Increasing Product Customization for Specific Consumer Groups to Mark Development of Global Mobile Phone Insurance Market

MarketResearchReports.biz has announced the addition of a new research report to its extensive market intelligence catalog. The new report, titled ‘The Mobile Phone Insurance Ecosystem: 2016 - 2030 - Opportunities, Challenges, Strategies & Forecasts,’ examines the global landscape of the mobile phone insurance ecosystem and provides a solid analysis of all components of the market. The key players operating in the market are examined in the report to provide readers with actionable insights into the competitive dynamics of the global mobile phone insurance market.

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The ubiquitous use of mobile phones by the modern urban consumer is responsible for the booming demand for mobile phone insurance. In recent years, many retail and banking entities have launched smartphone-based apps, which, in addition to the access to the user’s social media and email accounts, have made smartphones a soft spot regarding the security of the user’s confidential information. While the apps provide enhanced convenience to smartphone users, the risk of confidential data being misused upon losing the phone has led to many users opting for mobile phone insurance.

According to the report, the annual revenue of the global mobile phone insurance market is expected to reach US$20 bn by the end of 2016 and further rise to close to US$30 bn by the end of the decade. This represents a sturdy CAGR of 12% between 2016 and 2020.

Mobile phone insurance is sold mainly by leading wireless carriers, smartphone device manufacturers and retailers, and even banks and conventional insurance companies, who have caught on to the potential of the burgeoning mobile phone insurance market. The involvement of the conventional insurance sector bodes well for the global mobile phone insurance ecosystem, as BFSI entities already have experienced personnel and the widespread reach required to make the most of the rising demand for mobile phone insurance across the world.

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Product innovation to suit the needs of particular demographics is the key strategy for the mobile phone insurance industry in the coming years. Social insurance for groups rather than individuals is gaining demand in many countries, while many mobile phone OEMs have come up with region-specific insurance schemes providing a range of services at prices set in accordance with the region’s economic environment.

This is likely to have a favorable impact on the global mobile phone insurance market in the coming years. The concept of mobile phone insurance is still quite novel in emerging regions such as Southeast Asia and Latin America, which has led to relatively lower demand than in developed countries. The increasing development of region-specific mobile phone insurance schemes is thus likely to remain a key driver for the global market in the coming years.

Geographically, the report segments the global mobile phone insurance market into Asia Pacific, North America, Latin and Central America, the Middle East and Africa, and Europe. Furthermore, the report examines the national markets for mobile phone insurance in Australia, India, China, Taiwan, South Korea, Brazil, Colombia, the U.S., the U.K., Germany, Spain, Poland, Russia, South Africa, Italy, Japan, and others.

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