New York, May 18, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the global Mobile Phone Insurance Market size generated USD 31.55 billion in 2022 and is projected to generate USD 75.13 billion by 2030, witnessing a CAGR of 11.7% from 2023 to 2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the market. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 409 pages, accompanied by 325 tables and 300 figures, the report aims to become a source of guidance for market players, investors, and startups as they devise strategies for the next few years to achieve sustainable growth.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 31.55 Billion |
| Market Size in 2030 | USD 75.13 Billion |
| CAGR | 11.7% |
| No. of Pages | 409 |
| Tables | 325 |
| Figures | 300 |
| Segments covered | Phone type, sales channel, coverage, end user and geography. |
| Drivers | Surge in adoption of premium smartphones across the globe |
| Rising incidents of accidental damage and phone thefts across the world | |
| Growing initiatives by various mobile insurance companies | |
| Opportunity | Introduction of Artificial Intelligence (AI) in insurance companies |
The report offers a comprehensive analysis of the mobile phone insurance industry dynamics based on drivers, restraining factors, and opportunities. The increasing use of smartphones by consumers to store private information and conduct online transactions has increased the need to protect mobile devices from physical and technological harm, which in turn drive growth of the mobile phone insurance. However, high cost of packages offered by mobile phone insurance companies restrains the market growth.
Lead Analyst for ‘Consumer Goods’ at Next Move Strategy Consulting, stated “introduction of AI technology, machine learning, and deep learning’ is expected to create new opportunities for the market in the coming years.”
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Asia pacific accounted for the highest mobile phone insurance market share in 2021, and is expected to dominate throughout the forecast period. This is attributed to factors such as presence of companies such as Samsung, LG Realme, Vivo and Oppo that provide insurance in terms of buying their cellphones, in turn drives the growth of the market.
Moreover, the rising cases of mobile theft in the countries along with the surging adoption of both premium and budget smartphones in turn boost the growth of the market drive growth of the market.
On the other hand, North America is estimated to grow steadily in mobile phone insurance market during the forecast period, due to increasing adoption of premium smartphones owing to high standard of living. Also, the presence of service providers of mobile insurance such as Apple Inc, Amtrust, Asurion Group Inc, and Assurant Inc that are engaged in adopting various strategies to increase their businesses and global presence in turn drives the market growth in the region.
The mobile phone insurance market analysis offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate presence in the mobile phone insurance market. This analysis is also helpful in determining the highest-revenue-generating and fastest-growing segments and taking the next steps accordingly.
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The report offers an extensive analysis of the competitive landscape of the global mobile phone insurance market. Some of the major market players in the mobile phone insurance market are Apple Inc., American International Group Inc, Assurant Inc, Asurion Group Inc, CHUBB, Boltech, Singtel, Amtrust Financial Services, Securranty Assurance for TomorrowS, and Square Trade Inc.
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About Us:
Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analyzed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enable them to move beyond time and have a competitive edge in the industry.
We have been servicing over 1,000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high-growth markets and identifying hidden opportunities in each sector or industry. We provide one of the industry’s best-quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to delivering high-quality research solutions in accordance with your business needs. Our industry-standard delivery solutions which range from pre-consultation to after-sales services, provide an excellent client experience and ensure the right strategic decision-making for businesses.
