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.