The global mobile phone insurance market size is expected to
reach USD 42.6 billion by 2025, registering a CAGR of 12.7% over the forecast
period, according to a new study by Grand View Research, Inc. An increasing
number of smartphone users is expected to drive the market growth over the
forecast period. The market growth can also be ascribed to the growing demand
for smartphones that are used for entertainment, education, news, and digital
transactions.
Additionally, growing smartphone penetration,
as well as mobile applications, is expected to favor the market growth.
Convenient claim service is also expected to contribute to the overall market
growth over the forecast period. Mobile phone insurance helps avoid expensive
replacement costs incurred due to the loss or breakdown of mobile phones. Damages
such as physical damage & electronic damage, theft protection, and
cyber-threat protection are usually covered under a mobile phone insurance
policy. This is anticipated to encourage customers to opt for such insurance
policies over the forecast period.
Big data analytics is also playing a pivotal
role in driving the market growth. The technology helps flag claims for
priority handling or proactively monitor risks to reduce financial losses.
Therefore, phone insurance providers are anticipated to widely adopt analytics
over the coming years. Furthermore, there is an increase in the purchase of
mobile phones through online platforms. This is encouraging e-commerce
companies to collaborate with insurance providers. For instance, in October
2018, Flipkart ventured into a partnership with Bajaj Allianz to offer
customized insurance solutions and boost Bajaj Allianz mobile phone protection
program. Moreover, these collaborations enable the partnered companies to
increase their customer base across the globe.
For full research report on Mobile
Phone Insurance Market visit here: https://www.grandviewresearch.com/industry-analysis/mobile-phone-insurance-market
Further key
findings from the study suggest:
- The mobile phone
insurance market is anticipated to witness substantial growth owing to an
increasing number of smartphone users and collaborations among manufacturers
& insurance providers
- The physical damage
segment accounted for the highest market share in 2018. The users mostly
opt for plans that cover repair and replacement costs
- The premium
smartphone segment accounted for a significant market share in 2018owing
to the rapidly increasing cost of smartphones and rise in the number of
physical & technical damages
- The growth of the
North American market can be attributed to the presence of a large number
of insurance providers and higher smartphone penetration in the U.S.
- The key players in
the market include AmTrust Financial; Assurant, Inc.; Asurion; and
AT&T Inc., among others.
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/mobile-phone-insurance-market/request/rs1
Grand
View Research has segmented the global mobile phone insurance market on the
basis of coverage, phone type, and region:
Mobile Phone
InsuranceCoverage Outlook (Revenue, USD Billion, 2015 - 2025)
- Physical Damage
- Internal Component
Failure
- Theft & Loss
Protection
- Virus & Data
Protection
- Others
Mobile Phone
InsurancePhone Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Budget Phones
- Mid & High-end
Smartphones
- Premium Smartphones
Mobile Phone
InsuranceRegional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Middle East &
Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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