Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones, and smartphones in particular are no exception to this trend.
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.
SNS Research estimates that the global mobile phone insurance market is expected to account for nearly $20 Billion in revenue by the end of 2016. The market is further expected to grow at a CAGR of approximately 12% over the next four years, eventually accounting for over $30 Billion in revenue by the end of 2020.
The ""Mobile Phone Insurance Revenue Forecasts: 2016 – 2030"" datasheet presents market size forecasts for the mobile phone insurance market from 2016 through to 2030. The forecasts are segmented for 5 regional and 25 country level markets. Historical figures are also presented for 2015.