June 29, 2020
According to the research report titled ‘Global Mobile Phone Insurance Market Size study with COVID-19 Impact, by Phone Type (New Phone and Refurbished Phone), by Channel (Mobile Operator , Device OEM (Original Equipment Manufacturer), Retailers and Other), by Protection Plan (Physical Damage , Electrical Damage , Virus Protection, Theft Protection , Water Damage and Cracked Screen ), by End-User (Corporate Users and Personal Users) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global mobile phone insurance market is expected to grow substantially through 2026.
Factors such as escalating disposable income and rapid technological advancements are major factors driving the growth of mobile phone insurance market. Mobile insurance offers protection to an individual against financial loss associated with mobile phone.
Mounting adoption of smartphones is also aiding the market expansion. In fact, according to Zenith’s Mobile Advertising Forecasts, around 58% of worldwide population were using smartphones in 2016 which increased to 66% in 2018.
Furthermore, shifting focus among key players towards business-centric activities such as innovative product launches as well as strategic alliances is also stimulating the industry outlook. In November 2019, for instance, Bajaj Alliance introduced Farmitra App which offers insurance solutions as well as information & advisories regarding the day to day needs of farmers.
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The advent of COVID-19 pandemic has resulted in gaps and inefficiencies in processes, products, systems and technology space in the insurance industry, which will negatively influence the mobile phone insurance market outlook. Although, availability of direct-to-consumer insurance assistance will further enhance the overall market growth.
Based on phone type, the market is split into refurbished phone and new phone. As per channel, the industry is divided into retailers, device OEM, mobile operator and others. Highlighting the protection plan terrain, the market is bifurcated into cracked screen, water damage, theft protection, virus protection, electrical damage and physical damage. The end-user space of mobile phone insurance market comprises of personal users and corporate users.
Regionally, North America mobile phone insurance industry is expected to record substantial growth in the ensuing years, primarily driven by high occurrence of smartphone crimes in U.S. and Canada as well as concentration of mobile phone insurance providers in the region. On the other hand, Asia-Pacific market is poised to amass considerable revenues in the forthcoming years.
Revolut Ltd., AT&T Inc., Asurion LLC, GoCare Warranty Group, Geek Squad Inc., Brightstar Corp., Assurant Inc., Apple Inc., AmTrust International and Allianz SE are the major companies in mobile phone insurance industry.