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Europe Mobile Insurance Market Outlook 2016-2023 by Future Challenges and Growth Opportunities

01-14-2020 01:48 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Kenneth Research

Europe Mobile Insurance Market Outlook 2016-2023, Registering a CAGR of 12.5% During Forecast Period

Europe Mobile Insurance Market Outlook 2016-2023, Registering a CAGR of 12.5% During Forecast Period

The rising number of the mobile subscribers and the growth in the number of the customers purchasing the expensive mobile phones has led to the growth in the mobile insurance market. The mobile insurance refers to the protection from various risks including the risks from theft, malfunction and damage. Further, with the rising penetration of internet the customers are also purchasing the mobile phones through the internet.

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As a result, various companies such as Amazon US and Google have started providing mobile insurance along with the purchase of the mobile, especially the smartphones. The growth is driven by the increasing reliance on the smartphones and tablets for the business use. Further, the growth is driven by the feeling of security among the customers that is the accidental damage will be compensated if they have opted for the insurance policy. Another driving force behind the growth of the mobile insurance market is the flexibility allowed to the customers while opting for the plan.

Market Size and Forecast

However, with the growth of the Europe mobile market, there are some challenges too. The new entrants in the market will shake the other players prevailing in the market. Further, there might be cut in the costs as the existing players will try to retain themselves in the competitive landscape and try to block the entry of the new entrants. Europe mobile phone insurance market was valued at $10.2 billion in revenue in 2016 and expected to expand at a CAGR of 12.5% during 2016-2023.

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The growth of the market will be fueled by the major players operating in the competitive environment that will provide a range of innovative payments, loyalty and services such as the digital wallets. Likewise, the top players operating in the market will try to provide engagement services to the customers by creating opportunities through employment of the different smartphone brands. Moreover, sense of being protected from the various risks will increase the market size of the global insurance market. Also the internet penetration through the use of the mobile wallets will help to bridge the gap between retail environment and e-commerce market. As a result, the different vendors will be attracted to the market leading to growth of the insurance market.

Leading Key Players of Global Market:

Insurance2go, Better Buy Insurance, Tinhat, Row, Love it Cover it, Protect your Bubble, Gadget Cover, Switched on Insurance, O2 Mobile Insurance, Swisscom, Salt, Sunrise and other key players.

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Growth Drivers and Challenges

Moreover, the increase in the mobile insurance market will be driven by the innovative coverage policies and schemes. The various value added services provided at the retail stores such as discount provided by the retailers will be offered to the customers as a combination along with providing the mobile insurance. This will led the push in the global mobile insurance market with a positive impact on the Europe mobile insurance market. Further, the mobile insurance market will expand as the OEMs will collaborate with the local insurance markets to cater to the new needs of the market, thus positively creating an impact on the European mobile insurance market. As a result both Eastern and the Western Europe will emerge as the new markets for safeguarding their mobiles from the risks.

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Contact Us

Kenneth Research

Email: Sales@kennethresearch.com

Phone: +1 313 462 0609

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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