Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global Cybersecurity Insurance Market size is expected to reach $32.6 billion by 2028, rising at a market growth of 18.8% CAGR during the forecast period.
The Solution segment acquired maximum revenue share in the Global Cybersecurity Insurance Market by Component in 2021 thereby, achieving a market value of $22.6 billion by 2028. It is because insurance solutions address problems including lost credit cards, network extortion, business interruption, phone toll fraud, digital data recovery, and others. Due to its role in measuring and lowering cyber risk, insurance solutions are becoming more and more popular.
The Data Breach segment is showcasing a CAGR of 19.6% during (2022 - 2028). A data breach is a situation in which information is taken from a system without the owner's knowledge or consent. A data breach could happen to a small business or a major corporation. Credit card numbers, customer information, trade secrets, and information about national security are examples of sensitive, proprietary, or confidential information that may have been stolen.
The Packaged segment is generating highest revenue share in the Global Cybersecurity Insurance Market by Insurance Type in 2021 thereby, achieving a market value of $21.3 billion by 2028. A package coverage is an insurance plan that protects the insured against damages to their vehicle, including those caused by accidents, fire, vandalism, acts of God, natural disasters, etc. in addition to third-party liabilities. A package cover costs more than a standard third-party (TP) cover since it provides more comprehensive coverage.
The Small & Medium Enterprises (SMEs) segment has shown growth rate of 20.9% during (2022 - 2028). Due to the rising incidence of fraud, SMEs are increasingly utilizing cybersecurity insurance products and services to protect themselves. According to the insurance company Beazley, SMEs were the target of 60% of ransomware attacks. A company that makes antivirus software, Emsisoft, reported that businesses paid cybercriminals a USD 1.3 billion ransom in 2019.
The Technology Provider segment is leading the Global Cybersecurity Insurance Market by End User in 2021 thereby, achieving a market value of $19.4 billion by 2028. A technology provider, also known as a technology product build, is an abstract concept that includes technology products and the structures of those products. Similar activities, such as defining a product or a product build, do not typically involve capturing the architecture of a technology product.
The North America market dominated the Global Cybersecurity Insurance Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.6 billion by 2028. The Europe market is exhibiting a CAGR of 17.9% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 20.7% during (2022 - 2028).
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 Cisco Systems, Inc., Microsoft Corporation, Check Point Software Technologies Ltd., Accenture PLC, FireEye, Inc., SentinelOne, Inc., UpGuard, Inc., CYE (Cyesec Ltd.), BlackBerry Limited (CYLANCE), and BitSight Technologies, Inc.
By Insurance Coverage
By Insurance Type
By Organization Size
By End User
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