The market is further expected to grow at a CAGR of nearly 10% over the next five years, eventually accounting for over $48 billion in revenue by the end of 2020.
According to the report, “The Mobile Phone Insurance Ecosystem: 2015 – 2020 – Opportunities, Challenges, Strategies & Forecasts” the market expansion for mobile phone insurance holds promises for current and future potential investors into the mobile phone insurance sector, as well as wireless carriers, device OEMs and insurance providers.
The research estimates that the global mobile phone insurance market is expected for account for nearly $31 billion in revenue by the end of 2015. The market is further expected to grow at a CAGR of nearly 10% over the next five years, eventually accounting for over$48 Billion in revenue by the end of 2020.
“Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance have become an unavoidable and often necessary cost in modern life. Mobile phones, and smartphones in particular are no exception to this trend”, according to authors of the report.
There is renewed interest in the sector because “most major wireless carriers, insurance specialists, device OEMs, retailers and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.”