Market Snapshot:
Mobile insurance refers to a type of insurance cover that protects mobiles in the event of lost, stolen, or accidentally damaged, either in the domestic area or overseas. Mobile telephone assurance ecosystem is an inter-connected system enabling users in an integrated experience to meet a variety of needs and providing insurers and customers. Insurers use the ecosystem to provide their consumers with improved and timely services. The mobile insurance ecosystem also helps customers to verify important online information. North America is the most dominant regional market owing to extensive use of smartphones in the United States, technologically enhanced smartphones, high costs of mobile phones, and the growing trend of purchasing mobile phone insurance plans, have boosted the market growth in this region.
Highlights from Mobile Phone Insurance Ecosystem Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 9.6% |
The key Players profiled in the report are AmTrust International Underwriters (United Kingdom), Assurant Inc. (United States), Asurion LLC (United States), Brightstar Corporation (United States), GoCare Warranty Group (United States), AT&T Intellectual Property (United States), Apple Inc. (United States), Samsung Electronics (South Korea), Sprint Corporation (United States) and Deutsche Telekom (Germany). Additionally, other players that are part of this comprehensive study are BlackBerry Limited (Canada), Allianz Insurance (Germany), Hollard Group (South Africa), Pier Insurance (United Kingdom) and AXA (France).
Geographic Breakdown and Segment Analysis
The Global Mobile Phone Insurance Ecosystem market presents a comprehensive analysis of the Mobile Phone Insurance Ecosystem market by product type (Wireless Carrier, OEM-Provided, Banks and Others (Insurance Specialists)), by end-user/application (Physical Damage, Theft & Loss and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Mobile Phone Insurance Ecosystem industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Mobile Phone Insurance Ecosystem market
Analyst at AMA have segmented the market study of Global Mobile Phone Insurance Ecosystem market by Type, Application and Region.
Influencing Trend:
Latest Technological Developments such as IoT
Market Growth Drivers:
Growing Population and Large Volumes of Sales of Smartphones and Increasing Smartphone Users and Increasing Incidence of Phone Theft, Accidental Damage, Device Malfunction, and Device Loss
Challenges:
High Competition among Industry Players
Restraints:
Less Inclination of Consumers owing to Rising Mobile Phone Prices and Unclear Terms and Conditions of Policies
Opportunities:
Mobile phone insurance plans have been most widely adopted for cases of physical damage to mobile phones, hence, provides a major growth opportunity for the United States market over the forecast timeline. and High Penetration across the Consumer Electronics Sector
Market Developments Activities:
On December 17, 2020, Assurant, Inc., a leading global provider of lifestyle and housing solutions has announced the acquisition of EPG Insurance, Inc. (EPG) for USD 43 million in cash. EPG is a leading provider of service contracts and insurance sold through heavy equipment dealers and manufacturers.
On October 20, 2020, Assurant, a leading global provider of lifestyle and housing solutions that support, protect, and connect major consumer purchases, has partnered with Monzo Bank to provide end-to-end digital mobile phone insurance for Monzo customers, as part of the bank’s new Monzo Premium account.
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Key Target Audience
Insurance companies, Wireless carriers, Mobile device OEMs, Retailers and banks, Content providers and distributors, Regulatory authorities, Investor and Others