Mobile phone insurance: Key market research findings
- The Americas dominates the market geographically
- Collaborations between mobile phone OEMs and insurance regulators spurs market growth
- Key vendors – Asurion, Aviva, iQmetrix, NTT DOCOMO, and ProtectCELL
Technavio’s market research analysts predict the global mobile phone insurance market to grow at a CAGR of almost 11% between 2016 and 2020. The growth of this market is augmented by the grouping of mobile phone OEMs with local insurance regulators. Vendors in the market are bringing enhancements in insurance offerings with data protection, recovery features, and integrated technical support during the forecast period. Mobile phone OEMs are expected to expand their distribution channels by working with local insurance players in the region. By 2020, the Americas will account for more than 60% of the overall market share and will dominate the mobile phone insurance market globally. The increase in the value of smartphones is expected to spur an increase in the demand for mobile phone insurance, leading to the growth of the market in the Americas.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The availability of policies that cover mobile phone technology fraud is spurring an increase in the sales of mobile phone insurance. Mobile wallets are bridging the gap between retail environments and m-commerce markets. The rise in mobile Internet users is driving top vendors to provide a range of innovative payments, loyalty, and insight services such as mobile loyalty and digital wallets. Vendors help clients to maximize opportunities by enabling different smartphone brands to deliver mobile engagement strategies,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
Mobile phone insurance companies are focusing on creating a favorable environment so as to improve profitability. Many vendors in the market are enforcing professional and disciplined underwriting practices to ensure healthy growth in emerging as well as developed markets. Such initiatives ensure that companies operate on a sustainable basis. Furthermore, the emergence of virtual networks, multichannel interaction, and direct-to-consumer insurance is also expected to support the value chain system of the insurance business.
The key vendors in the mobile phone insurance market include Asurion, Aviva, iQmetrix, NTT DOCOMO, and ProtectCELL. The market is characterized by the presence of a number of mobile phone insurance distributors such as mobile phone insurance companies, retailers, MNOs (including mobile virtual network operator (MVNOs)), and manufacturers of mobile gadgets. The forecast period will witness the leading mobile companies forming partnerships with mobile insurance market ecosystem stakeholders. The leading vendors will also try to alleviate customers’ security and digital privacy concerns by providing the best coverage policies.
A more detailed analysis is available in the Technavio report, Global Mobile Phone Insurance Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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