The global Mobile Phone Insurance Market size is expected to reach USD 42.6 billion by 2025, registering a CAGR of 12.7% over the forecast period, according to a new study by Grand View Research, Inc. An increasing number of smartphone users is expected to drive the market growth over the forecast period. The market growth can also be ascribed to the growing demand for smartphones that are used for entertainment, education, news, and digital transactions.
Additionally, growing smartphone penetration, as well as mobile applications, is expected to favor the market growth. Convenient claim service is also expected to contribute to the overall market growth over the forecast period. Mobile phone insurance helps avoid expensive replacement costs incurred due to the loss or breakdown of mobile phones. Damages such as physical damage & electronic damage, theft protection, and cyber-threat protection are usually covered under a mobile phone insurance policy. This is anticipated to encourage customers to opt for such insurance policies over the forecast period.
Big data analytics is also playing a pivotal role in driving the market growth. The technology helps flag claims for priority handling or proactively monitor risks to reduce financial losses. Therefore, phone insurance providers are anticipated to widely adopt analytics over the coming years. Furthermore, there is an increase in the purchase of mobile phones through online platforms. This is encouraging e-commerce companies to collaborate with insurance providers. For instance, in October 2018, Flipkart ventured into a partnership with Bajaj Allianz to offer customized insurance solutions and boost Bajaj Allianz mobile phone protection program. Moreover, these collaborations enable the partnered companies to increase their customer base across the globe.
Request a Sample Copy of the Global Mobile Phone Insurance Market Research Report @ https://www.grandviewresearch.com/industry-analysis/mobile-phone-insurance-market/request/rs1
Further key findings from the study suggest:
Have Any Query? Ask Our Experts@ https://www.grandviewresearch.com/inquiry/6546/ibb
Grand View Research has segmented the global mobile phone insurance market on the basis of coverage, phone type, and region:
Mobile Phone Insurance Coverage Outlook (Revenue, USD Billion, 2015 – 2025)
Mobile Phone Insurance Phone Type Outlook (Revenue, USD Billion, 2015 – 2025)
Mobile Phone Insurance Regional Outlook (Revenue, USD Billion, 2015 – 2025)
Browse Related Reports @
Mobile Phone Protective Cover Market – https://www.grandviewresearch.com/industry-analysis/mobile-phone-protective-cover-market
Mobile Accessories Market – https://www.grandviewresearch.com/industry-analysis/mobile-accessories-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/mobile-phone-insurance-market