(I-BusinessNews.Com, May 15, 2019 ) The mobile phone insurance market is US$ 16,962.7 Mn in 2017 and is estimated to reach US$ 43,448 Mn by 2025.
The global mobile phone insurance market is a highly fragmented and evolving market worldwide. Leading players in the mobile phone insurance market capture merely ~50% of the market, whereas rest of the mobile phone insurance market is occupied by region players including mobile operators, retailer’s operating in that region. The mobile phone insurance market operates in a highly-competitive marketplace. As leading companies in mobile phone insurance market continues to broaden their addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players faces an increasing level of competition, both from start-ups as well the leading global technology and industrial companies in the world.
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Companies profiled in this report includes, Blackberry Limited, American International Group, Inc., Assurant, Inc., Asurion, LLC, Pier Insurance, Brightstar Corp, AT&T Inc., Trov, Vodafone, and Three among others.
Various companies in the value chain are acquiring other local players and operating through joint ventures with retailers in the market to maintain their position in market and provide efficient solutions to its customers. Also, due to the moderate entry barrier to the industry, tier-2, and tier-2 companies are entering the mobile phone insurance market to compete with existing players. Key service providers in the mobile phone insurance market industry are based in North America and Europe region. However, the market is penetrating at the high growth rate in APAC and MEA region in especially in countries such as Philippines, Indonesia, and Kenya among others.
While smartphone penetration in the developed regions such as U.S. and European markets comprises big chunk of the market, on contrary the developing nations across the globe are still in emerging stage. Competitive pricing and refurbished mobile phone market will be leading trend to drive the mobile device insurance adoption in near future. However, the trend may vary as per customer willingness and mobile phone penetration from region to region. Statistics says global secondhand and refurbished mobile phone market was approx. US$ 17 Bn in 2016 with the growth of 50% year-on-year. This will bring new prospects for the mobile insurance market. Besides, data and virus protection are another lucrative business segment which is propelling the market in the forward direction. Mobile user these days apart from physical insurance plans is looking for virus and data protection plan as well. This unlocks new growth opportunities as bundled protection plans, offering full protection to mobile phones.
The Asia Pacific region ranks third among the smartphone users across the globe. The number of smartphone users is constantly increasing in the region, owing to the benefits of the device among the users. As the penetration of smartphones is increasing rapidly, the number of network providers or operators are also increasing simultaneously. As of FY2016, Asia Pacific had 2.6 Billion activated SIM cards through various network carriers and the number is growing at an exponential rate over the years. Pertaining to the increase in smartphone users as well as increase in number of SIM card activation in Asia Pacific region, and the positively growing trend of mobile phone insurance through network operators in developed countries, various network providers operating in Asia Pacific region are introducing their insurance plans to secure the smartphones and increase their income year on year. The introduction of these insurance schemes is increasing awareness among the population-based in Asia Pacific region related to mobile phone insurance. In addition, the network providers are also undertaking initiatives to reduce the insurance plan costs, which is attracting the customers, thereby leading the mobile phone insurance market to propel in the region.
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The Insight Partners
Sameer Joshi
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sam@theinsightpartners.com
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