With the
increasing prevalence of expensive household goods, cars and consumer
electronics, insurance has become an unavoidable and often necessary cost in
modern life. Most insurance specialists 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. Mobile phones and smartphones in particular are
also included in this. Asia
Pacific mobile insurance market has grown at a rapid pace over the past
few years and is anticipated to expand at a robust CAGR throughout the forecast
period.
Market Size and Forecast
The global
mobile insurance market was valued at USD 15.8 Billion in 2016 and is expected
to reach to USD 17.6 Billion by the end of year 2019. The market is further
expected to expand at a robust CAGR of around 12% over the period 2016-2023.
With such a significant growth, Asia Pacific region will be the largest region
for the mobile phone insurance market. India and China are very potential
regions for this market owing to high population in the APAC region.
Market Segmentation
Our in
depth analysis of the Asia Pacific insurance market is segmented on the
following basis:
By Risk
Covered:
·
Accidental
Damage
·
Physical/Liquid
Damage
·
Theft
·
Damage
due to fire
·
Theft
protection
·
Unfortunate
Accident
·
Unauthorized
calls
·
Stolen
By Region
·
India
·
China
·
Japan
·
Singapore
·
South
Korea
·
Australia
·
New
Zealand
·
Rest
of Asia Pacific
Growth Drivers and Challenges
The growth
of Asia-Pacific
mobile insurance market will be driven by the social media websites which
will provide the effective platform to broaden the communication and marketing
channels that are needed for launching new products and services. As a result,
insurance providers will develop and deploy effective social media strategies
in order to collect customer feedback, resolve queries in real-time, and
provide product updates. Further, as the number of the consumers purchasing the
insurance is increasing, Asia Pacific will present significant opportunities to
the insurers resulting in the growth of the Asia Pacific mobile insurance market.
Moreover, the market has also expanded due to the increase in the number of the
mobile phones being purchased by the consumers and subsequently the rate at
which they are purchased with warranties or extended warranties. Since
Asia- Pacific is a region consists of the different countries, the rate of
economic development and insurance penetration vary on a market to market
basis. Mature markets, for example are more saturated which act as a restraint
to the mobile insurance market.
Key players
·
HL
Assurance
o Company Overview
o Key Product Offerings
o Business Strategy
o SWOT Analysis
o Financials
·
SoftBank
·
NTT
DoCoMo
·
Syska
Gadget Secure
·
AppsDaily
·
SyncNScan
·
New
India Insurance
·
Vodafone
Australia
·
Optus
·
Virgin
Mobile Australia
Scope and
Context
Overview
of the Parent Market
Analyst
View
Segmentation
The Asia
Pacific insurance market is segmented as follows:
By Region
·
India
·
China
·
Japan
·
Singapore
·
South
Korea
·
Australia
·
New
Zealand
·
Rest
of Asia Pacific
Market
Dynamics
Supply and
Demand Risk
Competitive
Landscape
Porter’s
Five Force Model
Geographical
Economic Activity
Key
Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent
Trends and Developments
Industry
Growth Drivers and Challenges
Key
Information for Players to establish themselves in current dynamic environment
To know more about this
research, kindly visit: http://www.researchnester.com/reports/asia-pacific-mobile-insurance-market-global-demand-analysis-opportunity-outlook-2023/257
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