According to PersistenceMarketResearch, the global mobile handset protection market will witness a CAGR of over 12% between 2020 and 2030.
Mobile handsets have turned out to be an indispensable part of people’s daily lives. Penetration as well as proliferation of smartphones is asking for proper security methods, so as to mitigate damage, theft, and misuse of these mobile devices. As such, on malfunctioning of the handsets, mobile protection program is mandated, which would, in turn, ascertain that people get their mobile handsets back within no time. This is backed by the ongoing trend of BYOD (bring-your-own-device).
Also, there are cost advantages in having mobile handset protection in place of buying replacement devices. This factor is also there to bolster the mobile handset protection market going forward. By type, it says monthly fee, one time fee, and billed by carrier/OEM. The application area includes direct-to-customer services, mobile device OEM, mobile operator/carrier, and retailers.
By geography, North America and Europe are already upfront regarding mobile handset protection. Recently, the Asia-Pacific has been witnessing an upswing herein as mobile penetration has been increasing at a skyrocketing rate in the Asia-Pacific. LATAM and MEA are also catching up, especially after MTN flourishing in Nigeria.
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Additionally, people prefer mobile insurance cover. The developing countries are especially opting for this coverage. It is a known fact that mobiles, apart from becoming costlier, are gaining in fragility index. Generally, mobile phones are followed by a year limited warranty, which covers manufacturing defects and hardware malfunctions. Accidental damage (inclusive of damage due to water and cracked screens), or any damage due to 3rd-party component. This is where mobile insurance cover comes in to picture.
The key market participants include T-Mobile, Verizon Wireless, Squaretrade, CAN Financial Corp., Asurion LLC, American International Group Inc., Liberty Mutual, Walmart, and Apple Inc.
