Portland, OR, April 20, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global telecommunication insurance market generated $8.5 billion in 2021, and is projected to reach $41.6 billion by 2031, growing at a CAGR of 17.5% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.5 billion |
| Market Size in 2031 | $41.6 billion |
| CAGR | 17.5% |
| No. of Pages in Report | 320 |
| Segments Covered | Coverage, enterprise size, application, and region. |
| Drivers | Increase in the adoption of high-performing networks for customers in the digital era |
| Surge in need for telecommunication insurance to protect telecom businesses from liability exposures | |
| Opportunities | Rapid growth in the telecommunication sector |
| Rapid adoption of 5G technologies | |
| Restrains | High insurance premium for the telecommunication insurance |
COVID-19 Scenario:
- The outbreak of the COVID-19 has had a positive impact on the growth of the global telecommunications insurance market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns subsequently increased overall internet penetration as more and more individuals and companies switched from traditional working culture to work from home culture.
- Therefore, to help employees with their medication needs and hospitalization fees, telecommunication businesses provided them with worker’s compensation from the telecommunication insurance coverage.
- Furthermore, there were cases of data breaches, cyber thefts in the telecommunication industries for which the businesses took the insurance to provide coverage for such risks. Thus, the pandemic had a favourable impact on the market.
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The report offers detailed segmentation of the global telecommunications insurance market based on coverage, enterprise size, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on application, the equipment manufacturer segment held the dominating market share in 2021, holding more than half of the global telecommunication insurance market share, and is expected to maintain its leadership status during the forecast period. The consultant segment, on the other hand, is expected to cite the fastest CAGR of 21.0% during the forecast period.
Based on coverages, the general liability segment held the dominating market share in 2021, holding nearly two-fifths of the global telecommunication insurance market share, and is expected to maintain its leadership status during the forecast period. The Professional Liability Insurance (E&O) segment, on the other hand, is expected to cite the fastest CAGR of 18.9% during the forecast period.
Based on enterprise size, the large enterprises segment held the dominating market share in 2021, holding three-fourths of the global telecommunication insurance market share, and is expected to maintain its leadership status during the forecast period. The Small and Medium-sized Enterprises segment, on the other hand, is expected to cite the fastest CAGR of 21.7% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global telecommunication insurance market share. The Asia-Pacific telecommunication insurance market, on the other hand, is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 20.2% during the forecast period.
The key players analyzed in the global telecommunications insurance market report include Allianz, ANDERSON LLOYD INTERNATIONAL LTD, Aon PLC, Bluestone Insurance Services Ltd., CapriCMW Insurance Services Ltd., Chubb Limited, EMC Enterprises, Farmers Union Insurance, Arthur J. Gallagher & Co., Hartford, Insureon, McGriff Insurance Services, Inc., Sompo International, and Tower Street Insurance.
The report analyzes these key players in the global telecommunications insurance market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the telecommunication insurance market forecast from 2021 to 2031 to identify the prevailing telecommunication insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the telecommunication insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the telecommunication insurance market outlook.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global telecommunication insurance market trends, key players, market segments, application areas, and market growth strategies.
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Telecommunication Insurance Market Key Segments:
Application
- Equipment Manufacturer
- Service Provider
- Consultant
Coverages
- General Liability
- Commercial Liability
- Professional Liability Insurance (E&O)
- Others
Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest Of Europe)
- Asia-Pacific (China, India, Japan, Australia, Singapore, Rest Of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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