The global cyber insurance market is projected to grow from $9.35 billion in 2021 to $68.17 billion by 2030, at a CAGR of 24.1%, according to a new report by Verified Market Research.
The growth is being driven by a number of factors, including:
- The increasing frequency and severity of cyberattacks
- The rising cost of data breaches and other cyber-related incidents
- Mandated cybersecurity laws and data protection legislation
- The growing awareness of the importance of cyber insurance among businesses and individuals
The report segments the global cyber insurance market by deployment model, service type, organization size, application, and geography.
By deployment model, the cloud-based segment is expected to grow at the fastest CAGR during the forecast period. This is due to the increasing adoption of cloud-based computing and the growing need for cyber insurance solutions to protect cloud-based assets.
By service type, the wireless security segment is expected to hold the largest market share during the forecast period. This is due to the increasing adoption of wireless devices and the growing number of cyberattacks targeting wireless networks.
By organization size, the large companies segment is expected to hold the largest market share during the forecast period. This is due to the fact that large companies are more likely to be targeted by cyberattacks and have more resources to invest in cyber insurance.
By application, the government segment is expected to hold the largest market share during the forecast period. This is due to the fact that governments are increasingly focused on cybersecurity and are requiring contractors to have cyber insurance coverage.
By geography, North America is expected to hold the largest market share during the forecast period. This is due to the presence of major international corporate headquarters and offices in North America, as well as the strict government regulations regarding cybersecurity.
The report also profiles the major players in the global cyber insurance market. These players include IBM Corporation, Sophos, Trend Micro, Cisco Systems, HPE, Fortinet, Check Point Software Technologies Ltd., Juniper Networks, Inc., and Symantec Corporation.
The report concludes that the global cyber insurance market is poised for significant growth in the coming years. This growth will be driven by the increasing frequency and severity of cyberattacks, the rising cost of data breaches and other cyber-related incidents, mandated cybersecurity laws and data protection legislation, and the growing awareness of the importance of cyber insurance among businesses and individuals.