A new study by the ReportsnReports research group (www.reportsnreports.com) says the mobile photo insurance ecosystem market will grow more than $2i7 billion by 2020.
Given the increasing prevalence of expensive household goods, cars and consumer electronics, insurance has become an unavoidable and often necessary cost in modern life. Mobile phones, and smartphones in particular are no exception to this trend.
Most major mobile operators, insurance specialists, device original equipment manufacturers, retailers, and even banks now offer insurance plans that cover theft, loss, malfunctions and damage of mobile phones. Many policies now also integrate enhanced technical support and additional protection features such as data backup facilities, allowing users to securely backup their phone data online.
ReportsnReports estimates that the global mobile phone insurance market is expected to account for $20.5 billion in revenue by the end of 2017. The market is further expected to grow at a compound annual growth rate (CAGR) of approximately 10% over the next three years, eventually accounting for more than $27 billion in revenue by the end of 2020.