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Subject: MRR

Cyber insurance market size to grow by USD 42,812.64 million between 2022 and 2027; Growth driven by the widespread adoption of technology - Technavio

NEW YORK, March 24, 2023 /PRNewswire/ -- The global cyber insurance market size is estimated to grow by USD 42,812.64 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 35.92% during the forecast period. The growth of the market is driven by the widespread adoption of technology. The rapid adoption of technology has increased the dependence on the internet to conduct transactions, store and process data, and manage finances. It has also led to an increased number of connected devices, cloud-based services, and mobile applications. This has increased the frequency and severity of cyber-attacks worldwide. Cyber insurance provides cover for a range of events, such as data breaches, network interruption, and cyber extortion. Thus, with the growing number of cyber attacks, the demand for cyber insurance will increase during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Major challenges hindering the market growth

The lack of standardization is identified as one of the major challenges affecting the growth of the market. Cyber insurance policy coverage can have certain exclusions and limitations that are not clearly stated. This creates gaps in insurance coverage, which makes end-users vulnerable to financial losses. Also, the lack of standardization makes it difficult for insurance companies to properly assess risks associated with certain policies and determine the appropriate coverage levels. These challenges reduce the growth potential of the market.

What's New?

Global Cyber Insurance Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (large enterprises and small and medium-sized enterprises), solution (standalone and packaged), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

Geography Overview
By geography, the global cyber insurance market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cyber insurance market.

Insights on the market contribution of various segments including country and region wise, historic period (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Global Cyber Insurance Market ? Vendor Analysis

The global cyber insurance market is fragmented. Key vendors in the market have a strong reputation and brand recognition and are well-established in the insurance industry. The competitive landscape is highly dynamic as vendors are actively seeking to differentiate themselves through the coverage offered, the level of customer service provided, and the pricing of their products. With new players entering the market and existing players expanding their offerings, the competition is expected to increase during the forecast period. Some of the key vendors covered in the report include:

Global Cyber Insurance Market ? Key Trend

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this cyber insurance market report?

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Related Reports:

Cyber Insurance Market Scope

Report Coverage


Base year


Historic period


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 35.92%

Market growth 2023-2027

USD 42,812.64 million

Market structure


YoY growth 2022-2023 (%)


Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 57%

Key countries

US, Canada, China, Germany, and UK, Canada, Mexico, Italy, Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

American International Group Inc., Aon plc, Apple Inc., At Bay Inc., AXA Group, Axis Capital Holdings Ltd., BCS Financial Corp., Beazley Plc, BitSight Technologies Inc., Cisco Systems Inc., CNA Financial Corp., Guy Carpenter and Company LLC, Lloyds Banking Group Plc, Lockton Companies, SecurityScorecard Inc., Tata Consultancy Services Ltd., The Hanover Insurance Group Inc., The Travelers Co. Inc., Zurich Insurance Co. Ltd., and Chubb Ltd.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse through Technavio's Consumer Discretionary Market Reports

Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Solution

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

SOURCE Technavio

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