Overview

The global cyber insurance market is expected to reach USD 24,185.3 million by 2025, registering a CAGR of 28.61% during the forecast period (2018–2025).

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The increasing digitization leading to increased cyber vulnerabilities is one of the key factors driving the growth of the market. The advent of digitization across various industry verticals has led to the deployment of services in an electronic format. Digitization enhances quality and transparency in operations however, it also increases the risk of data theft, hacking, and identity theft among others. Due to the rising number of cyber-attacks, the insurance companies are taking the help of cybersecurity service providers to manage and prevent sensitive data and other assets. Cybersecurity service providers offer solutions to ensure data security and monitor data breaches. The cyber insurance solutions thus offer policies including first-party coverage from losses incurred due to extortion, data destruction, hacking, theft, and denial-of-service attacks. Moreover, these services also offer liability coverage, enabling organizations to cover losses incurred due to omission and errors, defamation, and failure to safeguard data, in addition to security audits and post-incident investigating expenses. Thus, the rising adoption of digitization is expected to fuel the growth of the cyber insurance market during the forecast duration.

The global cyber insurance market is expected to reach USD 24,185.3 million in value by 2025 at a CAGR of ~28.61% during the forecast period.

Regional Analysis

Geographic analysis of the cyber insurance market has been done for North America, Europe, Asia-Pacific (APAC), and the rest of the world.

North America accounted for the largest market share in the global cyber insurance \market. North America has been segmented into the US, Canada, and Mexico. The US is the largest market in the region with about 85% market share in 2018. The increasing need to monitor, detect, respond and investigate cyber threats is the key factor driving the growth of the cyber insurance market in North America and is expected to register the highest CAGR during the forecast period.

Europe accounted for the second-largest market share in the global cyber insurance market. Rising awareness and the support of the European Union policymakers towards cyber insurance development and adoption is further contributing to the growth in the region has resulted in the growth of the cyber insurance market in the region. The UK is expected to have the largest market share in the region. Germany is expected to register the highest CAGR during the forecast period.

Asia-Pacific consists of the countries of China, India, Japan, and the rest of Asia-Pacific. The increasing need for threat investigation, prevention, and the organization’s realization of the vulnerability and threat exposures of their systems to cyberattacks. China has the largest market share of 29.3% in the region. India is the fastest-growing market in the region with a CAGR of 31.3%, owing to the high adoption of data security practices and due to India being the second-most vulnerable country when it comes to cyberattacks.

The Rest of the World includes the Middle East & Africa and South America. The Middle East & Africa accounted for the largest market share in the region. The growth in this region is fueled by rising connectivity and technological advancements in countries such as Saudi Arabia, Oman, the UAE, Brazil, and Argentina. The Middle East & Africa is expected to have the largest market share of 89% and is expected to register the highest CAGR of 23.77% during the forecast period.

Competitive Analysis

The key players of the global cyber insurance market are, 1&1 IONOS (Subsidiary of Internet AG) (Germany), Microsoft Corporation (US), Amazon.com, Inc. (US), Google, LLC (Subsidiary of Alphabet, Inc.).(US), AT&T, Inc. (US), Godaddy, Inc. (US), Combell NV (Belgium), Leaseweb (Netherlands), Endurance International Group (US), Hosting.co.uk (U.K), Cloudways Ltd (Spain), and Easyhost (U.K).

Segmental Analysis

The cyber insurance market has been segmented based on component, coverage type, organization size, vertical, and region.

Based on component, the cyber insurance market has been segmented into solutions and services. According to MRFR analysis, the services segment is expected to have the largest market share in 2018, and the solution segment is expected to register the highest CAGR during the forecast period.

Based on coverage type, the cyber insurance market has been segmented into first-party coverage and third-party coverage. The first party coverage type has been further classified into theft and fraud, computer program and electronic restoration, extortion, forensic investigation, business interruption, among others. Whereas, crisis management, credit monitoring, regulatory response, privacy and security liability, network security liability, media, and communication liability among others have been classified under the third-party segment. According to MRFR analysis, First-Party Coverage accounted for the largest market share. Third-Party Coverage segment is projected to register the highest CAGR.

Based on organization size, the cyber insurance market has been segmented into large enterprises and small & medium-size enterprises. According to MRFR analysis, the large enterprises segment accounted for the largest market share. The MPLS segment is expected to register the highest CAGR during the forecast period.

Based on vertical, the cyber insurance market has been segmented into BFSI, IT and Telecom, retail, healthcare, manufacturing, aerospace & defense, automotive & transportation, media and entertainment, education, energy & utilities, and others. According to MRFR analysis, the BFSI segment accounted for the largest market share. Whereas IT & Telecom is expected to register the highest CAGR during the forecast period.

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