Cyber risk is far more than a data breach, as traditional insurance companies are quickly understanding. Hackers and/or system failures can cause physical damage, accidents, and theft, and digital technology has introduced a wide range of unexpected hazards that undermine existing insurance coverage.

Some of the major factors fuelling the growth of global market include rising investment in R&D activities, capitalization on emerging technologies such as and artificial intelligence, IoT and combat technologies.

With rapid increase in cyberattacks and threats, companies are more focused on cybersecurity portfolio. Also, significant funding and investment has been observed since last few years which is likely to positively influence the company’s growth.

Mining activities across the world are increasing at a rapid pace owing to the increasing demand for fibers and metals. Further, the increasing concerns or safety at the site, increasing automation, and rising environmental concerns are supplementing the growth of the smart mining market.

Factors such as major benefits offered by e-commerce platform and surge in adoption of online channel for purchases are driving the market growth.