The global mobile phone insurance ecosystem market is estimated to value over US$ 23 Bn in 2017, and is projected to register a CAGR of 9.8% in terms of value during forecast period 2017–2026. The first five-year cumulative revenue (2017–2021) of the global mobile phone insurance ecosystem market is projected to be over US$ 130 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period.
Increasing smartphone penetration globally and the need to secure phones from any kind of damage or theft/stolen or lost is a key factor expected to drive growth of the global mobile phone insurance ecosystem market. In addition, increasing Bring Your Own Device (BYOD) policy is another major factor expected to drive growth of the global mobile phone insurance ecosystem market.
The global mobile phone insurance ecosystem market is segmented on the basis of insurance type, and country/region.
On the basis of insurance type, the global market is segmented into physical damage, theft & loss, and others. Others segment include mechanical damage, data protection, unauthorized call protection, accessories protection, overseas/worldwide cover. The theft & loss insurance type segment is expected to contribute largest share in terms of revenue in the global mobile phone insurance ecosystem market, owing to increasing incidence of theft & loss across the globe.
The theft & loss segment in the global mobile phone insurance ecosystem market is estimated to account for majority revenue of US$ 11,103 Mn in 2017.
On the basis of country/region, the global market is segmented into US, Europe, China, Japan, India, Southeast Asia, and Rest of the World. The market in US is estimated to dominate the global market in terms of revenue in 2018, owing to availability of insurance plans offered by major cell phone carriers, various domestic companies, retailers, and even banks in this country.
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The US market has been anticipated to account for revenue of US$ 8,953.9 Mn in 2017, and is expected to register a lucrative CAGR during the forecast period, owing to rising costs of mobile phones and increasing cases of theft of smartphones in the country.
The market in Europe is estimated to follow the US market in terms of revenue contribution, owing to increasing trend of mobile insurance in countries in the region. The market in Europe is projected to register highest CAGR in terms of revenue over the forecast period.
Key players operating in the global mobile phone insurance ecosystem market include AT&T Inc., Hong Leong Group, BlackBerry Limited, Asurion, LLC, Pier Insurance, Brightstar Device, Protection LLC., Best Buy Co., Inc., Apple Inc., American International Group, Inc., Chubb Limited, and Safeware.