Mobile Phone Insurance Ecosystem Market By Insurance Type (Physical Damage, Theft & Loss, Others (Mechanical Damage, Data Protection, Unauthorized Call Protection, Etc.) ) And Region - Global Forecast To 2026
15 March 2018
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 report offers in-depth insights, revenue details, and other vital information regarding the global mobile phone insurance ecosystem market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report includes PEST analysis, Porter’s Five Forces analysis, and opportunity map analysis for in-depth understanding of the market. The report offers insightful and detailed information regarding the various key players operating in the global mobile phone insurance ecosystem market, their financials, technological innovations, key developments, apart from future strategies, SWOT analysis, acquisitions & mergers, and market footprint. The global mobile phone insurance ecosystem market is segmented on the basis of insurance type, and region/country.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
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.
Global Mobile Phone Insurance Ecosystem Market Dynamics:
Constantly increasing adoption of smartphones among consumers in countries across the globe is resulting in need to secure devices from damage or theft owing to high cost of devices such as IPhone, Blackberry, Samsung Notes, etc., which in turn is expected to drive growth of the global market. Statistics indicate that out of the world’s total population of 7.5 billion as of June 2017, the number of smartphone users has grown to 5.035 billion, with the latest billion users being added in just the last four years.
However, ecosystems are still in the initial stage of streamlining and awareness regarding insurance cover for mobile phones is not very widespread currently. This is more prominent in some developing and under-developed countries. These are some factors expected to hamper adoption of mobile phone insurance cover to a certain extent in the next ten years.
Moreover, high cost of various insurance plans, time limitation regarding purchasing or renewing policies, and slow claims handling results in dissatisfaction among existing customers, as well as inhibits potential customer decision making.
Rapid technological advancements such as cloud-based platforms are not only eliminating the technological and cost barriers associated with such platforms, but is also opening up new options for insurance companies globally. This is the key trend observed in the global mobile phone insurance ecosystem market, and is expected to gain traction in future.
Analysis by Insurance Type:
Insurance plans are available from deviceOEMs, retailers, banks etc., for covering physical damage, theft & loss, electrical and mechanical damage, data protection, data back-up, and unauthorized calls & usage, accessories, etc.
Among the three segments, the theft & loss insurance type segment has been estimated to account for highest revenue share in 2017, and is expected to continue its dominance during the forecast period, owing to increasing incidence of theft of devices, clubbed with increasing introduction of high-cost mobile devices in the market.
The physical damage insurance type segment has been estimated to account for second-highest revenue share in 2017. The physical damage insurance type segment in the global mobile phone insurance ecosystem market is expected to register second-highest CAGR in terms of revenue contribution over the forecast period.
Analysis by Region:
The market in the US accounted for highest revenue share in the global mobile phone insurance ecosystem market in 2016, and is expected to continue its dominance over the forecast period. High penetration of mobile phones especially, smart phones in the US, coupled with increasing trend of buying an insurance plan owing to rising costs of mobile phones and increasing cases of theft of smartphones are major factors driving growth of the US mobile phone insurance ecosystem market.
In addition, major cell phone carriers such as AT&T Inc., Sprint Corporation, and Verizon Communications offering insurance to consumers at time of purchase at nominal add-on rates on their current mobile contracts, coupled with prominent companies such as Apple Inc. and Samsung Group providing mobile insurance for their mobile phones such as AppleCare and Samsung Mobile Care are other factors fueling growth of the US mobile phone insurance ecosystem market.
The market in Europe accounted for second-largest revenue share in the global mobile phone insurance ecosystem market in 2016, and is expected to register highest CAGR over the forecast period. This can be attributed to growing insurance sector in countries in Europe, especially, the UK and France, increasing ownership of smartphones in these countries, and increasing cases of smartphone theft are major factors boosting demand for mobile insurance and in turn driving growth of the Europe mobile phone insurance ecosystem market. For instance, according to the annual Crime Survey for England and Wales – that surveys 30,000 people annually to track trends in crime – almost half a million individuals in the UK had their phones stolen in 2015, of which approximately 31.0% had opted for a mobile phone insurance.
The market in Rest of the World accounted for revenue share of over 4% in the global mobile phone insurance ecosystem market in 2016. High adoption of smartphones coupled with increasing prices of communication devices are major factors boosting demand for mobile phone insurance, primarily to avoid high replacement costs. This is a major factor expected to boost growth of the Rest of the World mobile phone insurance ecosystem market. Moreover, increasing use of Internet due to inclination towards social networking websites, ecommerce websites, etc. is another major factor expected to drive growth of the global mobile insurance ecosystem market in the next five years.
Global Mobile Phone Insurance Ecosystem Market Segmentation:
On the basis of insurance type:
- Physical Damage
- Theft & Loss
- Others (mechanical damage, data protection, unauthorized call protection, etc.)
On the basis of region/country:
- Southeast Asia
- Rest of the World
- 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
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Insurance Type
- 2.2.2 Market Snapshot, By Region/Country
- 2.2.3 Prudour Opportunity Map Analysis
Request for Customization
Don't just take our word. We are trusted by these great companies!