A11629 | Pages: NA | Jul 2022 | 1683 Views | ||
Author(s) : Vijay Poola | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Gadget Insurance Market
Request Now !Gadget insurance covers insurance of various different gadgets against accidental damage, liquid or water damage, theft, burglary, and fire damage. Cell phones, laptops, digital cameras, computers, and other gadgets are covered in this insurance. Furthermore, when a customer’s device is stolen, damaged, or lost, insurance companies compensate them for their loss, which further varies from policy to policy. In the event of total loss or theft, the customer is compensated for the residual value after depreciation has been deducted. With increase in purchase of expensive gadgets, gadget insurance companies are witnessing higher traction with rapid rise in the number of policies being sold, which is expected to boost the gadget insurance market growth in the near future.
The gadget insurance market share is segmented into coverage type, device type, end user, and region. Based on coverage type, the market is classified into physical damage, electronic damage, data protection, virus protection and theft protection. Based on device type, it is bifurcated into laptops, computers, cameras, mobile devices, and tablets. Based on end user, the market is categorized into corporate and individual. Based on region, it is analyzed across North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key players operating in the gadget insurance industry are Pier Insurance Managed Services Limited, Shepherd Compello Limited, BIG Warranties Limited, Insurance Factory Ltd, Square Pound Limited, Loyal Insurance services Ltd, Acumen Insurance Services Ltd, Taurus Insurance Services Limited, Bastion Insurance Services Ltd, and Ripe Thinking Limited. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the gadget insurance market and develop new products for enhancing their product portfolio.
Rise in adoption of gadget insurance among students for safeguarding their devices from various circumstances and increase in demand for various types of gadgets among the general public drive the growth of the market. In addition, growing digitalization in every sector across the globe propels the growth of the market. However, new entrants in the market providing low premium rates to customers hamper the growth of the market. Contrarily, rise in demand to insure gadgets & devices since most of them are really expensive and cannot be bought again once damaged or lost is witnessed as an opportunity for the gadget insurance market.
The gadget insurance market trends are as follows:
The demand for various types of gadgets has been growing exponentially. Majority of the growth contributed to the increased demand for gadgets is attributed to the COVID-19 pandemic. As lockdown restrictions were imposed and activities were operated online, the demand for smartphones and laptops witnessed a sharp rise, which, in turns, positively impacted the growth of the market. Since majority of the population are staying home, most of them have started to explore their interests. For instance, many people pursued photography as one of their interests during this lockdown period, and thus the demand for professional cameras gradually increased. As cameras are generally expensive, customers bought insurance plans for their gadgets, thereby driving the growth of the gadget insurance market revenue.
For the past two decades, technology has been driving industry-wide disruptions, allowing businesses across sectors to achieve massive scale and growth. Almost many of the sectors are already digitalized and a few are yet to change. Since the recent pandemic confined people to their homes, the need to digitalize almost every sector has been more than ever. With the need to digitalize sectors, the demand for various types of gadgets will increase and with the rise in demand for gadgets, comes the need to insure them, which drives the growth of the market. Therefore, increase in need to digitalize every sector will not only surge the demand for gadgets but also boost the growth for the global gadget insurance market during the forecast period.
COVID-19 Impact Analysis
Key Benefits of the Report
Questions Answered in the Banking Enterprise Mobility Market Research Report:
Key Market Segments
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Key Market Players
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