Prominent Reasons Behind the Exponential Growth of the UAE Cyber Insurance Market

According to MarkNtel Advisors' research report, “UAE Cyber Insurance Market Analysis, 2021,” the market shall grow at a CAGR of 25.6% in the forecast period of 2021-26. One of the most prominent factors behind the growth of the UAE Cyber Insurance Market is the booming cases of cyberattacks in the region. With the constant development in digitization across various end-user industries, these cases are increasing exponentially. Besides, the increasing penetration of the internet has made it easy for hackers to breach critical information.

Therefore, to combat these risks, policymakers introduce cyber insurance products available in the UAE Market to secure the data. These policies offer a wide range of indemnities for regulatory fines, first & third-party claims, and defense costs, along with an array of experts to assist in the immediate aftermath of a cyber-attack. Hence, all these factors & benefits of cyber insurance are propelling their demand & adoption and likely to lead the market to witness robust growth in the forecast years.

Get the sample copy of the market research: https://www.marknteladvisors.com/query/request-sample/uae-cyber-insurance-market.html

Key Questions Answered in the Study
1. What are the current and future trends in the UAE Cyber Insurance Market?
2. How has the market been evolving in terms of end-user demand and application areas?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the UAE Cyber Insurance Market?
5. What are the customer orientation, purchase behavior, and expectations from the UAE Cyber Insurance Market service provider across various countries?

IT & Telecom Sector to Attain the Largest Share of the UAE Cyber Insurance Market
Based on End-Users, the UAE Cyber Insurance Market segments into BFSI, IT & Telecom, Defense, Energy & Power, Retail, Healthcare, and Others. Of them all, the IT & telecom sector is more likely to register the largest market share in the forecast years of 2021-26 at a CAGR of approximately 33.24%. It owes to several factors like the efforts by in-house teams to strengthen the defense system against multiple kinds of cyber-attacks and the reliance on connectivity among technologies & servers to adhere to client demands.

Furthermore, the massive expenditure by numerous multinational companies and the sudden shift to confined work are other critical aspects likely to propel the segment to attain the largest market share, along with the exponential sale of cyber insurance and software in the forecast period.
“UAE Cyber Insurance Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Agriculture Analytics providers across the countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

Large-Sized Enterprises to dominate with the Fastest Market Growth

Based on the organization size, the UAE Cyber Insurance Market segments into Large-Sized Enterprises and Small & Medium-Sized Enterprises. Between the two, the Large-Sized enterprise dominated the regional market with the fastest growth in the previous years and shall continue its dominance in the forecast years, too. These enterprises are the most prone to data breaches. Hence, they have to face substantial losses like financial, reputational, intellectual data due to cyber-attacks. It is why such enterprises are widely purchasing & investing in cyber insurances to protect against cyber-attacks and eliminate risks. Therefore, the Large-sized Enterprises segment is very likely to witness the fastest market growth in the forecast years, states MarkNtel Advisors in their research report, “UAE Cyber Insurance Market Analysis, 2021.”

For detailed overview of the market visit: https://www.marknteladvisors.com/research-library/uae-cyber-insurance-market.html

According to MarkNtel Advisors, the leading players in the UAE Cyber Insurance Market are Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare.

Market Segmentation:
1. By Component (Solution (Cyber Insurance Analytics Platform, Disaster Recovery & Business Continuity, Cybersecurity Solutions), Service (Consulting/Advisory, Security Awareness Training, Other Services))
2. By Coverage (First Party (Theft and Fraud, Computer Program and Electronic Restoration, Extortion, Forensic Investigation, Business Interruption), Third Party (Crisis Management, Credit Monitoring, Regulatory Response, Privacy and Security Liability, Network Security Liability, Media and Communication Liability))
3. By Insurance Type (Packed, Standalone)
4. By Organization Size (Large Enterprises, Small & Medium-Sized Enterprise)
5. By End-User (BFSI, IT & Telecom, Defense, Energy & Power, Retail, Healthcare, Others)
6. By Country (Dubai, Abu Dhabi, Sharjah, Rest of UAE)
7. By Competitors (Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare)

MarkNtel Advisors
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MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

This release was published on openPR.