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In today’s communication driven environment, mobile phones have become an integral part of consumers’ lives. The increased consumer awareness about the importance, need, and value of handset protection for expensive mobile devices is a key growth driver for the global mobile handset protection market. The strong and effective customer support and marketing experience is another major growth driver for the global mobile handset protection market. The leading insurance companies provide excellent replacement and repair service to consumers. For example, a handset insurance program provides replacement of smartphones to consumers who have lost their mobile phone.
In case of damage, loss or malfunctioning of handsets, the handset protection programs ensure that consumers get their phones back within a short period of time. The handset protection services also include data backup and mobile security, which ensure that customers are provided with maintenance of service with negligible disruption. The Original Equipment Manufacturer (OEM) handset protection is the largest segment among the type category of the global mobile handset protection market. The OEM accessories manufactured by the mobile handset manufacturers are high in quality. The reliability of cell phones equipped with OEM accessories is much higher, than those equipped with generic accessories. .
The proliferation and penetration of smartphones has increased the need to provide proper security techniques for the prevention of misuse, damage or device theft. Moreover, the trends such as enterprise mobility and bring your own device (BYOD), have broadened the applications of smartphones and have allowed smartphone operators to use their devices for a wide range of business activities. Buying handset protection services is easier, as compared to buying replacement of a device. This is another growth driver for the global market. In addition, as mobile operators serve customers for their mobile handset protection queries, customer care expenses also alleviate, thus benefitting mobile operators and retailers. The large screen devices, such as phablets are more inclined to screen damage, which promotes the need for efficient handset protection programs.
The advancements in device and network technologies, along with the increase of sophisticated mobile applications are driving the increased data consumption on mobile devices. A significant amount of data is stored on smartphones, due to the higher consumption of mobile data in cell phones for various uses. As users use high amount of mobile data on their cellphones, there is a threat of exposure to harmful content and third-party applications that might cause damage to the device, which is driving the need for the mobile handset protection services. With mobile devices becoming omnipresent and their applications flooding the market, mobile monitoring is gaining pace with a significant rate. North America is expected to dominate the global market of mobile handset protection during the forecast period. The consumers in the U.S. rely on their mobile network operator to resolve issues, due to which, the mobile handset protection programs are being widely adopted in the region.
The increased usage of smartphones for enterprise access is an opportunity for the global market. Mobile malware are entering into the enterprise networks, as consumers are increasingly using personal smartphones to access corporate networks, thereby influencing the growth of the global mobile handset protection market. Sprint, Asurion, SquareTrade, Pier Insurance Managed Services Ltd., Safeware, Brightstar Corp. and AT&T Inc., are some of the competitors in the global mobile handset protection market.
Global Mobile Handset Protection Market Segmentation