The report presents an overview of the ecosystem and its projected state of expansion over the period between 2017 and 2030. The report states that the market will represent a revenue opportunity of nearly $20.5 bn by the end of 2017. The market is projected to exhibit an impressive CAGR of 10% over the course of the next three years, reaching a revenue valuation of over $27 bn by 2020.
Owing to the increased ownership of costly cars, consumer electronic products, and household goods in the past few years, insurance has become an inevitable and an important part of finances in the modern lives. Mobile phones and smartphones in particular are also not an exception to this trend.
A large number of mobile operators, device manufacturers, retailers, insurance companies, and even banks are increasingly offering insurance plants covering aspects such as mobile phone loss, theft, damage, and malfunctioning. A number of insurance policies have also emerged in the recent years that club together additional protection facilities such as data backup with enhanced or even prolonged technical support to garner attention from consumers.
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The report covers the market in great details, providing an in-depth analysis of the global mobile phone ecosystem and presents an assessment of factors such as growth drivers, hindrances, growth opportunities, some important case studies, value chain, and the vendor landscape of the market. The report segments the market on the basis of sales channels, geographical regions, and countries.
On the basis of sales channels, the global mobile phone insurance market has been segmented into device OEMs, mobile operators, and retailers. On the basis of geography, the market has been segmented into regional markets such as Europe, Asia Pacific, Latin and Central America, North America, and Middle East and Africa. The market for mobile phone insurance has also been analyzed in detailed for 25 countries across these regions. Detailed business profiles and strategies of 80 leading companies operating in the global mobile phone insurance market are also included in the report.
As the competition in the market intensifies, leading vendors are focusing on ways to entice consumers. Chief ways adopted by vendors to expand their consumer-base include the introduction of plans with differentiating features such as door to door services, prioritized technical help, coverage for multiple devices, and secured data storage options for personal stuff.
To expand business in developing economies, companies are focusing innovative strategies such as complementary insurance and insurance bundled with economical phones. Several leading smartphone manufacturers such as Samsung, HTC, Apple, Motorola Mobility, and Xiomi have already begun offering their protection plans in a number of countries and several new players are expected to join the bandwagon in the near future. The report states that insurance plans by OEMs will account for a significant share of the global mobile insurance market over the report’s forecast period, accounting for a revenue share of nearly $4.5 bn in the global market by 2020.
With the detailed data concerning all crucial aspects of the global mobile phone insurance market, the report works as a repository capable of answering a vast variety of questions related to what is working in the market at present and what would work in the near future.
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