New York, June 26, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Mobile Phone Insurance Ecosystem Market” published by Consegic Business Intelligence, the market was worth USD 26,321.63 Million in 2022 and is anticipated to reach over USD 58,247.12 Million by the year 2030, growing at a CAGR of 10.5%.
Mobile phone insurance ecosystem involves comprehensive services that are provided by mobile operators, insurance companies, device OEMs, and retailers to safeguard mobile phones from accidental damage, theft or loss. Moreover, device manufacturers collaborate with insurance companies to offer insurance plans to avoid financial losses.
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The rising prices of smartphone devices due to advanced functionality and features is driving the growth of mobile phone insurance ecosystem market. Smartphones are equipped with high-quality cameras, high speed and storage capacity that increases the demand for insurance services for smartphones. For instance, in May 2023, Mosaic introduced new cyber coverage solutions with Safe Security to monitor cyber-risk data including data breaches, ransomware, and other attacks on software and systems.
Incorporation of value-added services such as malware protection, identity theft monitoring, and technical support is expected to present potential opportunities for the growth of mobile phone insurance ecosystem market. However, the complex and time-consuming claim procedures for replacement and reimbursement services are hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 58,247.12 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 10.5% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Allstate Corporation, Apple, Asurion, ASUS, AT&T, Avast Software, Samsung Electronics, Vodafone Group, Worth Avenue Group |
| By Insurance Type | Physical Damage, Theft & Loss, and Others |
| By Sales Channel | Mobile Operators, Insurance Companies, Device OEMs, Retailers, and Others |
| By Phone Type | Budget Phones, Mid & High-End Phones, and Premium Smartphones |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Mobile Phone Insurance Ecosystem Market Growth Drivers:
- The growing value of consumer electronics devices such as smartphones, laptops, and tablets is driving the growth of the market.
- The growing awareness among consumers about the security risks associated with smartphones such as accidental damage, theft, or loss is driving the growth of the market.
- The rising cases of cyber security threats such as identity theft, financial loss, and others is driving the growth of mobile phone insurance ecosystem market.
Restraints
- The complex and time-consuming claim procedures for replacement and reimbursement services is hindering the growth of the market.
- The complexities associated with terms & conditions in mobile phones insurance plans is hindering the growth of the market.
Opportunities
- Incorporation of value-added services such as malware protection, identity theft monitoring, and technical support is expected to present potential opportunities for the growth of mobile phone insurance ecosystem market.
Global Mobile Phone Insurance Ecosystem Market Segmentation Details:
Based on Insurance Type, the physical damage segment contributed the largest shares to the market growth in 2022. Insurance companies provide protection in scenarios such as cracked screens or hardware malfunctions. Therefore, the ability of insurance companies to provide protection against accidental damage to mobile phones is driving the growth of the market.
Based on Sales Channel, the insurance companies segment accounted for the maximum revenue share in the year 2022. Insurance companies manage policy administration, including policy issuance, documentation, renewal, and amendments. Moreover, insurance companies maintain customer records, manage coverage details, and handle policy-related queries and changes, resulting in market growth.
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Based on Phone Type, the premium smartphones segment accounted for the maximum revenue share in the year 2022. Insurance companies provide extensive coverage against a wide range of risks such as physical damage, theft or loss. Therefore, consumers tend to purchase insurance services for their premium smartphones such as iPhones and other smartphone devices, resulting in the market growth.
Based on region, North America accounted for the largest revenue share in the year 2022. The growing adoption of feature-rich smartphone devices in the region is driving the growth of the market. Therefore, consumers are facilitated to protect their smartphones by purchasing insurance coverage. Service providers are providing smartphone protection plans to provide security due to accidental damage, theft, or loss.
Recent Developments
- In June 2021, Brits invested over USD 1,182.03 million on repairing and replacing in replacing or repairing personal electronic item including smartphones.
Key Market Highlights
- Globally, mobile phone insurance ecosystem market is divided based on insurance type into physical damage, theft & loss, and others.
- In the context of sales channel, the market is segregated into mobile operators, insurance companies, device OEMs, retailers, and others.
- In the context of phone type, the market is divided into budget phones, mid & high-end phones, and premium smartphones.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Europe and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Mobile Phone Insurance Ecosystem market.
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List of Major Global Mobile Phone Insurance Ecosystem Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Allstate Corporation
• Apple
• Asurion
• ASUS
• AT&T
• Avast Software
• Samsung Electronics
• Vodafone Group
• Worth Avenue Group
• Xiaomi
• Zimperium
Global Mobile Phone Insurance Ecosystem Market Segmentation:
- By Insurance Type
- Physical Damage
- Theft & Loss
- Others
- By Sales Channel
- Mobile Operators
- Insurance Companies
- Device OEMs
- Retailers
- Others
- By Phone Type
- Budget Phones
- Mid & High-End Phones
- Premium Smartphones
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Key Questions Covered in the Mobile Phone Insurance Ecosystem Market Report
- What is Mobile Phone Insurance Ecosystem?
- Mobile phone insurance ecosystem involves insurance plans and policies provided by insurance companies to safeguard smartphone devices. Insurance companies provide services for physical damage, theft or loss of the smartphone devices.
- What are some of the most important applications of mobile phone insurance ecosystem and how do they impact the industry's growth potential?
- Mobile phone insurance companies handle policy administration, including policy issuance, documentation, renewal, and amendments. Moreover, insurance companies maintain customer records, manage coverage details, and handle policy-related queries and changes, resulting in market growth.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the mobile phone insurance ecosystem growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing adoption of feature-rich smartphone devices in the region is driving the demand for protection services for smartphones.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Europe is anticipated to register the fastest CAGR growth during the forecast period. The rising cases of smartphone thefts in the region are driving the growth of the market.
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