Retail & E-Commerce Expansion Fuels Strong Growth in Multichannel Order Management Market

By

The multichannel order management (MOM) market is poised for strong growth, with revenues expected to reach USD 3.2 billion in 2024 and advance to USD 6.8 billion by 2032, registering a robust CAGR of 10.1% during 2025–2032. This momentum is driven by the rising need among businesses to efficiently manage growing order volumes across multiple sales channels. MOM solutions offer real-time visibility into the entire order lifecycle, reduce the risk of lost orders, and support faster fulfillment by dynamically organizing data and streamlining operational workflows.

A key force accelerating market expansion is the increasing integration of artificial intelligence (AI) and machine learning (ML). These technologies transform traditional systems—often burdened by data inaccuracies and sluggish tracking—into autonomous, intelligent platforms capable of predicting demand, optimizing decisions, and enhancing customer satisfaction. As businesses expand digitally and adopt next-generation networks, smartphones, and social platforms, MOM systems are becoming indispensable to maintaining smooth inventory coordination and timely order management across diverse online and offline channels. Despite rising concerns around cybersecurity and data privacy, the market continues to experience steady adoption as companies implement MOM solutions to enhance efficiency, automate processes, and meet modern consumer expectations.

Key Insights

  • The software component will account for 65% of the market in 2024, as businesses increasingly invest in advanced platforms that support new sales channels and evolving customer demands.
  • Enterprise resource planning (ERP) and customer relationship management (CRM) integrations are being widely added to MOM software to automate operations and customer interactions, enhancing overall productivity.
  • Services will experience a CAGR of 9.5% through 2032, driven by growing needs for training, integration, consulting, cybersecurity, and ongoing operational support associated with new software deployments.
  • Order fulfillment represents the largest application segment with a 45% share in 2024 and will continue to grow at the highest CAGR of 10% due to rising online order volumes and increased automation using robots and automated storage and retrieval systems (ASRS).
  • Inventory management, channel integration, workflow automation, PoS integration, and other applications collectively support the modernization of business operations in omnichannel environments.
  • Large enterprises will dominate the market with a 70% share in 2024, as their highly complex networks of warehouses, sales channels, and logistics operations demand sophisticated MOM solutions.
  • SMEs will grow at the highest CAGR of 10.5% owing to their increasing need for real-time analytics, optimized inventory control, and cost-efficient automation that reduces dependence on labor.
  • Cloud deployment will occupy 75% of the market in 2024 and grow at an 11% CAGR, as its seamless integration capabilities enable businesses to connect CRM systems, e-commerce platforms, and inventory tools while leveraging advanced analytics.
  • The retail and consumer goods sector will account for the largest end-user share at 30% in 2024, supported by the global rise in online shopping and the need for consolidated platforms to manage fulfillment and inventory across numerous channels.
  • Healthcare will grow the fastest at a 12% CAGR, reflecting the rapid digitalization of healthcare services and increasing adoption of telemedicine and online pharmacy platforms that require robust order and inventory coordination.
  • North America will lead the global market with a 40% share in 2024, underpinned by rapid digital transformation and widespread adoption of AI, ML, and data analytics in order management systems.
  • APAC will rise as the fastest-growing region, at a 12.5% CAGR, with countries including China, Japan, and India investing in digital retail transformation across supermarkets, malls, and convenience stores.
  • The U.S. will remain the largest and fastest-growing market in North America, while Germany and the U.K. lead Europe as the largest and fastest-growing country markets, respectively.
  • China will dominate APAC’s market share, whereas India will grow the fastest as retailers adopt next-generation technologies to enhance consumer experiences.
  • Brazil will represent both the largest and fastest-growing market in LATAM, while Saudi Arabia and the U.A.E. remain key high-growth markets in MEA.
  • The competitive landscape is fragmented, with major players such as IBM, Oracle, SAP, Salesforce, HCL Technologies, Zoho, and Brightpearl continually integrating AI and ML to strengthen their global positioning.
  • Emerging developments include OneRail’s acquisition of Orderbot in June 2024 to enhance last-mile delivery through integrated MOM tools, Amazon’s expansion of Buy with Prime to Salesforce retailers in January 2024, and Oracle’s rollout of new AI-powered supply chain management capabilities in April 2023.

Global Hospital Risk Management Market Set for 13.9% CAGR as Hospitals Prioritize Patient Safety

By

The global hospital risk management market is estimated at USD 1.8 billion in 2024 and is forecast to reach USD 5.0 billion by 2032, registering a robust compound annual growth rate (CAGR) of 13.9% between 2025 and 2032. This surge is largely driven by a growing frequency of medical errors worldwide and the rising prevalence of chronic diseases — such as diabetes, cardiovascular, and respiratory disorders — which increase the complexity of patient care and heighten the risk of treatment and diagnostic mistakes. Concurrently, rapid advancements in healthcare technology — especially the integration of artificial intelligence (AI), Internet of Things (IoT), and data analytics — are empowering providers with more effective risk-management frameworks, significantly enhancing patient safety and operational efficiency.

Download free Report Sample Now

Healthcare facilities worldwide are therefore intensifying adoption of sophisticated risk-management solutions to safeguard patients and streamline care processes. This shift not only reflects heightened regulatory and compliance pressures but also marks a pivotal movement toward data-driven, technology-enabled patient-safety strategies across hospitals.

Key Insights

  • The report segments the market by solution type, deployment mode, hospital size, and region — revealing in 2024 that Enterprise Risk Management (ERM) constitutes the largest share (~ 40%) among solution categories, underscoring the demand for comprehensive, organization-wide risk oversight.
  • Among solution types, Risk & Compliance Management is the fastest-growing sub-segment (CAGR ~ 14% during 2025–2032), as hospitals respond to increasing concerns about patient safety, rising healthcare costs, and a spike in hospital-acquired infections.
  • Workflow Management — another core category — holds the second-largest share. With expanding volumes of patient data amid the global rise of chronic illnesses, this sub-segment helps hospitals improve operational efficiency and medical data control via automation.
  • On the deployment front, cloud-based solutions dominate: over 65% share in 2024, with a projected CAGR of ~ 14.5% through 2032. This reflects growing demand for interoperability across hospital networks, cost-effective scalability, and rising use of e-prescriptions, electronic health records (EHRs), mHealth and telehealth services.
  • Regarding hospital size, large hospitals hold the majority share (~ 55%) in 2024. These institutions typically lead in EHR adoption, face regulatory scrutiny, and manage complex workflows — making them early adopters of risk-management platforms. Meanwhile, medium-sized hospitals are expected to register the highest growth rate (~ 15% CAGR through 2032), as they expand services and increasingly adopt scalable, cost-effective cloud-based solutions.
  • Regionally, North America remains the largest market in 2024, driven by advanced healthcare infrastructure, high digital-health adoption, and stringent regulatory requirements. Meanwhile, Asia-Pacific (APAC) emerges as the fastest-growing region (CAGR ~ 15.5%), fueled by rapid investments in new hospital infrastructure, growing digitalization, rising telehealth adoption, and increasing emphasis on patient safety in countries such as India and China.
  • The competitive landscape remains fragmented, with a variety of players offering software platforms, consulting services, and related risk-management tools. Prominent providers include RSA Security LLC, AuditBoard Inc., Diligent Corporation, IBM Corporation, LogicGate Inc., LogicManager Inc., MetricStream Inc., NAVEX Global Inc., OneTrust LLC, Reciprocity Inc., Health Catalyst Inc., and Prista Corporation — highlighting both established players and new entrants leveraging advanced technologies.
  • The integration of AI, ML, IoT and data analytics represents a transformative technological trend — enabling predictive risk detection, more accurate risk assessments, automated workflows, and proactive patient-safety interventions, thereby reshaping how hospitals manage clinical, operational, and compliance risks.
  • Regulatory and compliance pressures — especially in regions with strict data-protection laws (e.g., the U.S. under HIPAA) — further drive adoption of robust risk management solutions, as healthcare providers seek to manage patient data securely, document compliance, and avoid costly violations or operational disruptions.
  • On the flip side, data security and privacy concerns pose notable market challenges. As hospitals adopt AI-powered risk-management platforms and EHRs, the risk of data breaches and cyberattacks increases. Additionally, integrating new technologies with legacy systems can introduce vulnerabilities — demanding continuous updates and stringent security safeguards.
  • Finally, the growing burden of chronic diseases globally — requiring long-term care, frequent interventions, and complex treatment regimens — underlines a structural need for advanced risk-management systems to ensure consistent patient safety and minimize clinical errors.

Integrated Cloud Management Platform Market Accelerates with 15.3% CAGR Driven by Multi-Cloud Expansion

By

The global integrated cloud management platform market is poised for robust growth, projected to reach USD 12.2 billion by 2032, rising from USD 4.0 billion in 2024 at an impressive CAGR of 15.3% between 2025 and 2032. This momentum is primarily driven by the rapid adoption of hybrid and multi-cloud strategies, as organizations increasingly rely on interconnected environments to manage expanding workloads. The growing popularity of bring your own device (BYOD) policies and accelerated cloud migration further support this market expansion.

In addition, the pandemic-driven shift toward remote and hybrid work models has significantly boosted demand for centralized cloud management solutions. Industries such as IT and telecom, which manage vast volumes of data across on-premises and cloud environments, are embracing cloud platforms to streamline operations. Increased usage of internet-based applications on smartphones, tablets, and PCs has also strengthened the need for flexible, scalable cloud management capabilities, providing a strong foundation for market advancement in the years ahead.

Download free Report Sample Now

Key Insights

  • The rising adoption of cloud environments across industries is creating strong demand for platforms that unify management of public, private, and hybrid clouds, as enterprises continue generating massive data volumes and require optimized resource utilization.
  • Growing reliance on advanced technologies—such as AI, ML, deep learning, quantum computing, and big data analytics—is accelerating migration to cloud ecosystems, as companies seek efficient processing power without heavy capital investment.
  • Complex multi-cloud deployments introduce cybersecurity challenges, making integrated cloud management platforms essential for providing centralized visibility, streamlined workflows, and automated scaling across diverse cloud resources.
  • Opportunities are rapidly emerging with the expansion of hybrid cloud infrastructures, as organizations retain sensitive workloads on-premises while optimizing others in cloud environments, driving demand for integrated solutions capable of managing both seamlessly.
  • The integration of AIOps within cloud management is gaining popularity, enabling real-time insights, automated issue resolution, and enhanced operational efficiency, encouraging both startups and established players to launch platforms enriched with AI-driven capabilities.
  • Cybersecurity risks and data privacy regulations remain key concerns, as reliance on third-party cloud infrastructure reduces control over data governance. This leads to increased regulatory scrutiny and cautious cloud adoption among compliance-driven sectors.
  • Additional technical constraints include the need for onsite system upgrades when deploying heavy cloud management software, especially in multi-cloud environments, adding to operating expenses for organizations with legacy infrastructure.
  • In 2024, solutions accounted for 70% of the market, driven by growing enterprise focus on cloud automation and minimizing human resource dependency, while enabling unified control over multi-cloud workflows.
  • The services segment—covering support, maintenance, consulting, integration, and training—is expected to grow at a faster pace, supported by rising adoption rates and the ongoing need for expert guidance throughout the software lifecycle.
  • Large enterprises dominate the market, leveraging multi-cloud ecosystems for enhanced performance, real-time visibility, and data flow optimization across extensive infrastructure and operational networks.
  • SMEs are set to witness a 16% CAGR, powered by rising cloud adoption to stay competitive and preference for pay-as-you-go models that offer cost flexibility and scalable IT modernization.
  • The BFSI sector leads the market, with over 90% adoption of hybrid and multi-cloud models, driving significant need for platforms that streamline data movement and ensure secure, synchronized cloud operations.
  • The retail and consumer goods sector will grow the fastest at 17% CAGR, supported by the surge in e-commerce and introduction of industry-specific cloud management solutions, such as Informatica’s Intelligent Data Management Cloud launched in March 2022.
  • North America holds the largest regional share at 40%, boosted by strong private cloud adoption, IoT deployment, widespread wireless connectivity, and increased government-led digitalization initiatives in the U.S.
  • The APAC market will grow the fastest at 17.5% CAGR, driven by vendor lock-in concerns, data security compliance pressures, increased cloud adoption, and availability of skilled labor across countries such as China, Japan, and India.
  • Europe represents the second-largest regional market, supported by extensive cloud usage, growing workloads shifting to cloud environments, and rapid adoption of edge computing and IoT-based cloud solutions.
  • LATAM and MEA markets are expanding steadily, propelled by rising internet penetration, opportunities in e-learning and digital services, and government-backed digitalization initiatives—Brazil and the U.A.E. lead their respective regions.
  • The competitive landscape is fragmented, featuring established cloud and IT vendors such as Microsoft, IBM, Broadcom, Dynatrace, Oracle, AWS, Cisco, Cognizant, and others, driven by evolving cloud environments and the need for advanced multi-cloud management capabilities.
  • Key market developments include the 2024 IBM–Microsoft launch of three Experience Zones to enhance access to cloud and generative AI solutions, Broadcom’s 2024 release of Automic cloud automation via SaaS, Dynatrace’s 2024 expanded partnership with Google Cloud, and Microsoft’s 2023 general availability of Cloud for Sovereignty across all Azure regions.

Rising Demand for Precision Design Fuels 8% CAGR Growth in the Global 3D CAD Software Market

By

The global 3D CAD software market is witnessing robust expansion, driven by the accelerating shift toward advanced digital design tools. Valued at USD 12.0 billion in 2024, the market is set to reach USD 22.0 billion by 2032, progressing at a promising 8.0% CAGR from 2025 to 2032. This growth is primarily powered by the rising adoption of 3D modeling across industries and the mounting demand for cloud-based and mobile-friendly CAD solutions. As design requirements grow more complex—particularly in aerospace & defense, automotive, healthcare, and packaging machinery—professionals increasingly depend on 3D CAD to overcome engineering challenges with precision and efficiency.

Download free Report Sample Now

Moreover, technological innovation is reshaping how designers conceptualize, simulate, and modify product models. From supporting AI-driven autonomous flight systems in aerospace to enabling advanced material usage and additive manufacturing, 3D CAD tools are becoming essential to modern product development. The long-standing reliance on CAD in sophisticated engineering applications underscores its growing importance in achieving quality, safety, and performance standards across sectors, which continues to strengthen global market demand.

Key Insights

• The solid modeling segment held the largest share at 65% in 2024 and is projected to grow the fastest, driven by the increasing need for advanced simulation, manipulation, and design accuracy, enabling designers to make precise modifications before manufacturing.
• Surface modeling is gaining traction due to its capability to create definitive, free-form shapes and simplify complex surface development, making it a preferred choice among designers for intricate structures.
• The on-premises deployment model dominates the market, supported by strong demand for enhanced control, data privacy, and compliance—particularly among large enterprises with established workflows and regulated design environments.
• Cloud-based deployment is estimated to grow faster at 8%, owing to its ease of access via web or mobile apps, remote upgradability, collaborative workflows, and cost-effectiveness for design teams seeking flexibility and productivity.
• In application analysis, the manufacturing sector emerged as the largest user in 2024, fueled by investments in 3D printing technologies enabling customized part development using a wide range of materials.
• The automotive segment is poised for notable growth as OEMs increasingly rely on CAD tools for advanced vehicle design, error-free manufacturing, and development of interior and exterior components for next-generation models.
• Healthcare is the fastest-growing application area, supported by the widespread use of 3D CAD in medical device design, implants, surgical planning, dental modeling, blood-flow analysis, and computer-assisted surgeries.
• North America led the global market with 45% revenue share in 2024, driven by extensive software provider presence, high R&D spending, and strong adoption in healthcare, manufacturing, automotive, and media & entertainment industries.
• The U.S. market continues to evolve rapidly, with aerospace & defense remaining the primary industry benefitting from CAD tools for precision-driven development of shuttles, missiles, and aircraft systems.
• APAC is the fastest-growing regional market at 8.5%, supported by infrastructure development, rising adoption of advanced modeling tools, and expanding automotive, construction, healthcare, and media sectors requiring 3D visualization and detailed prototyping.
• Europe’s market growth is underpinned by its strong automotive manufacturing base, expanding healthcare ecosystem, increasing investment in R&D, and rising demand for tooling and rapid prototyping across aerospace & defense industries.
• The 3D CAD market remains fragmented due to relatively low technological and financial barriers to entry, enabling new players to emerge quickly with innovative cloud and mobile-first solutions.
• Competition is intensifying as developers invest heavily in R&D to enhance design, drafting, and simulation capabilities, responding to consumer expectations for continuous software improvements.
• Cloud and mobile computing trends are transforming competitive dynamics, lowering entry barriers and fostering innovation from startups developing personal technology products, including 3D printers.
• Major companies shaping the market include Autodesk Inc., Dassault Systèmes, PTC Inc., Bentley Systems Inc., Siemens AG, Hexagon AB, Aveva Group PLC, Trimble Inc., 3D Systems Inc., Gstarsoft Co. Ltd., IronCAD LLC, and Gehry Technologies Inc.
• Recent market developments include Autodesk’s FedRAMP authorization for government-grade software (Nov 2024), Bentley Systems’ launch of generative AI capabilities (Oct 2024), Dassault Systèmes’ release of SOLIDWORKS 2025 (Sept 2024), and PTC’s strategic collaboration with AWS to expand adoption of the Onshape cloud-native CAD platform (Sept 2024).

Rising Urbanization and Organic Food Demand Propel Vertical Farming Toward USD 24.9 Billion Valuation

By

The global vertical farming market is witnessing robust expansion, with its value reaching USD 5.4 billion in 2024 and projected to surge to USD 24.9 billion by 2032, advancing at a strong 21.3% CAGR during 2025–2032. This impressive growth is fueled by the significant advantages vertical farming offers, including lower water, power, and land requirements, alongside reduced processing and washing time for crops. As traditional agriculture faces increasing pressure, these efficiencies position vertical farming as a highly attractive alternative for sustainable crop production.

Download free Report Sample Now

Rising shortages of agricultural land, groundwater depletion, and rapidly changing climatic conditions are further accelerating the adoption of modern indoor cultivation systems. Consumers’ growing shift toward organic, chemical-free food—supported by innovative techniques such as LED-based lighting, climate control systems, and sensor-driven monitoring—continues to strengthen market momentum. Moreover, indoor farming’s ability to produce crops faster and in greater quantities, and at up to 230 times the yield of conventional methods, is fostering widespread demand.

Additionally, sectors such as pharmaceuticals and cannabis cultivation are rapidly integrating advanced indoor agriculture to enhance product quality and productivity. The increasing global population, combined with urbanization and the expanding focus on eco-friendly food production, reinforces the market’s long-term growth potential across regions.

Key Insights

  • Hydroponics emerged as the largest growth mechanism segment with 55% share in 2024, driven by its low implementation cost, ease of operation, and ability to deliver higher yields by replacing soil with nutrient-rich mineral solutions.
  • Aquaponics is projected to post the highest CAGR, as its closed-loop system integrates aquaculture and hydroponics to grow crops like lettuce, cucumber, pepper, and chive without harmful chemicals, while using fish effluent as natural fertilizer.
  • Hardware accounted for the largest component share and is set to grow at the highest CAGR of 45%, owing to the significant requirement for pumps, pipes, sensors, shelves, ventilation systems, and advanced lighting solutions in indoor farms.
  • Within hardware, lighting solutions—including LED, pink lights, grow reflectors, and ballasts—lead due to rising consumer preference for organic produce and the need for artificial cultivation lighting technologies.
  • Shipping containers dominated the market structure category with a 60% revenue share in 2024, benefitting from their portability, minimal land requirements, and ability to offer up to eight times more growing area than conventional farmland.
  • Increasing competition in container farming is causing container prices to decline, making this structure more accessible, aided by the widespread availability of cost-effective used containers.
  • North America captured 40% of the global revenue in 2024, supported by a large urban population, strong presence of key players, growing demand for organic produce, and rising adoption of automation in agriculture.
  • In Europe, the demand is rising due to the integration of nanotechnology and robotics for food packaging, storage, and extended shelf life, leading to increased adoption of indoor cultivation.
  • The APAC region is set to witness the highest CAGR of 22%, with India expected to grow rapidly due to shrinking fertile land, high population density, and increasing acceptance of urban cultivation practices.
  • Countries such as China and India face decreasing availability of cultivation land due to urbanization, which is driving the adoption of vertical farming, supported by rising disposable incomes and unmet food demand.
  • The U.S. represents the largest and fastest-growing market in North America, driven by federal agricultural policies and a high level of food consumption.
  • In Europe, Germany leads the market, while the Netherlands records the fastest growth, supported by strong urban farming initiatives and technological innovation.
  • In APAC, China dominates the market, whereas India is the fastest-growing, supported by global vertical cultivation companies expanding their operations in the region.
  • In Latin America, Brazil stands out as both the largest and fastest-growing market, fueled by increasing investments in indoor agriculture.
  • In MEA, Saudi Arabia leads with the fastest growth, as the region ramps up efforts to enhance food security through modern farming systems.
  • The market remains highly fragmented, creating opportunities for companies specializing in irrigation systems, climate control technologies, grow lights, sensors, and ventilation equipment.
  • The lack of stringent regulations governing vertical farming components enables small and local suppliers to compete effectively alongside global brands.
  • Startups leveraging AI- and IoT-powered automation are scaling quickly, as growers increasingly adopt sensor-based monitoring and cloud-enabled systems to enhance crop yields.
  • Demand is rising for crops such as tomatoes, lettuce, and spinach, with vertical farming companies introducing new breeds to meet the growing consumption of fresh vegetables and green salads.
  • Growing global population—projected to reach 10.3 billion by the 2080s—is driving demand for sustainable, high-yield cultivation techniques that ensure consistent food availability.
  • Government emphasis on smart cities and increasing migration from rural to urban areas are further reducing farmland availability, reinforcing the demand for vertical and indoor farming technologies.
  • High initial investment remains a challenge, with costs ranging from INR 5 lakh to INR 50 lakh in India and monthly operational expenses reaching USD 32,600 in the U.S., making adoption difficult for SMEs.
  • Vertical farm bed space can cost up to USD 2,600 per square meter, contributing to the overall cost restraints despite long-term operational efficiencies.
  • Pharmaceutical companies are adopting indoor agriculture to ensure consistent quality of crops used in biopharmaceutical production, adding a new growth dimension to the market.
  • Recent industry developments include Heliospectra’s Dynamic MITRA X LED launch in December 2024, ams-OSRAM’s OSCONIQ P 3737 horticulture light release in May 2024, and Agrinam Acquisition Corporation’s acquisition agreement with Freight Farms in October 2023.

Rising Data Volumes and AI Adoption Propel Data Science Platform Market at 25.6% CAGR

By

The global data science platform market continues its strong growth trajectory, valued at USD 117.7 billion in 2024 and projected to reach an impressive USD 718.3 billion by 2032, advancing at a robust CAGR of 25.6% between 2025 and 2032. This expansion is primarily driven by the surging demand for big data technologies and the rapid integration of data analytics platforms across industries. As enterprises accumulate rising volumes of structured and unstructured data, the need for sophisticated tools to extract meaningful insights is becoming indispensable.

Download free Report Sample Now

Modern data science platforms provide open-source tools, scalable computing resources, and seamless alignment with diverse data architectures—features that make them increasingly appealing to organizations of all sizes. The inclusion of version-control capabilities further enhances their utility by supporting collaborative workflows without compromising data integrity. Additionally, the explosion of unorganized data—from social media posts to machine logs—is prompting companies to adopt advanced analytics solutions, unlocking new opportunities for innovation and performance optimization.

Fast-evolving data ecosystems, supported by the rising availability of smart devices and digital applications, continue to accelerate market momentum. With enterprises generating unprecedented amounts of data daily, the demand for effective, scalable, and secure data science ecosystems is expected to intensify throughout the forecast period.

Key Insights

  • The platforms category dominated the market with an 80% share in 2024, driven by the focus of medium- and large-scale enterprises on developing efficient and consistent data-driven products. Meanwhile, services—encompassing consulting, deployment, training, integration, support, and maintenance—are set for the fastest growth as companies increasingly incorporate data science platforms into existing environments.
  • In deployment modes, on-premises solutions held the largest share in 2024, supported by their strong appeal among highly regulated verticals such as BFSI, healthcare, manufacturing, and life sciences. Their reliability, control, and security make them the preferred choice for enterprises with substantial IT resources. Conversely, cloud deployment will grow at a higher CAGR owing to its anywhere-access, cost-effectiveness, and scalability—particularly benefiting SMEs and organizations that lack extensive IT infrastructure.
  • By enterprise size, large enterprises contributed 60% of the market in 2024, reflecting their vast data volumes sourced from sensors, webcams, social media streams, and customer interactions. SMEs, however, represent the fastest-growing segment, supported by global digitization trends and the accessibility of pay-as-you-go cloud-based data science platforms that enhance competitiveness among smaller firms.
  • The BFSI sector led the market with a 35% share in 2024, owing to its extensive data management needs and the rising importance of digital banking. Data science enables banks to streamline operations, improve decision-making, and unlock new revenue streams. Healthcare represents the fastest-growing industry, propelled by telemedicine adoption, remote monitoring solutions, precision medicine, and national digital health initiatives such as India’s Ayushman Bharat, CoWIN App, and e-Sanjeevani.
  • In terms of business functions, marketing & sales accounted for the largest share and registered the highest CAGR of 28%, due to the surging emphasis on digital marketing and the need to analyze massive volumes of consumer data. With companies projected to spend nearly USD 1 trillion on digital marketing by 2030, demand for data science solutions within this function will grow substantially.
  • North America leads the global market with a 45% share, supported by advanced infrastructure, extensive R&D, and the presence of major industry players. Strong aftersales support and the adoption of data science solutions across capital-intensive industries further propel regional growth. APAC, expanding at a 28.5% CAGR, is the fastest-growing regional market, driven by rising disposable incomes, rapid urbanization, extensive 5G rollout, and the world’s largest internet-connected population exceeding 2.5 billion.
  • The market’s geographical landscape spans major growth hubs including the U.S. and Canada in North America; the U.K., Germany, France, Spain, and Italy in Europe; China, India, Japan, South Korea, and Australia in APAC; Brazil and Mexico in LATAM; and Saudi Arabia, South Africa, and the U.A.E. in MEA—each demonstrating unique growth patterns based on digital transformation initiatives and enterprise adoption levels.
  • Competition remains fragmented, with global, regional, and local providers offering differentiated tools integrated with AI, ML, NLP, and other advanced technologies. Cloud accessibility enables startups to compete effectively despite limited sales networks. Key market players include IBM Corporation, Google LLC, Microsoft Corporation, SAS Institute Inc., Amazon Web Services Inc., The MathWorks Inc., Cloudera Inc., TIBCO Software Inc., Teradata Corporation, Alteryx Inc., SAP SE, and Oracle Corporation.
  • Recent industry developments highlight strong innovation momentum, such as IBM’s expansion of its London data center in December 2024 and AWS enabling BBVA to migrate its entire data platform across Europe and Uruguay to the cloud. Additional advancements include SAS Institute’s acquisition of synthetic data startup Hazy and Microsoft’s USD 100-billion Global AI Infrastructure Investment Partnership to upgrade U.S. data center capabilities.

Rising Data Breaches Propel Cyber Insurance Market Toward USD 65.2 Billion by 2032

By

According to the latest market research study published by P&S Intelligence, the global cyber insurance market reached an estimated USD 16.1 billion in 2024, and is projected to expand at a strong compound annual growth rate (CAGR) of 19.3% between 2025 and 2032, reaching USD 65.2 billion by 2032. This surge is driven by a sharp increase in cyberattacks — including virus, malware, and other IT-network threats — coupled with expanding legislation around cybersecurity that mandates stronger data protection. As companies increasingly recognise the financial and reputational risks tied to cyber intrusions, cyber insurance has emerged as a vital risk-mitigation strategy, offering protection beyond conventional insurance packages.

As digitalisation accelerates worldwide, businesses — especially small and medium-sized enterprises (SMEs) — face mounting regulatory pressures and rising incident rates. That makes cyber insurance not just a security measure, but a strategic necessity. With insurers responding by offering broader coverage and tailored policies, the market is well positioned for substantial growth well into the early 2030s.

Download free Report Sample Now

Key Insights

  • The policy segment analysis shows that data breach is the largest and fastest-growing category in 2024, capturing 55% of the market — reflecting rising risks around cloud computing, workforce mobility, and expansive data storage across enterprises.
  • Other covered policy types include identity theft, malware attacks, phishing, email spoofing, and other cyber threats, underscoring the broad spectrum of risks businesses face.
  • By product type, standalone policies dominated in 2024. These comprehensive plans cover first- and third-party losses, such as IT forensics, data restoration, legal liability, cyber extortion (including ransom payments), and reputational damage.
  • During the forecast period, integrated policies are expected to grow fastest (projected ~ 20% growth), driven largely by demand from SMEs seeking coverage for data breach losses, business interruption, information restoration, and cyber-extortion remediation. 
  • By end-user industry, Banking, Financial Services and Insurance (BFSI) remained the largest sector in 2024, accounting for 40% of revenues, reflecting the high degree of digitization and sensitivity of financial data in this sector. 
  • The healthcare sector is projected to witness the fastest growth during the forecast period, due to increasing digitalization, higher volume of sensitive health records, and escalating cyber threats targeting patient health information (PHI).
  • In terms of enterprise size, large enterprises currently account for the majority of cyber insurance adoption, given their substantial data assets and risk exposure. Meanwhile, SMEs are poised for the fastest growth (forecasted ~ 21% CAGR), as rising cyberattacks on smaller firms prompt them to seek cost-effective protection.
  • Regarding services, the core “insurance” offering remains the dominant share, but claims services are expected to grow fastest (projected 22% CAGR), driven by increasing demand for payout and remediation support following cyber incidents.
  • Regionally, North America held the largest market share in 2024, leveraging advanced digital infrastructure, stringent regulatory frameworks, and high cyber-attack incidence. Conversely, the Asia-Pacific (APAC) region is set to record the fastest growth through 2032, fueled by increasing cloud adoption, emerging digital economies, rising cyber vulnerabilities, and growing awareness around data protection — creating significant opportunities for market expansion.
  • The overall market remains fragmented, offering openings for many players to capture niche segments by delivering tailored coverage plans that align with varied regulatory standards and industry-specific risk profiles globally.
  • The competitive landscape includes global insurance heavyweights and diversified risk carriers, with many firms expanding their cyber insurance offerings to meet rising demand amid intensifying cyber-risk exposure.