Mobile insurance entails protection coverage for devices against physical damage, lost or stolen devices, and malfunctions. A mobile phone insurance ecosystem is a network or interconnected systems or an interconnected set of services that allow users to fulfill a variety of needs in one integrated experience, and includes insurance providers and customers. Ecosystem is used by insurers for providing enhanced and timely services to their customers. It also helps customers to check important information conveniently online.
The global Mobile Phone Insurance Ecosystem Market is estimated to value over US$ 23 Bn in 2017, and is projected to register a CAGR of 9.8% in terms of value during forecast period 2017–2026.
Global Mobile Phone Insurance Ecosystem Market Dynamics:
Constantly increasing adoption of smartphones among consumers in countries across the globe is resulting in need to secure devices from damage or theft owing to high cost of devices such as IPhone, Blackberry, Samsung Notes, etc., which in turn is expected to drive growth of the global market. Statistics indicate that out of the world’s total population of 7.5 billion as of June 2017, the number of smartphone users has grown to 5.035 billion, with the latest billion users being added in just the last four years.
Analysis by Insurance Type:
Insurance plans are available from deviceOEMs, retailers, banks etc., for covering physical damage, theft & loss, electrical and mechanical damage, data protection, data back-up, and unauthorized calls & usage, accessories, etc.
Analysis by Region:
The market in the US accounted for highest revenue share in the global mobile phone insurance ecosystem market in 2016, and is expected to continue its dominance over the forecast period. The market in Europe accounted for second-largest revenue share in the global mobile phone insurance ecosystem market in 2016. The market in Rest of the World accounted for revenue share of over 4% in the global mobile phone insurance ecosystem market in 2016.
Global Mobile Phone Insurance Ecosystem Market Segmentation:
On the basis of mobile phone insurance ecosystem market type:
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