The global mobile handset protection market is anticipated to grow significantly over the forecast period. Smartphone proliferation and penetration has necessitated the need to provide appropriate security techniques to prevent device theft, misuse, or damage. Additionally, trends such as bring your own device (BYOD) and enterprise mobility have widened the application areas of smartphones. In an increasingly communication-driven ecosystem, mobile phones have become integral for consumers.
In case of malfunctioning, damage or loss, handset protection programs ensure that users get their phones back in a short span of time. Purchasing a replacement device is cost-intensive and not within the affordability limit of a large percentage of the population. In addition to replacement, handset protection services may also include mobile security and data backup, thus ensuring that customers are provided with service continuation with negligible disruption.
Cost benefits of purchasing mobile handset protection as opposed to buying replacement devices is a key driving force for the market. In addition, these services also increase customer satisfaction and alleviate customer care expenses, thus gaining support of retailers and mobile operators. Services offered may include next-day replacement, like-for-like replacement, etc. Growing incidences to mobile devices on account of their continuous proximity to users is also expected to contribute to industry revenues. Increased adoption of devices with larger screen size such as phablets also makes them more prone to screen damage, thus prompting the need for effective protection programs. Mobile operators benefit from providing handset protection, since customers may otherwise opt to pay early termination fee and end their service commitment before their contract ends.
Handset protection programs are expected to be widely adopted in the U.S., since consumers in the region look to their mobile network operator to resolve issues. This is not a revenue generating activity for providers, and may prove to be cost and time intensive. Offering handset protection programs involves addition of a low monthly fee to the subscriber’s wireless bill and eliminates the need to pay the full replacement cost. These services have primarily been provided by mobile operators, and major market participants include AT&T Mobility, T-Mobile, Sprint Corporation, Verizon Wireless, Asurion LLC, and SquareTrade among others.
This research report analyzes various factors which has been driving and inhibiting the global mobile handset protection market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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