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According to a new report Global Cyber Insurance Market, published by KBV Research, The Global Cyber Insurance Market size is expected to reach $21.4 billion by 2025, rising at a market growth of 27.2% CAGR during the forecast period. Due to the emergence of technology and developments such as Internet of Things (IoT), cloud technologies, machine learning, artificial intelligence, and big data, companies of all sizes are vulnerable to cyber-attacks. Advanced technologies have helped businesses grow with utmost efficiency and achieve business goals. Nevertheless, these developments have also created new vectors of attacks due to digitalization and ease of access to broadband internet.
The segment of large enterprises dominated the market in 2018 and in the years to come, it is projected to continue its dominance. These companies have increased spending capacity to incorporate comprehensive strategies for cyber-security. In addition, large organizations are investing rapidly in cyber insurance policies to minimize cyber-attack risks. The Small & Medium Sized Enterprises market is anticipated to witness a growth rate of 31.2% during (2019 - 2025).
The Banking & Financial Services market dominated the Global Cyber Insurance Market by Application 2018, growing at a CAGR of 25.2 % during the forecast period. The IT & Telecom market would grow at CAGR of 26.1% during (2019 - 2025). Additionally, The Healthcare market is expected to witness highest CAGR of 28% during (2019 - 2025).
The regional market of North America accounted for the largest share of revenue in 2018. The region's progress can be attributed to the involvement of leading players like American International Group, Inc.; The Chubb Corporation; and Lockton Companies, Inc. In addition, rising awareness among SMBs about cyber insurance is expected to drive demand over the forecast period. The Europe market is expected to witness a CAGR of 34.1% during (2019 - 2025).
Throughout the forecast period, Asia Pacific is projected to grow at the highest CAGR. Cybercrimes are increasing in emerging countries like India, Australia, and China. Asian countries ' rising prominence in the global economy has drawn the government's attention and pushed these emerging economies to strengthen their cyber security.
Structural Insights: https://www.kbvresearch.com/cyber-insurance-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Aon Plc., American International Group, Inc. (AIG), Allianz Group, Berkshire Hathaway, Inc., Lockton Companies, Inc., Chubb Limited, Munich Re Group, AXA XL SA, Zurich Insurance Group and Lloyd’s Group of London Ltd.
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