The market will skyrocket to $193.5 billion

Global Opportunity Analysis and Industry Forecast 2021-2031.” According to the report, the global gadget insurance market generated $59.4 billion in 2021 and is estimated to reach $193.5 billion by 2031, growing at a CAGR of 12.9% during 2022-2031.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 and 𝐓 𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/A11629

Factors, constraints and opportunities

Increase in accidental damage, phone theft, virus infections and device malfunctions, rise in popularity of high-quality smartphones, increase in people’s living standard and increase in demand for innovative multi-gadget insurance services are expected to fuel the growth of the global gadget insurance market. On the other hand, the decline in PC sales due to the increased penetration of smartphones and tablets is hampering the market growth. However, the increase in people’s spending on electronics is expected to create ample opportunities for the industry.

Covid-19 pandemic

The COVID-19 outbreak has had a negative impact on the growth of the global gadget insurance market due to the occurrence of lockdowns in various countries around the world. The lockdown has resulted in the closure of various shops and retail outlets, which has created adverse issues for gadget owners in claiming insurance.
These restrictions were imposed by the government to limit the spread of the virus during the pandemic.
Additionally, several countries introduced a complete travel ban, hence policyholders filed claims demanding further extension of gadget insurance.

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞 𝐝 𝐏𝐫𝐢𝐜𝐞 @

https://www.alliedmarketresearch.com/checkout-final/cb5d28768e1f1460f625c35c87d1f4d9?utm_source=AMR&utm_medium=research&utm_campaign=P19623

Physical damage segment leading the trail

In terms of insurance type, the physical damage segment accounted for the largest market share in 2021, accounting for almost half of the global market, and is expected to maintain its leadership position during the forecast period. This is mainly due to the rise in popularity of gadget insurance for physical damage as hassle-free claims management services offered by insurance service providers are driving the growth of the market. On the other hand, the virus and data protection segment is expected to register the fastest CAGR at 19.5% during the forecast period. The increase in the use of smartphones and laptops to track personal data and the increase in the number of cyber attacks on these gadgets are some of the key factors driving the market growth in this segment.

The segment of mobile phones and tablets will dominate

Based on device type, the mobile and tablet segment accounted for the largest market share in 2021, accounting for almost half of the global market, and is expected to maintain its leadership position during the forecast period. The development of this segment is due to the high initial costs and repair prices of these devices. On the other hand, the camera segment is expected to register the fastest CAGR of 17.9% during the forecast period. Rising cost of cameras and camera parts due to increased demand for photography among millennials is driving the growth of the gadget insurance market.

The retail segment is expected to lead the way

In terms of sales channels, the retail segment had the largest market share in 2021, accounting for over three-fifths of the global market. The growth of this segment is mainly due to the ability of customers to visit service centers for their gadgets and purchase insurance for their devices. Moreover, consumers can purchase insurance even after purchasing their devices. On the other hand, the business segment is expected to register the fastest CAGR of 14.7% during the forecast period. Various organizations have started providing insurance services for devices used by employees with the rise of bring-your-own-device (BYOD) culture in organizations and the increasing need to secure every device of the company, which in turn is driving the growth of the market.

The Asia-Pacific region is reporting the fastest CAGR

Depending on the region, the Asia-Pacific market is expected to maintain its leadership position during the forecast period. Moreover, the same segment is expected to register the fastest CAGR of 17.4% during the forecast period. Growth in this region is mainly driven by an increase in omnichannel interactions, direct-to-consumer insurance, and online transaction platforms. Moreover, increase in sales of electronic gadgets in developing countries and increase in insurance awareness among young working people are driving the market growth. On the other hand, the North American region had the largest market share in 2021, accounting for more than two-fifths of the global market. North America led the global market in gadget insurance adoption due to the presence of a large number of gadget insurers and an increase in crimes committed using gadgets such as smartphones and laptops in Canada and the US

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜 𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢 𝐫𝐞𝐦𝐞𝐧𝐭: https://www.alliedmarketresearch.com/request-for-customization/A11629

Key benefits for stakeholders

This report quantitatively analyzes the market segments, current trends, estimates and forecast dynamics of the gadget insurance market for 2021-2031 to identify the dominant market opportunities.
Market research is offered along with information regarding the key factors, limitations and opportunities to review the gadget insurance market.
Porter’s five forces analysis highlights the potential of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer networks.
An in-depth segmentation analysis of the gadget insurance market helps in identifying the dominant opportunities in the gadget insurance market.
The major countries in each region are mapped according to their share of global market revenue.
Positioning market participants facilitates comparative analysis and provides a clear understanding of the current position of market participants.
The report analyzes the regional and global gadget insurance market trends, key players, market segments, application areas and market growth strategies.
Key market segments

Type of insurance

Physical damage
Internal component failure
Protection against theft and loss
Virus and data protection
Others
Device type

Laptops and desktop computers
Mobile phones and tablets
Mobile phones and tablets
Android
iOS
Others
Home entertainment devices
Cameras
Others
Sales channel

Retail sales
online
End user

Business
Persons
Through the region

North America (USA, Canada)
Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
Asia Pacific (China, Japan, India, Australia, South Korea, Singapore, rest of Asia Pacific)
LAMEA (Latin America, Middle East, Africa)

Prominent players on the market:
Apple, Inc.,
Asurion, AXA
AT&T, Inc.
Bajaj Allianz General Insurance Company
Bolttech, Chubb
Cloud Clover
Gadget cover
A progressive accident insurance company
Samsung, Sintel
Secure software (one 80 intermediaries)
Tinhat
Worth the street
One assist
Square Trade, Inc. (statewide)

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:

https://www.alliedmarketresearch.com/purchase-enquiry/A11629

The report analyzes these key players in the global gadget insurance market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances and joint ventures to increase market penetration and strengthen their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market and contribution of each player towards market expansion.

“We have also published some syndicated market research in a similar area that may be of interest to you. Below is the title of the report for your reference, considering the impact of Covid-19 on this market, which will help you assess the repercussions of the pandemic on the short-term long-term and long-term growth trends of this market.”

➡️𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:

Credit card payment market https://www.alliedmarketresearch.com/credit-card-payments-market-A11836

Marketplace for financial health benefits https://www.alliedmarketresearch.com/financial-wellness-benefits-market-A230607

Travel insurance market in Australia and Canada https://www.alliedmarketresearch.com/australia-and-canada-travel-insurance-market-A267105

Takaful Insurance Marketplace https://www.alliedmarketresearch.com/takaful-insurance-market-A11835

Fintech crisis management market https://www.alliedmarketresearch.com/fintech-crisis-management-market-A08280

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