Mobile Phone Insurance Ecosystem Market Trend, Share, Growth, Size and Forecast 2030

Mobile Phone Insurance Ecosystem Industry Perspective:

Mobile phone insurance ecosystems allow consumers with integrated knowledge to fulfil a variety of demands and provide insurance and customer services.

The global mobile phone insurance ecosystem market size is set for rapid growth over the forecast period. In terms of revenue, the global mobile phone insurance ecosystem market accounted for USD 26.7 billion in 2022 and is expected to reach USD 91.56 billion by 2030, growing at a CAGR of 12.54% during the forecast period. The market report offers remarkable insights into the essential drivers, opportunities, constraints, and challenges impacting the global mobile phone insurance ecosystem industry.

Request Free Sample

Mobile Phone Insurance Ecosystem Market: Overview

Mobile insurance has become an important part just like having a smartphone these days. People rely on it for various purposes such as communication, business work, etc. Therefore, damage or loss of these devices would lead to a major issue. In such a scenario, it is necessary to opt for financial assistance in the event of unintended damage or theft of the handset.

Mobile phone insurance ecosystem is a network or interconnected infrastructure or system that allows consumers with integrated expertise to meet a range of needs and to provide insurance and customer services. Insurers use the ecosystem to offer improved and timely coverage to their customers. It also lets consumers check essential details on the internet.

Key Insights

• As per the analysis shared by our research analyst, the global mobile phone insurance ecosystem market is expected to grow annually at a promising CAGR of around 12.54% during the forecast period 2023-2030.
• In terms of revenue, the global mobile phone insurance ecosystem market size was valued at around for USD 26.7 billion in 2022 and is expected to reach USD 91.56 billion by 2030.
• The increasing prevalence of smartphones and the growing dependence on mobile devices for communication, entertainment, and business purposes is driving the demand for mobile phone insurance ecosystem market.
• Based on type, the accidental segment held the largest market share in 2022.
• Based on sales channel, the direct channel segment held the dominating market share in 2022.
• Based on region, the North America region held the largest market share in 2022.

Request Free Sample

Mobile Phone Insurance Ecosystem Market: Growth Factors

Rise in standard of living and growing dependence on mobile devices among people drive the growth of the industry

The global mobile phone insurance ecosystem market is being driven by a number of factors. Firstly, the increasing prevalence of smartphones and the growing dependence on mobile devices for communication, entertainment, and business purposes is driving the demand for mobile phone insurance. Secondly, rising instances of device theft, damage, and loss, coupled with the high cost of repairing or replacing mobile devices, is boosting the demand for mobile phone insurance.

Additionally, the increasing awareness of the benefits of mobile phone insurance and the availability of affordable & customized insurance plans are further driving market growth. Moreover, the rising trend of device bundling and leasing, which provides device protection as a part of the package, is expected to increase the adoption of mobile phone insurance.

Mobile Phone Insurance Ecosystem Market: Opportunities

Growing popularity of e-commerce platforms and surge in demand for personalized insurance plans create ample opportunities

The mobile phone insurance ecosystem industry presents several opportunities for market players. Firstly, the growing trend of online purchases and the increasing number of e-commerce platforms are providing a convenient and cost-effective channel for distributing mobile phone insurance policies. Secondly, the increasing adoption of Internet of Things (IoT) and wearable devices is creating new opportunities for mobile phone insurance, as these devices are susceptible to damage and loss.

Additionally, the increasing demand for personalized insurance plans, such as pay-as-you-go and usage-based insurance, is expected to drive market growth.

Moreover, the emergence of new technologies, such as blockchain and artificial intelligence, is expected to transform the mobile phone insurance ecosystem and create new opportunities for innovation and growth.

Mobile Phone Insurance Ecosystem Market: Restraints

Lack of transparency in coverages might hinder the growth of the market to some extent

One of the major restraints for the mobile phone insurance ecosystem market is the high cost of premiums, which can deter customers from purchasing insurance.

Additionally, the complexity of insurance policies and lack of transparency in coverage can also be a challenge, leading to lower adoption rates.

Mobile Phone Insurance Ecosystem Market: Challenges

Presence of fraudulent claims and persistent regulatory compliances might act as a challenge for the market

One of the biggest challenges facing the mobile phone insurance ecosystem industry is the prevalence of fraudulent claims, which can lead to financial losses for insurers. Other challenges include the need for streamlined and efficient claims processing systems, as well as increased competition from third-party insurance providers and mobile phone manufacturers offering their own insurance plans.

Other challenges include the need for enhanced cybersecurity measures to protect customer data, as well as the need for customer education to increase awareness of the benefits of mobile phone insurance. Finally, regulatory compliance and evolving legal frameworks can also be a challenge for companies operating in the market.

Mobile Phone Insurance Ecosystem Market: Segmentation

The global mobile phone insurance ecosystem market is segmented based on type, sales channel, and region.

Based on type, the market is segmented into Accidental, Electrical/Mechanical Breakdown, Theft or Loss, and others. The accidental segment of the mobile phone insurance ecosystem market is expected to witness significant growth in the coming years, driven by the increasing risk of accidents and damage to mobile devices. Accidental damage can occur due to various reasons such as drops, spills, and collisions, and can result in costly repairs or replacements for the device owner.

As a result, more consumers are opting for mobile phone insurance plans that cover accidental damage. Insurance providers are offering a range of accidental coverage options, including full accidental damage coverage and accidental damage with deductibles. The growing demand for accidental coverage, coupled with the increasing prevalence of smartphones, is expected to drive growth in the accidental segment of the market.

Based on sales channel, the mobile phone insurance ecosystem industry is bifurcated into direct channel and indirect channel. The direct channel segment held the dominating market share in 2022 and is further projected to grow rapidly during the forecast period. Direct channels refer to the sale of insurance policies directly to customers through channels such as websites, mobile applications, or call centers.

This channel allows for greater control over the customer experience and offers a more personalized approach to insurance sales. It also allows insurance providers to collect valuable customer data and insights for targeted marketing and product development. The growing demand for mobile phone insurance, coupled with advancements in digital technologies and changing consumer behaviors, is expected to drive growth in the direct channel segment of the mobile phone insurance ecosystem market in the coming years.

Recent Developments

• In March 2021, SquareTrade launched a new mobile phone insurance product that offers coverage for lost or stolen devices, in addition to the standard protection against accidental damage. The product, called "Lost and Stolen Protection," is available to both new and existing SquareTrade customers and provides up to $1,000 in coverage for lost or stolen devices. This move is aimed at addressing the growing concern among smartphone users about the risk of theft and loss, and offers an additional layer of protection for customers.
• In October 2021, Assurant announced the acquisition of HYLA Mobile, a leading provider of mobile device trade-in and reuse solutions. This acquisition is expected to enhance Assurant's position in the mobile phone insurance ecosystem market by providing a more comprehensive suite of solutions to customers. HYLA Mobile's expertise in device trade-in and refurbishment will allow Assurant to offer more sustainable and cost-effective solutions to customers, while also reducing waste and supporting the circular economy.
• In September 2021, Apple introduced a new AppleCare+ plan for iPhone that offers coverage for up to five years, the longest coverage period available in the market. The plan covers accidental damage, including up to two incidents of theft or loss per year, and includes 24/7 priority access to Apple support. The move is aimed at increasing customer loyalty and retention, as well as addressing the growing demand for longer-term coverage and protection for mobile devices. The plan is available to customers who purchase a new iPhone, or within 60 days of their iPhone purchase.

Mobile Phone Insurance Ecosystem Market: Report Scope

Mobile Phone Insurance Ecosystem Market: Regional Analysis

North America region to dominate the global market during the forecast period

Based on region, the North America region held the largest mobile phone insurance ecosystem market share in 2022 and is further anticipated to grow exponentially during the forecast period. The region is home to a large and growing number of smartphone users, who are increasingly seeking protection and coverage for their devices against theft, loss, damage, and other risks.

Insurance providers in North America are offering a wide range of mobile phone insurance plans with varying levels of coverage, deductibles, and premiums to meet the needs and preferences of customers. The adoption of advanced technologies such as machine learning and artificial intelligence for improved risk assessment and fraud detection is also expected to drive growth in the region.

Furthermore, the growing demand for mobile phone insurance among business users and the emergence of new distribution channels, such as e-commerce and mobile applications, are likely to further fuel growth in the North America mobile phone insurance ecosystem market.

Mobile Phone Insurance Ecosystem Market: Competitive Players

The major players in the global mobile phone insurance ecosystem market include:

• Apple Inc.
• AmTrust International
• Allianz
• Aviva
• Asurion
• ASSURANT INC.
• American International Group Inc.
• BlackBerry
• Brightstar Corp.
• Microsoft Corporation
• GoCare Warranty Group
• IAG (Insurance Australia Group)
• Geek Squad
• Xiaomi
• Symantec Corporation
• Sony Mobile Communications
• Samsung Electronics
• LG Electronics among others.

The global mobile phone insurance ecosystem market report is segmented based on:

By Type

• Accidental
• Electrical/Mechanical Breakdown
• Theft Or Loss
• Others

By Sales Channel

• Direct Channel
• Indirect Channel

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of The Middle East & Africa