Mobile Handset Protection Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Mobile Handset Protection Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : October, 2020 | Technology & Media | PPT format

Report Digest


Mobile Handset Protection Market – Snapshot

The global mobile handset protection market is expected to witness substantial growth over the period of forecast, thanks to the phenomenal penetration of mobile phones across the globe. In a world that is driven by communication and connectivity, mobile phones have become an integral part of everyday life. With the augmented awareness about the need and importance of mobile phones, the need for it protection has come into existence.

The types of mobile handset protection are as follows:

  • Carrier Handset Protection
  • OEM Protection
  • Direct to Consumer Services

The more expensive a handset is, the greater the need to protect it arises. In addition to price of the handset, the more of stored data one has on one’s mobile phones, the greater is the need to protect it. These factors are likely to support growth of the global mobile handset protection market in years to come.

In addition, aggressive marketing strategies coupled with excellent customer is expected to emerge as another significant growth factor for the global mobile handset protection market. Prominent insurance companies make an offering of very good replacement and repair services, thereby boosting growth of the market in times to come. A case in point could be a handset insurance program that offers replacement of smartphones for customers who have availed this program and have lost their phones.

In addition, handset insurance programs also sometimes offer services like mobile security, data backup to ensure an uninterrupted flow of service. Of the all the types of protection, original equipment manufacturer (OEM) protection is the expected to emerge as one of the leading sectors. This type of protection program offers high quality accessories as replacement ones, thereby boosting the market in foreseeable time.

Today, mobile phones have become integral to everyday functioning in a communication-driven ecosystem. This has necessitated the need for appropriate security measures for protection against device theft, damage, or misuse. Moreover, at the corporate level, the introduction of practices such as enterprise mobility and bring your own device (BYOD) has widened the application scope of smartphones. This has surfaced as a growth opportunity for product manufacturers and service providers for value-added service offerings. Making a leap from solely rendering insurance for phones, these entities are offering bundled service packages that combine phone insurance with digital protection and seamless technical support. 

Mobile handset protection programs extend help in the event of a phone crisis, be that malfunctioning, loss, or damage and ensure that users can function normally with respect to their phones in the least possible time. In the event of a mobile phone theft or damage, purchasing a replacement device is expensive and is not affordable by a large population. Handset protection services may also comprise data backup, thus giving that peace of mind of retrieving important data would otherwise be lost. In addition, mobile handset protection programs may also offer mobile security, which ensures customers receive service continuation benefits with negligible disruption. 

The existence of mobile handset protection programs is advantageous to service providers as well. Mobile operators have the assurance of retaining customers until their contract ends who would otherwise opt to incur early termination penalty and end their service. However, it is not a revenue generating pursuit for providers and may result into a cost and time intensive pursuit.

Mobile Handset Protection Market: Introduction

Consumers of smartphones and other modern connected consumer electronics are showing a growing need to manage, optimize, and improve their mobile user experience, data assets, and multiple mobile devices. In order to leverage this opportunity, leading product and service providers are moving away from simply providing insurance for phones, to providing bundled services that include digital protection, phone insurance, and premium unlimited technical support. Smartphone penetration and proliferation around the world has stimulated the need for providing proper security techniques to avoid damage, theft, or misuse of their device. 

The entirety of our current ecosystem is communication-driven and smartphones have become exceedingly vital for consumers. Damage, loss or malfunctioning of handsets is thus a matter of high concern, allowing the global mobile handset protection market to prevail with strong expansionistic strategies. They can provide several protection schemes that allow users to get back their phone or data in as short a period of time as possible. In addition, mobile protection schemes also include data backup and mobile security, thus ensuring continuous service with minimal disruption. 

Mobile Handset Protection Market: Key Drivers and Trends

The key driving factor of the global mobile handset protection market currently, is the cost benefits of buying mobile handset protection schemes as opposed to purchasing replacement devices. Additionally, these services also improve the scope of customer satisfaction while reducing their overall expenses and protecting valuable data, thereby gaining a greater appeal from retail smartphone companies as well. Services offered in the global mobile handset protection market may include like-for-like replacement or next-day replacement. Owing to the chances of smart devices also being susceptible to screen damage, users are now opting for effective and relevant protection programs for their device. 

However, the global mobile handset protection market is currently being restrained by the minimal cost benefits of providing protection services to low priced handsets and the overall global economic slowdown. As the prices of handsets including basic phones and smartphones come down, consumers find it much easier to replace their damaged handsets rather than opting for a device protection plan. This easy affordability of handsets is having a negative impact on this market. 

Recent trends in the global mobile handset protection market suggest that leading mobile operators are promoting handset protection programs internally. This is because such programs drive high value to both consumers and carriers and the improvement of relations between them. 

Mobile Handset Protection Market: Geographical Assessment

North America is dominating the global mobile handset protection market so far, followed closely by Europe. The growth of both regions is attributed to the technological advancements in communication and their higher quality infrastructure in telecom. In addition, these regions have a consumer base with greater purchasing power than other regions, thus making them more likely to opt for mobile handset protection schemes. 

Asia Pacific is also observing a rapid growth in the demand for mobile handset protection services, owing to the deepening penetration of telecom networks and the growing base of smartphones users. The growth in other regions such as Latin America and the MEA will be driven by the increasing number of smartphone users. 

Mobile Handset Protection Market: Companies Mentioned in the Report

Leading entities in the global mobile handset protection market  so far have included SquareTrade, Asurion LLC, CAN Financial Corp., Liberty Mutual, American International Group, Inc., Verizon Wireless, Sprint Corporation, T-Mobile, and AT&T Mobility.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?