Newark, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 25.46 Billion in 2022 mobile phone insurance market will reach USD 92.25 Billion by 2032. The market is expected to grow during the projected period as occurrences of accidental damage, phone theft, virus infection, and gadget failure increase. Such incidents have pushed customers to seek ways to safeguard their mobile phones, leading them to set up mobile phone coverage insurance. Mobile phone insurance saves clients from paying high replacement costs if their phone is lost, stolen, or malfunctions. A mobile phone insurance policy often covers physical damage, virus and data protection, internal coverage failure, theft and loss protection, additional charges, and physical damage.
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Key Insight of the Mobile Phone Insurance Market
North America is anticipated to expand at the highest CAGR of 16.02% over the projection period.
North America is expected to grow at the highest CAGR of 16.02% over the forecast period. The presence of numerous mobile phone insurance companies and the rise in crimes committed with smartphones in the United States and Canada contribute to regional market growth. Every year in the United States, more than one million smartphones are stolen. Throughout the projected period, the regional market growth is anticipated to be supported by insurance plans providing further protection against software malfunctions and the replacement of stolen devices. Mobile phone insurance is becoming increasingly popular because of the rise in theft and other crimes involving cell phones in the United States.
The internal component failure segment is expected to register the highest CAGR of 15.36% over the projected period in the mobile phone insurance market.
The internal component failure segment is anticipated to grow at the highest CAGR of 15.36% in the mobile phone insurance market. Overcharging and voltage variations are a couple of the factors that result in electronic damage. The insurance policies in this segment also provide coverage against the slow depreciation of electronic components, parts, and accessories. Users have been compelled to secure their devices due to potential cyberattack threats like trojans and botnets, resulting in a significant increase in the virus and protection.
Over the projected period, the mid & high-end phones segment is expected to register the highest CAGR of 15.85% in the mobile phone insurance market.
Over the forecasted period, the mid & high-end phones segment is anticipated to grow at the highest CAGR of 15.85% in the mobile phone insurance market. It is due to the increasing use of mid-range mobile phones across the globe. Users are encouraged to choose mid-range smartphones over premium smartphones due to the quick technological improvements and falling prices. As a result, mid and high-end smartphone-specific insurance plans have become highly profitable for mobile phone insurance firms. This is anticipated to fuel the segment's expansion during the forecast period.
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Market Dynamics
Driver: Rapid developments in advancing the insurance service
Major drivers for revenue creation in the global mobile phone insurance market are the simplicity of filing claims, the adaptability of changing policies, and the expansion of coverage to include accessories. Additionally, growing privacy concerns about data protection will support expansion. Without mobile phones, which are used for news, entertainment, and education, among other things, modern life would not be the same. This method of carrying out digital payments and transactions is secure. Customers are also looking for solutions to safeguard the security of mobile devices, which are increasingly utilised for storing personal data and conducting digital transactions. The rising rates of urbanisation across the globe, the increase in service and software applications, and the rising number of international organisations, outlets, and local supplier chains are all anticipated to support the growth of the mobile phone insurance market over the projected period.
Restraint: Lack of customer support throughout the process
The growth of the global market for mobile phone insurance is severely hampered by several adverse circumstances. A technical error could result in the loss of crucial data from mobile devices. Additionally, it is projected that confusing plans given by numerous companies, growing insurance prices, particularly for premium mobiles, and unclear terms and conditions will restrain the anticipated growth of the mobile phone insurance market.
Opportunity: Partnerships with market players
Mobile software developers, e-commerce service providers, and online payment businesses have partnered with mobile phone insurance companies to enter the market. It will likely continue offering major businesses and newcomers in the mobile phone insurance market lucrative business opportunities.
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Some of the major players operating in the mobile phone insurance market are:
• American International Group, Inc.
• Asurion
• AmTrust Financial
• GoCare Warranty Group
• Taurus Insurance Services Limited
• Apple Inc.
• AT&T Inc.
• SquareTrade, Inc.
• Assurant, Inc.
• Brightstar Corp.
Key Segments cover in the market:
By Coverage:
• Internal Component Failure
• Virus & Data Protection
• Physical Damage
• Theft & Loss Protection
• Others
By Phone Type:
• Mid & High-end Phones
• Budget Phones
• Premium Smartphones
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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