SNS Research‘s latest report indicates that the global mobile phone insurance market is expected to account for more than $27 Billion in revenue by the end of 2020.
Given the increasing prevalence of expensive household goods, cars, and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones and smartphones, in particular, are no exception to this trend.
Most major mobile operators, insurance specialists, device OEMs, retailers and even banks now offer insurance plans that cover theft, loss, malfunctions, and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
SNS Research estimates that the global mobile phone insurance market is expected to account for $20.5 Billion in revenue by the end of 2017. The market is further expected to grow at a CAGR of approximately 10% over the next three years, eventually accounting for more than $27 Billion in revenue by the end of 2020.
The “Mobile Phone Insurance Ecosystem: 2017 – 2030 – Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of the mobile phone insurance ecosystem including market drivers, challenges, opportunities, value chain, future roadmap, case studies, ecosystem player profiles and strategies. The report also presents market size forecasts from 2017 through to 2030. The forecasts are segmented for 3 sales channels, 5 regions, and 25 countries.
The key findings of the report include:
- SNS Research estimates that the global mobile phone insurance market is expected to account for $20.5 Billion in revenue by the end of 2017. The market is further expected to grow at a CAGR of approximately 10% over the next three years, eventually accounting for more than $27 Billion in revenue by the end of 2020.
- In an effort to boost the uptake of their mobile phone insurance plans, mobile operators and insurance providers have extensively enhanced their offerings with a number of differentiating features such as multi-device coverage, integrated device security apps, prioritized technical support, door-to-door repair services and secure data storage for photos and videos.
- To accelerate the adoption of mobile phone insurance in developing markets, mobile operators are experimenting with an array of strategies ranging from complimentary insurance schemes to bundling insurance with inexpensively priced mobile security offerings.
- Many smartphone OEMs – including Apple, Samsung, HTC, Acer, Motorola Mobility and Xiaomi – already offer their own branded protection plans across multiple countries, and others are expected to follow suit. By the end of 2020, OEM branded plans will account for a market worth nearly $4.5 Billion.
The research publication will be of value to current and future potential investors into the mobile phone insurance sector, as well as mobile operators, device OEMs and insurance providers who wish to broaden their knowledge of the ecosystem.
For further information concerning the SNS Research report “The Mobile Phone Insurance Ecosystem: 2017 – 2030 – Opportunities, Challenges, Strategies & Forecasts” please visit: https://www.snstelecom.com/mobilephoneinsurance
For a sample please contact:
Email: info@snstelecom.com
Notes for Editors
If interested in a more detailed overview of this report, please send an e-mail to info@snstelecom.com
Photo Caption:
Distribution of Mobile Phone Insurance Revenue, by Sales Channel: 2017 (%)
About SNS Telecom & IT
Part of the SNS Worldwide group, SNS Telecom & IT is a global market intelligence and consulting firm with a primary focus on the telecommunications and information technology industries. Developed by in-house subject matter experts, our market intelligence and research reports provide unique insights on both established and emerging technologies. Our areas of coverage include but are not limited to wireless networks, 5G, LTE, SDN (Software Defined Networking), NFV (Network Functions Virtualization), IoT (Internet of Things), critical communications, big data, smart cities, smart homes, consumer electronics, wearable technologies, and vertical applications.
