Home Press Releases Cybersecurity Insurance Market Emerging Trends, Application Scope, Size, Status, Analysis and Forecast To 2030

Cybersecurity Insurance Market Emerging Trends, Application Scope, Size, Status, Analysis and Forecast To 2030

by Press Room


(EMAILWIRE.COM, July 24, 2023 ) The global Cybersecurity Insurance Market size in the post-COVID-19 scenario is projected to grow from USD 11.9 billion in 2022 to USD 29.2 billion by 2027, at a CAGR of 19.6% during the forecast period, according to report published by MarketsandMarkets.

The increase in regulatory developments, with surge in fines and penalties from non-compliance, is expected to uptake the demand for the cybersecurity insurance market in Asia Pacific in the future.

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The services segment to hold higher CAGR during the forecast period

By organization size, the small and medium enterprise segment to have the highest growth rate during the forecast period

SMEs are majorly adopting cybersecurity insurance solutions and services to secure from cyberattacks and due to the growing instances of fraud. The insurance enterprise, Beazley, has revealed that 60% of ransomware attacks were targeted toward SMEs. Emsisoft, an anti-virus software firm, stated that businesses paid a ransom of USD 1.3 billion to cyberattackers in 2019. SMEs are more vulnerable to cyberattacks as it is easier to gain access to their servers than larger networks. SMEs are expected to earmark more budgets for cybersecurity insurance in the coming years due to the soaring cases of cyber-induced attacks and the increasing mandatory legislation during the pandemic.

Asia Pacific is expected to have the highest growth rate during the forecast period

Asia Pacific countries are highly concerned about the increase in security spending due to the ever-growing threat landscape. The region comprises emerging economies, such as China, Japan, ANZ, and Singapore. With effective government regulations and technological advancements, cybersecurity insurance is witnessing high growth opportunities in this region. Various developments are taking place in Asia Pacific, concerning the adoption of technologies, such as BI tools, cloud, analytics, and rapid infrastructure development. Zurich Insurance stated that the cybersecurity insurance market is set to grow significantly in Asia Pacific. AIG, Allianz, Chubb, and Zurich are among the prominent players for cybersecurity insurance in Asia Pacific.

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Market Players

The technology vendors covered in the cybersecurity insurance market report include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), Cyence (US), SafeBreach (US), and Cronus Cyber Technologies (Israel). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the cybersecurity insurance market.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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