Opportunity Analysis and Industry Forecast, 2016-2023
Global Opportunity Analysis and Industry Forecast, 2016-2023
Pages: 105 Tables: 41 Charts: 76
CYBER INSURANCE MARKET
Cyber Insurance Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $14 billion by 2022, registering a CAGR of nearly 28% during the period 2016-2022. North America constituted the largest cyber insurance market share in 2015 and it would continue to dominate the market during the forecast period. Growth in the region is supplemented by enforcement of data protection regulations in U.S. Moreover, increase in levels of liability and legislative developments accelerate the market growth. Access Full Report https://www.alliedmarketresearch.com/cyber-insurance-market
Summary:
Increase in awareness about cyber risks from boardroom to data centers owing to the rising number of cyber-attacks in the past 23 years is the prime factor that drives the market. However, complex and changing nature of cyber risks limits cyber insurance market growth. Low market penetration of cyber insurance policies in developing countries offers promising business opportunity for market players.
CYBER INSURANCE MARKET
The global cyber insurance market is segmented based on industry verticals, company size, and geography. Based on industry verticals, the market is segmented into healthcare, retail, financial services (BFSI), information technology and services, others (utilities, energy, manufacturing, construction, and transportation). BFSI and information technology sector were the early adopters of cyber liability insurance policies to protect their data. Although, as per the study, Healthcare vertical generates around one-third of the premium as these companies possess huge third-party data such as personal details of consumers, employment details and cyber criminals can easily misuse this data to make money. For instance, in U.S., around 78% of hospitals are secured under cyber insurance. Based on revenue generated by companies, cyber insurance market is categorized as very small-sized (2.5 million to 99 million), small-sized (100 million-299 million), medium-sized (300 million to 1billion), and large companies (1 billion and above). Despite the fact that cyber security and cyber risks are acknowledged as serious threat, several companies do not purchase cyber insurance policies. However, the market has witnessed a change in the scenario. Companies of all sizes tend to purchase cyber insurance policies, owing to legal developments. Large companies contribute significantly, i.e., around 70% of the overall cyber insurance market in 2015, as loss of any kind of data has negative repercussions on their businesses. Download Sample Copy https://www.alliedmarketresearch.com/request-sample/1705
of
Report:
CYBER INSURANCE MARKET Though cyber insurance market in Asia-Pacific is in its nascent stage, growth in cyber risk awareness along with the implementation of data breach legislation drives the market in Asia-Pacific. South Korea and Australia have already introduced these regulations while other countries such as China, India, Malaysia, and Indonesia are currently drafting corresponding bills. This is expected to result into an upsurge in the demand for cyber liability insurance policies. North America dominates the cyber insurance market and accounts for around 87% of the overall cyber insurance market in 2015. Mandatory legislation regarding cyber security in several U.S. states has led to higher penetration of cyber liability insurance policies. The U.S. cyber insurance industry has become mature, and growth of the cyber insurance industry is projected to decrease owing to rising adoption of cyber liability insurance policies. Europe has very less penetration of cyber insurance liability policies as compared to that of the U.S. The European council has recently passed regulations regarding data protection and security, which are projected to be brought into effect in 2018. These regulations would oblige companies to purchase cyber insurance policies. Though Asia-Pacific accounts for negligible percentage share, it is expected to grow at a significant CAGR during the forecast period owing to a significant increase in ransomware attacks.
CYBER INSURANCE MARKET
Key Findings of the Cyber Insurance Market: • North America generated highest revenue in 2015 and will continue to lead the market during the forecast period. • Europe is projected to grow at the highest rate. • Large companies contribute significantly in generation of cyber insurance premium. • Healthcare industry was the major buyer of cyber insurance policies in 2015 and will continue to lead the market during the forecast period.
CYBER INSURANCE MARKET Cyber Insurance Market Key Segments: By Company Size • Small Medium Enterprise ($2.5 Million to $1 Billion) • Very Small ($2.5 Million to $99 Million) • Small ($100 Million to $299 Million) • Mid-size ($300 Million to $1 Billion) • Large ($1.1 Billion and Above) By Industry Vertical • Healthcare • Retail • Financial Services (BFSI) • Information Technology and Services Others (Utilities, Energy, Manufacturing, Construction, and Transportation)
CYBER INSURANCE MARKET
By Geography
North America, Europe, Asia-Pacific, LAMEA
CYBER INSURANCE MARKET Key Players Included in the Value Chain • American International Group, Inc. • The Chubb Corporation • Zurich Insurance Co. Ltd • XL Group Ltd • Berkshire Hathaway • Allianz Global Corporate & Specialty • Munich Re Group • Lloyd’s • Lockton Companies, Inc. • AON PLC • BitSightTechnologies • Security Scorecard • Pivot Point Risk Analytics Do Purchase Report Click Here: https://www.alliedmarketresearch.com/purchase-enquiry/1705
CYBER INSURANCE MARKET
Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States Toll Free (USA/Canada): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1⟨855⟩550-5975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com
CYBER INSURANCE MARKET
Thank You! For More Details Visit us at https://www.alliedmarketresearch.com/cyber-insurance-market
Follow Us On