Rising number of hack attacks will push the cyber insurance market to be worth $20.4bn by 2025, according to new research.
That’s up from an estimated worth of $7.8bn in 2020, which would mean that the market is expected to enjoy a compound annual growth rate of 21.2% in the next five years.
The growing number of hack attacks, phishing scams and other digital attacks were expected to be a key driver behind the growth of the sector.
The researchers from MarketsAndMarkets also estimated that companies with more than 1,000 employees would be the companies driving the growth of the market as they are estimated to invest significantly in the sector.
North America was expected to hold the biggest market share thanks to it being the home many of the leaders in the cyber insurance space.
Similar research released in May 2020 by Allied Market Research estimated that the global cyber insurance market would be worth $28.6bn by 2026.
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