--- title: 2024 Technology & Life Sciences Benchmark Report description: Technology and life sciences are experience significant growth and AI is a large contributing factor. image: https://www.thegibsonedge.com/hubfs/AdobeStock_218713397.jpeg --- [**](https://www.thegibsonedge.com/blog/2024-technology-life-sciences-benchmark-report#tmpmodule_1568675152246189) - [Client Login](https://www.thegibsonedge.com/gibson-client-login) - [Contact Us](https://www.thegibsonedge.com/contact) **** [![Gibson Logo](https://www.thegibsonedge.com/hs-fs/hubfs/Gibson%20UNISON%20Co_Horiz_Logo_Gold_White-1.png?width=2518&height=1088&name=Gibson%20UNISON%20Co_Horiz_Logo_Gold_White-1.png) ![Gibson Logo](https://www.thegibsonedge.com/hs-fs/hubfs/Gibson%20UNISON%20Co_Horiz_Logo_Gold_White-1.png?width=2518&height=1088&name=Gibson%20UNISON%20Co_Horiz_Logo_Gold_White-1.png) ](https://www.thegibsonedge.com/) [**](https://www.thegibsonedge.com/blog/2024-technology-life-sciences-benchmark-report#tmpmodule_1568675152246189) - [Services](https://www.thegibsonedge.com/services) - [Employee Benefits](https://www.thegibsonedge.com/services/employee-benefits) - [Business Insurance](https://www.thegibsonedge.com/services/business-insurance) - [Private Client Group](https://www.thegibsonedge.com/services/private-client-group) - [Industries](https://www.thegibsonedge.com/industries) - [Insights & News](https://www.thegibsonedge.com/blog) - [Insights & News](https://www.thegibsonedge.com/blog) - [Webinars](https://www.thegibsonedge.com/webinars) - [Podcast](https://podcast.thegibsonedge.com) - [About Us](https://www.thegibsonedge.com/about-us) - [Become a Partner](https://www.thegibsonedge.com/become-a-partner) - [Leadership](https://www.thegibsonedge.com/leadership) - [Community Impact](https://www.thegibsonedge.com/impact) - [Sightline](https://www.thegibsonedge.com/sightline) - [About URA](https://www.thegibsonedge.com/ura) - [Offices](https://www.thegibsonedge.com/offices) - [Careers](https://www.thegibsonedge.com/careers) ** ###### 1 min read # [2024 Technology & Life Sciences Benchmark Report](https://www.thegibsonedge.com/blog/2024-technology-life-sciences-benchmark-report) Jun 27, 2024 12:00:00 AM Technology and life science are experiencing significant growth and artificial intelligence is a large contributing factor. Technology is a $5 trillion business but that will expand in the coming years as artificial intelligence (AI) is expected to pump another $15.7 trillion into the international economy by 2030, according to the 2024 Assurex Global Partnership [Technology and Life Science Benchmark report](https://share.hsforms.com/1Tk6qyGkZSxecs5FpfcYlCg3e86n). The report is derived from a survey of 284 businesses generating an aggregate $3.6 billion in sales.   The technology industry is already booming and is expected to grow. About 75 million people now work in this $5 trillion arena, which is getting harder to define in the insurance industry as new technologies arise. The life sciences market has served as a bridge between technology and healthcare. It also has expanded to include nutraceuticals, companies specializing in environmental research, and life sciences service companies. Overall, the data gained from this survey met Assurex’s general expectations. - Revenue per employee increases as companies grow, but the rate of increase declines. - Growing companies tend to buy higher excess liability, technology errors and omissions and directors, and officers liability limits. - Cyber liability pricing is on the rise. However, there were some unexpected results. - A sizable minority of firms are purchasing general liability limits above the standard $1 million/$2 million aggregate. - While that rate increases with the growth of a firm, the rate of growth decreases substantially with such growth. - Only 38% of firms reported purchasing cyber liability coverage, which is less than expected. Overall, the technology and life sciences sectors are poised for growth. [Request the full report](https://share.hsforms.com/1Tk6qyGkZSxecs5FpfcYlCg3e86n) to gain insight into a framework that can help optimize your own purchasing decisions. 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