December 2018: Adroit Market Research launched a study titled, “Global Mobile Phone Insurance Ecosystem Market Size 2017 Type (Accidental, Malicious or Liquid Damage, Electrical or Mechanical Breakdown, Theft or Loss and Others), by Region and Forecast 2018 to 2025”. The study covers the global mobile phone insurance ecosystem market value for a period ranging between 2015 to 2025, where 2015 to 2017 imply the actual annual consumption with forecast between 2018 and 2025. The global mobile phone insurance ecosystem market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework and trade statistics. The value chain has been analyzed in detail covering key stages.
The global mobile phone insurance ecosystem market size was pegged at USD 16.9 billion in 2017. This tremendous growth in terms of revenue can be attributed to the increasing number of theft and loss cases owing to high cost of smartphones. The rapidly increasing awareness regarding the protection of smartphones has led to the growth in the mobile phone insurance industry in recent times.
The global mobile phone insurance ecosystem market is witnessing a strong growth owing to rising up gradations and innovations of schemes and policies being carried out by the key players. The mobile phone insurance ecosystem market comprise of some deep-rooted players which are investing huge amounts in order to provide the most improved insurance frameworks to their customers. The mobile phone insurance ecosystem market is fragmented with device OEMs, mobile network operators, third party insurers and retailers. These participants are focusing on increasing their portfolio depending upon the requirements of the customers.
Increased and easy convenience regarding insurance claiming procedures is one of the key trends predominantly affecting the global mobile phone insurance industry. The terms and conditions of the insurance companies are relatively critical which shoves the customers to fail to remember the claiming procedures altogether. Several sellers offer premium amount and set coverage regardless of the smartphone or coverage required.
On the contrary, various sellers have varying premium amounts for different coverage depending upon the requirements of the customers. On occasions, the premium and coverage amount varies depending upon the smartphone model viz. android based phones or iOS managed phone. This causes uncertainty among the consumers in the procurement of mobile phone insurance. This factor is posing a significant opportunity for the insurance companies to abridge their terms and conditions and provide maximum cover under a single premium amount.
- global mobile phone insurance ecosystem market is bifurcated based on of different coverage types namely accidental, malicious or liquid damage, electrical or mechanical breakdown, theft or loss and others. The coverage offered by several companies are considerably viable depending upon the customers’ requirements. The theft or loss segment is the most prominent area leading the customers to opt for mobile phone insurance. In addition, technological problems also lead the customers to spend huge amounts in device repairing. Similar is the case with virus infections. Huge number of potential intimidations associated with expensive mobile phones is increasing the inclination of customers towards ensuring their devices. This factor is augmenting the demand for several insurance policies thus driving the global mobile phone insurance ecosystem market. global mobile phone insurance ecosystem market is fragmented with the presence of global and regional players. The primary participants include AT&T Inc., Hong Leong Group, BlackBerry Limited, Advanced Mobile Phone Insurance Ecosystem Technologies ltd., AB Mobile Phone Insurance Ecosystem GmBH, Asurion LLC, Pier Insurance, Brightstar device and Protection LLC among others.
Key segments of the global mobile phone insurance ecosystem market
Type Overview, 2013-2025 (USD billion)
- Accidental, Malicious or Liquid Damage
- Electrical or Mechanical Breakdown
- Theft or Loss
Regional Overview, 2013-2025 (USD billion)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa