The mobile Insurance Ecosystem Market isnpredicted to expand and grow at a CAGR of 8.9% from 2019-2028. The market is anticipated to grow exponentially thanks to the recent progression of technology. The market is majorly driven by a rise within the demand for the products. The prominent factors driving the market are suffering from the outbreak of the coronavirus pandemic. The lockdown situation and therefore the subsequent social distancing have impacted the industry on a worldwide level. The market is predicted to witness a slow rate of growth over the forecast period as demand for the products has seen a decline thanks to social restrictions worldwide.

Top Driver: Increasing investment in mobile phones will drive the market growth

Driving the expansion of the worldwide mobile insurance ecosystem market are the rising number of smartphones users and increasing incidences of phone thefts, accidental damage, device malfunction, and loss of the device. Additionally, phones are susceptible to physical and technical damage, and therefore the growing cost of smartphones is driving the necessity to choose phone insurance policies. However, the high cost of mobile insurance and unclear terms and conditions are major factors expected to hamper the expansion of the mobile insurance ecosystem market globally to a particular extent. An increasing number of smartphone users and increasing occurrences of phone thefts, electrical and mechanical breakdown, device malfunction and loss are key factors driving growth for the mobile phone insurance ecosystem market. Due to rising mobile phone prices, however, consumers are less inclined to opt for insurance policies and this factor is expected to hamper the market growth to some extent.

Theft & loss insurance type segment to Make Crucial Contribution for Growth of Mobile Insurance Ecosystem

Theft & loss insurance type segment has been estimated to account for highest market share in 2019 and is predicted to continue its dominance during the forecast period, due to an increased incidence of theft of devices, clubbed with a growing introduction of high-cost mobile devices within the market.

Physical damage insurance segment has been estimated to account for second-highest market share in 2019. The physical damage insurance type segment within the global mobile insurance ecosystem market is predicted to register second-highest CAGR in terms of revenue contribution during the forecast period.

  North America dominated to witness fastest growth in Mobile Insurance Ecosystem

North America is dominating the worldwide marketplace for mobile insurance ecosystem market. High penetration of mobile phones especially, smartphones within the US, including the growing trend of shopping for an insurance plan due to increasing costs of mobile s and increasing cases of theft of smartphones are key factors driving the expansion of the US mobile phone insurance ecosystem market.

Europe accounted for the second-largest market share within the mobile insurance ecosystem market in 2019 and is anticipated to register the very best CAGR throughout the forecast period. this will be attributed to growing insurance sector in countries in Europe, especially, the united kingdom and France, growing ownership of smartphones in these countries, and increasing cases of smartphone theft are major factors boosting demand for mobile insurance and successively driving growth of the Europe mobile insurance ecosystem market.

Players to Focus on Mobile Insurance Ecosystem market     

Market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. Companies have been actively engaged in expanding their customer base by launching advanced and altered products for efficient marketing. Some of the prominent players in the market include:

• Allianz Insurance
• AmTrust International Underwriters
• Assurant
• Asurion
• Aviva
• Brightstar Corporation
• Geek Squad
• GoCare Warranty Group
• Apple
• AIG

Scope of the Report

By Type

• Wireless Carrier
• OEM-Provided & Banks

By Application

• Physical Damage
• Theft & Loss

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report 

1. It provides a technological development map over time to understand the growth rate of the industry.

2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.

3. It renders definite analysis for changing competitive dynamics.

4. It builds a seven-year estimate based on how the market is predicted to grow.