Cyber-attacks or data breaches are almost a daily occurrence in today's age. As modern businesses are more dependent on technology, they are always at the risk of cyber threats. Data breaches can have a major impact on one's business causing many small businesses to stop functioning. Therefore, every business needs to have a cyber insurance in place in order to mitigate cyber risks and protect its business.
Portland, OR -- (SBWIRE) -- 12/08/2017 -- The global Cyber Insurance Market was valued at $2155.0 million in 2014 and is likely to garner $ 29175.9 million in 2025, growing at a CAGR of 27.46% during the forecast period according to Progressive Markets report, Cyber Insurance Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025.
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The report provides an in-depth analysis of the cyber insurance market for the historic period, 2014-2017 and the forecast period, 2018-2025. It incorporates the market size and share, market drivers and restraints, market outlook, key market segments, market trends, Porters Five Forces Analysis (PFFA), and key market player profiles. The report is a useful resource for market players, investors, and new entrants as it assists them to gain a strong foothold in the market and devise strategies to survive. The data in the report is a result of an extensive primary and secondary market research. Research methodology is offered in the study to show the methods employed to gather and validate data.
The report provides an executive summary of the global cyber insurance industry to help market players, new entrants, and investors comprehend the overall market conditions and determine strategies for growth and sustenance. Key findings are outlined in the study to assist market players to determine investment feasibility. Market attractiveness helps measure the potential value of the market while trends analysis helps predict the future changes in the price of a stock. The competitive landscape is offered to help industry players determine the competitive aura within the industry and take steps to gain a competitive edge.
The market landscape of the global cyber insurance market is provided in terms of the growth drivers, restraints and challenges, Porters analysis, and market share analysis. The drivers and restraints determine the rise and fall of the market. The drivers of the cyber insurance market include an increase in demand for cyber insurance policies, the growing number of cyber-attacks which has led to great losses for organizations worldwide, the rise in awareness of different cyber risks, and an implementation of legislation regarding data security in the developing countries. The restraints of the industry include the complex and changing nature of cyber risks.
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The report offers a detailed segmentation of the global cyber insurance market based on distribution channel, industry vertical, and geography. Based on distribution channel, the industry is segmented into very small enterprises, small enterprises, medium enterprises, and large enterprises. The small enterprise segment is likely to grow at a CAGR of 27.16% while the large enterprise segment is likely to grow at a CAGR of 27.69% during the forecast period, 2018-2025. Based on industry vertical, the market is divided into healthcare, retail, financial services (BFSI), information technology and services (IT), and others. The healthcare segment garnered $1268.1 million in 2017 and is likely to grow at a CAGR of 27.9% during the forecast period. The IT sector is anticipated to grow at a CAGR of 29.6% during the forecast period. Geographically, the report analyzes the cyber insurance market across North America, Europe, Asia-Pacific, and LAMEA. The market study in North America covers the U.S., Canada, and Mexico. The market analysis in Europe covers Germany, Poland, Spain, Italy, Russia, UK, France, and other parts of Europe. The analysis in Asia-Pacific covers Singapore, India, China, Australia, New Zealand, South Korea, Japan, and the rest of Asia-Pacific. The study in LAMEA covers Latin America, Middle East, and Africa.
The report provides an extensive analysis of the key market players operating in the global cyber insurance market. A business overview for each player is provided in the report to help market players and investors gain a comprehensive understanding of the existing competition and determine investment suitability. Moreover, financial and business segments of each player are offered in the study. Recent developments by them are also discussed. Key market players noted in the study include American International Group, Inc., The Chubb Corporation, Zurich Insurance Co. Ltd., XL Group Ltd., Berkshire Hathaway, Allianz Global Corporate & Specialty, Munich Re Group, Lloyds, Lockton Companies, Inc., AON PLC, BitSightTechnologies, Security Scorecard, Pivot Point Risk Analytics, Quadmetrics, Inc. Bin Insurer Holding, LLC, and Beazley Plc.