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Mobile Phone Insurance Market: Overview

The mobile phone insurance market is anticipated to witness steady growth during the forecast period of 2021-2031. The incidents of accidental damage, virus infection, phone theft, malfunctions, etc have increased phenomenally over the years. This factor will bring tremendous growth prospects for the mobile phone insurance market.

A smartphone, today, is not a privilege anymore. It has become a necessity. With deep penetration of the internet in everyday life of the global populace and the growing need for smartphones, the demand for mobile phone insurance is estimated to increase. According to Pew Research, 85% of the individuals in the U.S. own a smartphone. The same survey conducted in 2011 found out that only 35% owned a smartphone. The jump in smartphone ownership by nearly 50% shows the expanding influence of the smartphone. Thus, these factors offer considerable growth opportunities for the mobile phone insurance market.

Mobile phone insurance is a type of insurance policy that offers coverage for replacement and repair costs of numerous smartphone brands. The insurance is offered by third-party providers at an extra cost over the purchase price of a product. Along with new phones, mobile phone insurance also includes refurbished phones. Mobile phone insurance covers theft and loss protection, virus and data protection, physical damage, internal component failure, etc. On the basis of phone type, the mobile phone insurance market can be segmented into budget phones, mid and high-end phones, and premium smartphones.

Smartphones and mobile phones are highly prone to damages, be it technical or physical. This aspect increases the demand for mobile phone insurance to a considerable extent as a policy ensures full reimbursement of the product damage. Thus, these factors prove to be growth generators for the mobile phone insurance market.

The research conducted on the global market for mobile phone insurance by Transparency Market Research (TMR) is a treasure of information for the stakeholders and CXOs. All the information has been compiled systematically in a report which provides valuable insights to the stakeholders about the recent trends, competitive landscape, regional aspects, and many other touch points that describe the growth trajectory of the mobile phone insurance market. The COVID-19 impact has also been included in the report.

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What is the Competitive Landscape of Mobile Phone Insurance Market?

The mobile phone insurance market has numerous players in the fray for acquiring a good consumer base. Strategic collaborations play a crucial role in improving the overall growth of the mobile phone insurance market. The players in the mobile phone insurance market collaborate with telecommunication operators for expanding their influence across different regions. Furthermore, collaborations with e-commerce operators also prove to be fruitful as many consumers purchase smartphones from these platforms.

Some well-established players in the mobile phone insurance market are AmTrust Financial, American International Group, Inc., Taurus Insurance Services Limited, Brightstar Corp., and Assurant, Inc.

What are Key Trends in Mobile Phone Insurance Market?

Decreasing Costs of Mid-Range Smartphones

Manufacturers in the smartphone industry are targeting the middle-income population for increasing their revenues. They are developing cost-effective smartphones that appeal more to the individuals having middle income. Thus, the rising demand for these smartphones will automatically increase the growth rate of the mobile phone insurance market too.

Growing Incidences of Smartphone Theft

Smartphone theft has become a common phenomenon around the world. The rising cases of smartphone theft are urging many individuals to equip with mobile phone insurance policies. These policies protect the smartphone from the damage caused due to smartphone theft  Thus, these factors help in boosting the demand for mobile phone insurance policies. 

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What are Regional Dimensions of Mobile Phone Insurance Market?

North America’s mobile phone insurance market is prognosticated to observe a dominating stance between 2021 and 2031. The presence of numerous mobile phone insurance providers will bring considerable growth opportunities. Furthermore, the rising smartphone usage will also prove to be a boon.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Mobile Phone Insurance Market