“The Global Mobile Phone Insurance Market has seen various technological advancements in the past couple of years and is foreseen to turn out to be a lot further in the midst of the figure time allotment 2019-2025. The study presents a detailed assessment of the Mobile Phone Insurance showcase and contains historical and present growth factors. Additionally, the report comprises current growth factors, industry specialists opinions, convictions, chronicled data, and reinforced and industry affirmed advertise data.
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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 experiencing an intense growth with regards to the innovations and up gradations of policies and schemes being carried out by the market players and procurement of insurance policies for future in the current scenario. The mobile phone insurance market for consists of some well-established players across the globe, which invest huge amounts in order to deliver the most enhanced insurance solutions to the customers. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers and others. These market participants enhance their schemes as per the requirements of the customers.
The key trend which will predominantly affect the mobile phone insurance market in the coming year is increased convenience over the claiming procedures. The terms and conditions of the insurance market are sometimes very critical which pushes the customers to fail to recall the claiming procedures altogether. Various sellers offer set coverage and premium amount regardless of the smartphone or coverage required. On the contrary, several sellers have different premium amounts for different coverage needed by the customers. At times, the coverage, and the premium amount differs according to the device i.e. iOS managed phone or Android-based phones. This causes more uncertainty among the customers in the adoption of mobile insurance. This factor possesses a significant opportunity for the insurers to simplify their terms and conditions and cover maximum possible insurance policies under one premium amount.
The global mobile phone insurance market is categorized on basis of different types of coverage as physical damage, electronic damage, virus protection and theft protection. The coverage offered by the companies are significantly attractive, depending upon the requirements of the customers. The physical damage protection is the most prominent damage protection plan insured by maximum customers, due to the fact that physical damage occurs unknowingly. Theft protection plans are also prominent among the population as the incidents of smartphone theft is gradually increasing in the current scenario. On the other hand, technological problems also lead the customers to invest huge amounts in repairing the device. Similar is the scenario with virus infections. Pertaining to the potential threats associated with smartphones is increasing the interests among the customers to ensure their devices. This factor is bolstering the demand for various insurance coverage offered by different companies in the mobile phone insurance market.
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The overall mobile phone insurance market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, the primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include mobile phone insurance market industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the mobile phone market industry.
Global Mobile Phone Insurance Market report can help you to:
Utilize information to drive your business decisions
Recognize changes in demand
Mitigate risk in your business decisions
Understand your customers and their preferences
Identify competitors and Monitor the competition in your market
Get information on how your competitors operate
Find the best business location
Identify opportunities to grow and increase profits
Offer new products or services for the new demand
Find new markets within and outside of your country
Recognize and plan for industry and economic shifts-techzim