A look at how mobile phone insurance ecosystem market is expected to grow by 10% Compound Annual Growth by 2020
With society’s growing reliance on consumer electronics, cars and costly household goods, insurance is becoming an increasingly necessary part of contemporary life. As of February 2014, there were as many as 6.8 billion mobile phone subscriptions across the world, nearly as many as there are people. With the prolific rise in mobile phone usage, mobiles are no exception to our growing need for insurance.
Asides most of the wireless carriers offering mobile phone insurance, many retailers, device Original Equipment Manufacturers (OEMs) and even banks now provide insurance to cover mobile phones for loss, damage, malfunction and theft.
According to research compiled by SNS Research, by the end of 2015, the global mobile phone insurance market is expected to reach approximately £20 billion. Furthermore, the mobile insurance market is expected to increase at a Compound Annual Growth Rate (CAGR) of nearly 10 percent during the next five years and by the end of 2020, global revenue will be more than £31 billion.
The ‘Mobile Phone Insurance Ecosystem: 2015 – 2020 – Opportunities, Challenges, Strategies and Forecasts’ report provides an in-depth analysis on the drivers, challenges and opportunities of the mobile phone insurance ecosystem.
The key findings of the research is that the mobile phone insurance market is expected to account for almost £31 billion in global revenue by the end of 2020.
In an attempt to increase the uptake of mobile phone insurance, in recent years, providers have enhanced mobile phone insurance packages, many of which now come with integrated technical support and additional recovery features.
The report also found that in order to increase sales prospects of the devices sold through their branded retail stores, mobile phone OEMs are seeking to create alliances with local insurance regulators.
Recognising the increasing reliance on mobile phones and the subsequent dependence on mobile insurance that comes hand in hand with the growing mobile phone demand, Bamboo Distribution works with many insurance companies.
Our comprehensive mobile phone rework operations enable us to recycle devices that are typically rendered as waste. This means Bamboo Distribution gives mobile phone insurance companies and the other businesses and partners we work with a better return as we provide a value for units that are currently considered to be scrap.