Westford,USA, June 20, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Cyber Insurance Market will attain a value of USD 100.62 Billion by 2031, with a CAGR of 25.70% over the forecast period (2024-2031). Cloud computing is one of the newest technologies that is developing the quickest. It doesn't distract us from earlier IT barriers, but opens new markets, supports the mobility trend, paving the way for improvements in unified communication. Additionally, blockchain and artificial intelligence (AI) are two of the newest and most promising developments to date. Those technologies will allow for risk analytics solutions as well as generate fresh business opportunities that could lead to cyber insurance market expansion.
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Browse in-depth TOC on the " Cyber Insurance Market "
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- Figures – 77
Cyber Insurance Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $16.21 Billion |
| Estimated Value by 2031 | $100.62 Billion |
| Growth Rate | Poised to grow at a CAGR of 25.70% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Coverage Type, Enterprize Size and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Digital landscape is expanding to a higher extent |
| Key Market Opportunities | Effective security precautions using data analytics |
| Key Market Drivers | Increasing popularity of blockchain to bolster market growth |
Increasing Complexity of Cyber Threats Allows Solution Component to Hold a High Market Share
Key Solution elements are dominant players in global cyber insurance market owing to their provision of adjustable regulations that suit different needs of cyber security. The driving force behind this dominance is firms’ requirement for specific coverages that force insurers to provide holistic, adaptable and scalable insurance terms as well as cyber threats becoming more multifaceted urging for specialized risk management solution.
Extensive Digital Infrastructures in Large Enterprises Allowing them to Emerge as a DominantSegment
Due to their significant financial resources and vast digital infrastructures, which require comprehensive coverage against cyber threats, large organisations dominate the worldwide cyber insurance industry. Their increased risk exposure, the need to comply with regulations, and their growing understanding of the value of cybersecurity are the main causes of their dominance. As a result, they have invested more in comprehensive cyber insurance coverage to reduce any potential losses.
Increasing Cyberattacks and High Risk of Data Loss Allowing North America to Spearhead Market Demand
Over the course of the forecast period, North America is anticipated to lead the market. The increased danger of data loss and the rise in cyberattacks are the main drivers of the regional expansion. Due toits stringent cybersecurity policies and robust government regulations, the US market has the largest share in the region. Furthermore, contributing to the expansion are the dominating solution suppliers.
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Cyber Insurance Market Insight
Drivers:
- Increasing Popularity of Blockchain to Bolster Market Growth
- Increasing Cyberattacks and Data Breaches among Enterprises
- Significance of Cyber Insurance has Become Increasingly Popular
Restraints:
- Premium Cost of Cyber Insurance Market
- Single Cyber Catastrophe Affecting Multiple Policyholders
- Limited Understanding of Risk Arsement Models
Prominent Players in Cyber Insurance Market
The following are the Top Cyber Insurance Companies
- The Hanover Insurance, Inc. (US)
- American International Group, Inc. (US)
- AXIS Capital Holdings Limited (Bermuda)
- Travelers Indemnity Company (US)
- BCS Financial Corporation (US)
- Zurich Insurance (Switzerland)
- AXA XL (US)
- Beazley Group (UK)
- CNA Financial Corporation (US)
- Chubb (Switzerland)
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Key Questions Answered in Global Cyber Insurance Market Report
- What is estimated 2031 value of the global cyber insurance market?
- Which technologies, by offering risk analytics solutions and generating new business prospects, are anticipated to propel the growth of the cyber insurance market?
- Why do big businesses dominate the global cyber insurance market?
This report provides the following insights:
- Analysis of key drivers (Realizing the importance of cyber insurance, regulatory bodies are introducing stricter data protection laws, risk management strategy and helping businesses recover with financial protection), restraints (Lacks standardization in terms of policy coverage, challenging for businesses to compare insurance policies and slower adoption rate), opportunities (Recognizing the need for cyber insurance, offer specific requirements for SMEs and more tailored insurance solutions), and challenges (Attackers using advanced techniques and challenge of accurately assessing risks) influencing the growth of cyber insurance market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the cyber insurance market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the cyber insurance market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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