in the market report include IT & Telecom, Retail & E-Commerce, Healthcare, and Manufacturing.
The global cyber insurance market industry is analyzed based on the region along with the competitive landscape in each region. The regions included in the report are North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa). These insights aid to formulate business strategies and open lucrative opportunities.
North America to rule the roost in terms of revenue-
Based on geography, North America held the major share in 2018, garnering more than two-fifths of the global market. Simultaneously, the Asia-Pacific region is anticipated to grow at the fastest CAGR of 26.9% during the study period. The other provinces discussed in the report take in Europe and LAMEA.
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Key players in the industry-
The key market players analyzed in the global cyber insurance market report include American International Group, Inc., Munich Re, Zurich, Lockton Companies, Inc., Aon plc, AXA, Berkshire Hathway Inc., Allianz, Lloyd’s of London Ltd., and The Chubb Corporation. These market players have combined several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their flair in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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