The global Cyber Insurance Market is poised for substantial growth. New research expects it to reach a staggering USD 97.6 billion by 2032.
Analysis from Acumen Research and Consulting indicates this surge is driven by the escalating frequency and severity of cyber-attacks worldwide. Cyber insurance, designed to cover financial losses resulting from cyber threats such as data breaches and ransomware, is becoming increasingly critical in safeguarding businesses.
North America
Notably, North America commands the market share, surpassing 36% in 2022, primarily due to mandated data protection regulations. The BFSI sector leads with a 26.0% share in 2022. Additionally, the market is expanding into healthcare, retail, financial services, and the public sector.
Europe
The press release notes, “Europe is expected to be the second-largest market for cyber insurance during the forecast period. This is attributed to the increasing number of cyber attacks in the region and the growing awareness of cyber security risks.”
Asia Pacific
The release adds, Asia Pacific, “is expected to be the fastest-growing market for cyber insurance during the forecast period. This is attributed to the rising demand for cyber insurance from businesses in the region.”
Trends such as advanced technologies like AI and blockchain solutions, along with tailored industry-specific cyber insurance products, are further propelling market growth. Despite risk assessment and pricing challenges, the cyber insurance market is expected to flourish as cyber threats evolve.
Full Press Release: Cyber Insurance Market Growth Trajectory: Size to Reach USD 97.6 Billion by 2032, Expanding Growth Opportunities
Buy Report Here: Acumen Research and Consulting
Other Cyber Insurance News: Cyber Insurance Market Stabilizing As Growth in Premiums Moderates: Marsh (Opens in a new browser tab)