Mobile Phone Insurance Market Overview:
In today’s communications environment, mobile phones have become an integral part of consumers’ lives. Increasing consumer awareness of the importance, necessity and value of protecting expensive mobile phones is a key growth driver for the global mobile phone insurance market.
The mobile phone insurance market is USD 16,962.7 Mn in 2017 and is estimated to reach USD 43,448 Mn by 2025.
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Mobile Phone Insurance Market Drivers, Challenges and Opportunities:
Strong and effective customer support and marketing experience is one of the key drivers of growth in the global market. Leading insurance companies are providing excellent replacement and repair service to their consumers. Advances in network technologies and equipment, as well as the emergence of sophisticated mobile applications are driving increased data consumption on mobile devices. A significant amount of data is stored in mobile phones due to the increased consumption of mobile data in cell phones for various uses. Since users use a large amount of mobile data on their mobile phones, they risk exposure to harmful content and third-party applications that can damage the device, making it necessary to use mobile phone insurance. As mobile devices become ubiquitous and their applications flood the market, mobile insurance is progressing at a tremendous pace.
However, interoperability issues in adopting new phones and lack of knowledge about the benefits of mobile phone insurance are hampering market growth.
Increasing use of mobile phones for business access is an opportunity for the global market. Mobile malware is entering corporate networks as consumers increasingly using personal mobile phones to access corporate networks, which is also providing opportunities for the global mobile insurance market.
Mobile Phone Protection, OEM Protection, Direct Consumer Services, etc., are the different types of mobile phone insurances available in the global market.
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Mobile Phone Insurance Market Geographic Analysis:
Depending on the region, the market is analyzed in North America, Europe, Asia Pacific and LAMEA. North America is expected to dominate the worldwide market for mobile phone protection over the forecast period. Consumers in the United States rely widely on their mobile network operator to solve the problems that have led to the widespread adoption of mobile protection programs in the region.
Leading Companies in the Mobile Phone Insurance Market are: BLACKBERRY LIMITED, AMERICAN INTERNATIONAL GROUP, INC, ASSURANT INC, ASURION, LLC, PIER INSURANCE MANAGED SERVICE, VODAFONE GROUP PLC, BRIGHTSTAR CORP, AT&T INC, THREE IRELAND (HUTCHISON) LIMITED and TROV, INC
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