Mobile insurance entails protection coverage for devices against physical damage, lost or stolen devices, and malfunctions. A mobile phone insurance ecosystem is a network or interconnected systems or an interconnected set of services that allow users to fulfill a variety of needs in one integrated experience, and includes insurance providers and customers. Ecosystem is used by insurers for providing enhanced and timely services to their customers. It also helps customers to check important information conveniently online.
The global mobile phone insurance ecosystem market is estimated to value over US$ 23 Bn in 2017, and is projected to register a CAGR of 9.8% in terms of value during forecast period 2017–2026. The first five-year cumulative revenue (2017–2021) of the global mobile phone insurance ecosystem market is projected to be over US$ 130 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period.
Global Mobile Phone Insurance Ecosystem Market: Market Dynamics
Major factors driving growth of the global mobile phone insurance ecosystem market are increasing number of smartphones users and rising incidences of phone thefts, accidental damage, device malfunction, and loss of device. In addition, phones are prone to physical and technical damage, and rising cost of smartphones is driving the need to opt for phone insurance policies.
However, high cost of mobile phone insurance and unclear terms and conditions are major factors expected to hamper growth of the global mobile phone insurance ecosystem market to a certain extent.
According to the opportunity analysis, the optimistic scenario indicates that revenue from the global mobile phone insurance ecosystem market is expected to expand at a lucrative CAGR and is projected to reach significant value, owing to rising adoption of smartphones among all age groups and mobile operators offering mobile insurance as a value-added service for mobile users.
Key trend observed in the global mobile phone insurance ecosystem market is rapid technological advancements such as cloud-based platforms that are not only eliminating the technological and cost barriers associated with such platforms, but are also opening up new options for insurance companies globally. This key trend is expected to gain traction in future.
Global Mobile Phone Insurance Ecosystem Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global mobile phone insurance ecosystem market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global mobile phone insurance ecosystem market is expected to expand at a CAGR of 9.8% during the forecast period.
Global Mobile Phone Insurance Ecosystem Market: Segmental Snapshot
The market report has been segmented on the basis of insurance type, and region/country. The insurance type segment includes physical damage, theft & loss, and others [mechanical damage, data protection, unauthorized call protection, accessories protection, overseas/worldwide cover]. The regions /countries covered in the analysis are US, Europe, China, Japan, India, Southeast Asia, and Rest of the World.
By insurance type: The theft & loss segment accounted for highest revenue share contribution in 2016, as compared to other insurance type segments, and is expected to register a CAGR of over 10% between 2017 and 2026.
By region/country: The market in US accounted for highest revenue share in the global mobile phone insurance ecosystem market in 2016, and the market in Europe is projected to register a CAGR of over 10% between 2017 and 2026.
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Global Mobile Phone Insurance Ecosystem Market: Competitive Analysis
The research report on the global mobile phone insurance ecosystem market includes profiles of some of the major companies such as AT&T Inc., Hong Leong Group, BlackBerry Limited, Asurion, LLC, Pier Insurance, Brightstar Device, Protection LLC., Best Buy Co., Inc., Apple Inc., American International Group, Inc., Chubb Limited, and Safeware.
Mobile Phone Insurance Ecosystem Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017–2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global mobile phone insurance ecosystem market for 2017–2026. In addition, the report offers insights regarding the benefits, advantages, and other aspects related to demand and application of mobile phone insurance ecosystem, along with other information related to revenue, trends, drivers etc. which will give readers an understanding of the current and future of the target market.