Mobile Handset Protection Services gets Attractive Thrust from BYOD

San Francisco, California, August 02, 2018 – The growing need for a variety of device protection programs and support services for mobile devices among consumers is a key factor driving the market. The rising number of value-added services by manufacturers and sellers of mobile handsets, such as mobile insurance services, in various countries is boosting the market.

A report by TMR Research takes a closer look at such factors and trends shaping the elements of growth dynamics and driving new frontiers in the market. The study is titled “Mobile Handset Protection Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”.

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The rising demand for services to protect hardware damage and data among consumers is also propelling the growth of the market. The demand is being fueled by the rising popularity of bring your own device (BYOD) in enterprises in developing and developed nations. The trend of enterprise mobility is providing protection of the mobile handset against theft or damage. The integration of phone insurance services with technical support for mobile handsets is catalyzing the market growth. The rising incidence of mobile handset thefts is further bolstering the demand for mobile handset protection.

The proliferation demand for mobile devices, particularly smartphones, among consumers especially in developing economies is a key factor aiding in the steady expansion of the market. The several benefits that come with protection services and support programs is fortifying the demand among worldwide consumers. Services providers, on the other hand, are reaping lucrative gains from the positive effect such programs have in retaining their consumers. The rapid strides being made by the communication-driven economy world over is catalyzing the demand for mobile handset protection services.

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Some of the key players operating in the mobile handset protection market are AT&T, T-Mobile, Sprint Corporation, Verizon Wireless, American International Group, Inc., Liberty Mutual, Asurion LLC, and SquareTrade Inc.

Mobile Handset Protection key driving factor of Market by 2025

Global Mobile Handset Protection Market: Snapshot

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.

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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.

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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.

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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.

Deepening Smartphone Penetration Fuels Demand for Handset Protection Schemes

San Francisco, California, May 18, 2017: Considering the communication-driven ecosystem of, the demand for appropriate security measure for protecting devices against misuse, damage, or theft is more than ever. In a report, titled “Mobile Handset Protection Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” TMR Research offers a detailed overview of the various factors influencing the market’s trajectory between 2017 and 2018. Exhaustive information compiled in this market study is obtained from trusted industrial sources via proven research methodologies. It also provides in-depth insights into the prevailing vendor landscape and key segments in the global mobile handset protection market.

With enterprises across the world adopting bring your own device (BYOD) policies and practices such as enterprise mobility, the scope for application of smartphones has widened. This provides manufacturers and service providers of value-added services with lucrative growth opportunities. To capitalize on the same, the producers are no looking beyond insurance for phones and have started offering bundled services packages that comprise phone insurance alongside seamless technical support and digital protection.

Cost benefits achieved from spending in mobile handset protection schemes as opposed to buying replacement devices are chief drivers of the global mobile handset protection market. Additionally, mobile protection services offer greater customer satisfaction, while reducing the expenses incurred by them on protecting valuable data, which has helped the services gain greater traction from retail smartphone companies as well. The most popular services offered in the market include next-day replacement and like-for-like replacement. As smartphones are highly susceptible to screen damage, users are opting for effective protection schemes for their devices. This is expected to have a positive impact on the overall market.

However, the market offers fewer protection schemes for low priced smartphones, which is a key factor restraining its trajectory. Even the lowest price handsets nowadays offer the basis smart features. As consumers find it way easier to replace their damaged smartphones with newer handsets, they are less likely to opt for expensive device protection plans. Considering the easy affordability of low priced smartphones, the global mobile handset protection market witnesses limited penetration across emerging nations.

Regionally, North America has emerged as the leading market for mobile handset protection schemes, trailed by Europe. The rising technological advancements and the increasing demand for advanced communication technologies have spurred the demand for mobile handset protection across these regions. Besides these, Asia Pacific is also expected to exhibit lucrative opportunities, as it is home to a booming smartphone industry. The deepening penetration of telecom networks and the expanding base of smartphone users will bolster growth opportunities for the mobile handset protection market in Asia Pacific.

Some of the leading players operating in the global mobile handset protection market are Liberty Mutual, SquareTrade, American International Group, Inc., Asurion LLC, Sprint Corporation, CAN Financial Corp., T-Mobile, Verizon Wireless, and AT&T Mobility.