NEW YORK, United States, June 06, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Mobile Phone Insurance Ecosystem Market By Type (Accidental, ElectricMobile Phone Insurance Ecosystem Market By Type (Accidental, Electrical/Mechanical Breakdown, Theft Or Loss, Others), By Sales Channel (Direct Channel, Indirect Channel), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Mobile Phone Insurance Ecosystem Market size & share in terms of revenue was valued at USD 26.7 billion in 2022 and it is expected to surpass around USD 91.56 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 12.54% during the forecast period 2023 to 2030.”
What is Mobile Phone Insurance Ecosystem? How big is the Mobile Phone Insurance Ecosystem Industry?
Report Overview:
Mobile phone insurance ecosystem refers to the network of services and providers that offer protection and coverage for mobile phones against theft, loss, damage, and other risks. The ecosystem typically includes insurance companies, mobile phone manufacturers, telecommunications providers, and third-party insurance providers. Mobile phone insurance plans offer customers peace of mind and financial protection in the event of unexpected incidents, and can also help to drive customer loyalty and retention.
Insurance providers in the mobile phone insurance ecosystem typically offer a range of plans with varying coverage levels, deductibles, and premiums. With the increasing prevalence of smartphones and the high cost of device replacements, mobile phone insurance is becoming an increasingly popular option for consumers. The mobile phone insurance ecosystem is a dynamic and rapidly evolving market, with new players and technologies continually emerging.
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Global Mobile Phone Insurance Ecosystem Market:
Growth Factors
The global mobile phone insurance ecosystem market is being driven by various factors, such as the increasing adoption of smartphones, growing awareness about the benefits of mobile phone insurance, and rising disposable incomes. The market presents numerous opportunities for growth, including the development of new insurance products and services, expansion into emerging markets, and the adoption of advanced technologies such as machine learning and artificial intelligence for improved risk assessment and fraud detection.
Restraints
However, there are also several challenges and restraints that companies operating in this market must contend with, such as the high cost of insurance premiums, complex and opaque policies, the prevalence of fraudulent claims, and the need for enhanced cybersecurity measures.
In addition, the mobile phone insurance ecosystem industry is highly competitive, with a large number of established players and new entrants vying for market share. Keeping pace with evolving regulatory frameworks and legal requirements is also an ongoing challenge. Success in the mobile phone insurance ecosystem market requires companies to remain agile and innovative in the face of these challenges and to continually adapt to changing market dynamics.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 26.7 Billion |
| Projected Market Size in 2030 | USD 91.56 Billion |
| CAGR Growth Rate | 12.54% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Apple Inc., AmTrust International, Allianz, Aviva, Asurion, ASSURANT, INC., American International Group, Inc., BlackBerry, Brightstar Corp., Microsoft Corporation, GoCare Warranty Group, IAG (Insurance Australia Group), Geek Squad, Xiaomi, Symantec Corporation, Sony Mobile Communications, Samsung Electronics, and LG Electronics among others. |
| Key Segment | By Type, By Sales Channel, and By Region. |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Mobile Phone Insurance Ecosystem Market: Segmentation Analysis
The global mobile phone insurance ecosystem market is segmented based on type, sales channel, and region.
Based on type, the market is segmented into Accidental, Electrical/Mechanical Breakdown, Theft or Loss, and others. The accidental segment of the mobile phone insurance ecosystem market is expected to witness significant growth in the coming years, driven by the increasing risk of accidents and damage to mobile devices. Accidental damage can occur due to various reasons such as drops, spills, and collisions, and can result in costly repairs or replacements for the device owner.
As a result, more consumers are opting for mobile phone insurance plans that cover accidental damage. Insurance providers are offering a range of accidental coverage options, including full accidental damage coverage and accidental damage with deductibles. The growing demand for accidental coverage, coupled with the increasing prevalence of smartphones, is expected to drive growth in the accidental segment of the mobile phone insurance ecosystem industry.
Based on sales channel, the market is bifurcated into direct channel and indirect channel. The direct channel segment held the dominating market share in 2022 and is further projected to grow rapidly during the forecast period. Direct channels refer to the sale of insurance policies directly to customers through channels such as websites, mobile applications, or call centers.
This channel allows for greater control over the customer experience and offers a more personalized approach to insurance sales. It also allows insurance providers to collect valuable customer data and insights for targeted marketing and product development. The growing demand for mobile phone insurance, coupled with advancements in digital technologies and changing consumer behaviors, is expected to drive growth in the direct channel segment of the mobile phone insurance ecosystem market in the coming years.
The global Mobile Phone Insurance Ecosystem market is segmented as follows:
By Type
- Accidental
- Electrical/Mechanical Breakdown
- Theft Or Loss
- Others
By Sales Channel
- Direct Channel
- Indirect Channel
Browse the full “Mobile Phone Insurance Ecosystem Market By Type (Accidental, Electrical/Mechanical Breakdown, Theft Or Loss, Others), By Sales Channel (Direct Channel, Indirect Channel), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/mobile-phone-insurance-ecosystem-market
Competitive Landscape
Some of the main competitors dominating the global Mobile Phone Insurance Ecosystem market include -
- Allianz
- AmTrust International
- Apple Inc.,
- Assurant, Inc.
- Asurion
- AT&T
- Aviva
- AXA
- rightstar Corporation
- Chubb
- Deutsche Telekom
- Liberty Mutual
- Pier Insurance Managed Services
- Samsung Electronics
- SoftBank
- Sprint Corporation
- T-Mobile USA
- Verizon Wireless
- Vodafone Group
- Zurich Insurance Group
Key Insights from Primary Research:
- According to the analysis shared by our research analyst, the Mobile Phone Insurance Ecosystem market is likely to expand at a CAGR of around 12.54% during the forecast period (2023-2030).
- In terms of revenue, the Mobile Phone Insurance Ecosystem market size was valued at around US$ 26.7 billion in 2022 and is projected to reach US$ 91.56 billion by 2030.
- The increasing prevalence of smartphones and the growing dependence on mobile devices for communication, entertainment, and business purposes is driving the demand for mobile phone insurance ecosystem market.
- Based on type, the accidental segment held the largest market share in 2022.
- Based on sales channel, the direct channel segment held the dominating market share in 2022.
- Based on region, the North America region held the largest market share in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Mobile Phone Insurance Ecosystem industry?
- What are the main driving factors propelling the Mobile Phone Insurance Ecosystem Market forward?
- What are the leading companies in the Mobile Phone Insurance Ecosystem Industry?
- What segments does the Mobile Phone Insurance Ecosystem Market cover?
- How can I receive a free copy of the Mobile Phone Insurance Ecosystem Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By Sales Channel, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
The North America region held the largest mobile phone insurance ecosystem market share in 2022 and is further anticipated to grow exponentially during the forecast period. The region is home to a large and growing number of smartphone users, who are increasingly seeking protection and coverage for their devices against theft, loss, damage, and other risks.
Insurance providers in North America are offering a wide range of mobile phone insurance plans with varying levels of coverage, deductibles, and premiums to meet the needs and preferences of customers.
The adoption of advanced technologies such as machine learning and artificial intelligence for improved risk assessment and fraud detection is also expected to drive growth in the region. Furthermore, the growing demand for mobile phone insurance among business users and the emergence of new distribution channels, such as e-commerce and mobile applications, are likely to further fuel growth in the North America mobile phone insurance ecosystem industry.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
- In March 2021, SquareTrade launched a new mobile phone insurance product that offers coverage for lost or stolen devices, in addition to the standard protection against accidental damage. The product, called "Lost and Stolen Protection," is available to both new and existing SquareTrade customers and provides up to $1,000 in coverage for lost or stolen devices. This move is aimed at addressing the growing concern among smartphone users about the risk of theft and loss, and offers an additional layer of protection for customers.
- In October 2021, Assurant announced the acquisition of HYLA Mobile, a leading provider of mobile device trade-in and reuse solutions. This acquisition is expected to enhance Assurant's position in the mobile phone insurance ecosystem market by providing a more comprehensive suite of solutions to customers. HYLA Mobile's expertise in device trade-in and refurbishment will allow Assurant to offer more sustainable and cost-effective solutions to customers, while also reducing waste and supporting the circular economy.
- In September 2021, Apple introduced a new AppleCare+ plan for iPhone that offers coverage for up to five years, the longest coverage period available in the market. The plan covers accidental damage, including up to two incidents of theft or loss per year, and includes 24/7 priority access to Apple support. The move is aimed at increasing customer loyalty and retention, as well as addressing the growing demand for longer-term coverage and protection for mobile devices. The plan is available to customers who purchase a new iPhone, or within 60 days of their iPhone purchase.
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FREQUENTLY ASKED QUESTIONS
- What is mobile phone insurance ecosystem?
- At what CAGR, the global mobile phone insurance ecosystem market will expand during forecast years?
- What will be the market value of global mobile phone insurance ecosystem market by the end of 2030?
- What are the factors driving the global mobile phone insurance ecosystem market growth?
- Which region will contribute notably towards the mobile phone insurance ecosystem market value?
- Who are the leading players in the global mobile phone insurance ecosystem market?
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