LONDON, Feb. 9, 2017 /PRNewswire/ -- 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 wireless carriers, 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 nearly $20 Billion in revenue by the end of 2016. The market is further expected to grow at a CAGR of approximately 12% over the next four years, eventually accounting for over $30 Billion in revenue by the end of 2020.
The "Mobile Phone Insurance Ecosystem: 2016 – 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 2016 through to 2030. The forecasts are segmented for 5 regional and 25 country level markets.
The report comes with an associated Excel datasheet suite covering quantitative data from all numeric forecasts presented in the report.
The report covers the following topics:
- Mobile phone insurance ecosystem
- Market drivers and barriers
- Insurance policy structure, distribution channels and key trends
- Case studies of mobile phone insurance initiatives
- Industry roadmap and value chain
- Profiles and strategies of over 40 leading ecosystem players
- Strategic recommendations for ecosystem players
- Market analysis and forecasts from 2016 till 2030
Market forecasts are provided for the following regional and country level submarkets:
- Asia Pacific
- Latin & Central America
- Middle East & Africa
- North America
Country Level Segmentation
- Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Hong Kong, India, Israel, Italy, Japan, Mexico, Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Taiwan, UK & USA
Key Questions Answered
The report provides answers to the following key questions:
- How big is the mobile phone insurance opportunity?
- What trends, challenges and barriers are influencing its growth?
- How is the ecosystem evolving by region?
- What will the market size be in 2020 and at what rate will it grow?
- Which countries will see the highest percentage of growth?
- Who are the key market players and what are their strategies?
- What risks are typically covered in mobile phone insurance offerings?
- How can insurance plans help wireless carriers in reducing churn?
- What strategies should wireless carriers, device OEMs and insurance providers adopt to remain competitive?
The report has the following key findings:
- SNS Research estimates that the global mobile phone insurance market is expected to account for nearly $20 Billion in revenue by the end of 2016.
- The market is further expected to grow at a CAGR of approximately 12% over the next four years, eventually accounting for over $30 Billion in revenue by the end of 2020.
- In an effort to boost the uptake of mobile phone insurance, wireless carriers and insurance providers have extensively enhanced their insurance offerings with the addition of location tracking, data protection/recovery features and integrated technical support.
- The success of mobile phone insurance plans has driven several wireless carriers, such as NTT DoCoMo and Orange, to invest in the sales of other insurance products through mobile phones and their retail outlets.
- New insurance models are also beginning to emerge, such as London-based So-Sure's social insurance for mobile phones, which allows customers to get up to 80% of their money back, if they and their friends don't claim.
- Device OEMs are beginning to invest in tailored plans to suit the specific requirements of certain regional markets. A good example is Xiaomi's Mi Protect plan in India, which covers accidental and liquid damage, for as little as $7 per year.
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