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.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

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:

Increase in demand for various gadgets

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.

Growing digitalization across the globe

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

• During the COVID-19 outbreak, due to lockdown restrictions in many regions, people were forced to stay inside and were asked to get all their office work done through online mode. The working class and students were taught online, which made them to purchase expensive gadgets, such as laptops, mobile devices, and tablets, for better quality of experience, thereby enhancing the growth of the market.
• During pre-pandemic period, when people used to go to their workplaces, they tend to work with devices provided by their respective companies. Since work from home began, most of the people had to buy their own devices for easy accessibility, which enhanced the growth of the market in the pandemic situation. Furthermore, due to rapid inclination of customers toward security and safety of their devices, there has been a surge in sales of gadget insurance during the COVID-19 period.

Market Scope and Structure Analysis

Key Benefits of the Report

• This study presents analytical depiction of the global gadget insurance market along with the current trends and future estimations to determine the imminent investment pockets.             
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the global gadget insurance market growth scenario.                             
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis based on the present and future competitive intensity of the market.

Key Segments Covered

Questions Answered in the Banking Enterprise Mobility Market Research Report:         

• Which are the leading market players active in the global gadget insurance market?
• What are the detailed impacts of COVID-19 on the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global gadget insurance market?
• What future projections would help in taking further strategic steps?