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Upcoming Allied Market Research
2022
Telecommunication Insurance Market

Telecommunication Insurance Market By Component (Solution and Service [Managed Services and Professional Services (Consulting, Support & Maintenance and Deployment & Integration)]), Deployment (On-Premise and Cloud), Coverage Type (Computers & Media Insurance Coverage, Data Breach Insurance Coverage, Hired & Non-Owned Auto Insurance Coverage and Bundling Telecommunication Industry Insurance Coverage), Application (Customer Management, Sales & Marketing Management, Risk & Compliance Management, Workforce Management and Network Management): Global Opportunity Analysis and Industry Forecast, 2021–2030

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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Telecom service providers are professionals who handle all aspects of communication and transmission. Telecom providers are turning to cloud computing services to avoid network disruption and to enable remote operation of multiple servers at the same time. Telecom service providers increase the adoption of cloud services which provide optimal opportunity to the telecommunications market. Furthermore, the use of telecom cloud services has increased due to high awareness and trends among businesses to move to cloud infrastructure. Furthermore, telecom companies have the assets and mobile infrastructure needed to improve the insurance process while lowering costs. To promote & sell insurance, enroll clients, and administer claims & payouts, telecom operators use their communication channels. Therefore, the surge in demand for telecommunications in insurance is expected to boost the growth of the market in the upcoming years.

The global telecommunication insurance market is segmented on the basis of component, deployment, coverage type, application and region. Based on component, the market is divided into solution and service. In terms of deployment, the market is categorized into on-premise and cloud. On the basis of coverage type, the market is divided into computers & media insurance coverage, data breach insurance coverage, hired & non-owned auto insurance coverage and bundling telecommunication industry insurance coverage. On the basis of application the market is divided into customer management, sales & marketing management, risk & compliance management, workforce management and network management. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global telecommunication insurance industry include Insureon, GeneralLiabilityInsure.Com, The Travelers Indemnity Company, USA Telecom Insurance, Employers Mutual Casuality Company, Arthur J. Gallagher & Co., Telecom Insurance Group, Bluewell Insurance Brokers, AXA and Insurance Office of America. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global telecommunication insurance market.

Market Scope and Structure Analysis

Report Metric

Details

 Market Size Available For Years

  2020–2030

 Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

Component, Deployment, Coverage Type, Application and Region

  Companies Covered

Major players include Insureon, GeneralLiabilityInsure.Com, The Travelers Indemnity Company, USA Telecom Insurance, Employers Mutual Casuality Company, Arthur J. Gallagher & Co., Telecom Insurance Group, Bluewell Insurance Brokers, AXA and Insurance Office of America.

 

COVID-19 Impact Analysis

  • During the COVID-19 outbreak, lockdown was imposed across various sectors to prevent COVID-19 from spreading, effectively halting economic activity. The insurance industry, for example, has been impacted indirectly. But even though the sector has been negatively impacted, its operations were completed quickly and did not rely solely on customer contact.
  • The COVID-19 radical catalytic event has accelerated digitization, industrial automation, and the work from home (WFH) trend, according to the telecommunication equipment industry analysis. During the last two years, there has been an upward trend in remote working and industrial automation, with data indicating a significant increase in the IT & telecom industry and digital transformation.

Top Impacting Factors

Increased enhancement of IT modernization and the rise in the growth of the telecom players are expected to drive the growth of the market. In addition, the escalating consumption of digital platforms is also playing a significant trend in driving the growth of the market. However, stringent telecommunication regulations may hamper market growth. Contrarily, increased adoption of telecommunication insurance across the developing and developed economies can be perceived as an opportunity for the customer verification services market.

Increased Enhancement of IT Modernization

IT modernization, which entails the full use of public cloud services for cost-cutting and innovation in a well-established recent IT environment in the insurance sector, is a key driving factor for the telecommunication insurance market’s growth. Enterprise adoption of telecommunication insurance has resulted in benefits such as economies of scale, scalability, cost-effectiveness, improved productivity & performance. Also, assistance in strategic decision-making, better control of critical applications, flexibility, faster time-to-market, and a reduction in business downtime & losses are a few of the benefits gained from telecommunication insurance. Therefore, the increased enhancement of IT modernization paved the way for the growth of the telecommunication insurance market during the forecast period.

Rise in the Growth of the Telecom Players

Purchases from telephone companies, data communications providers, cable companies, businesses, television & radio broadcasters and the need to keep them insured drive the telecom equipment market forward.

Wireless communications equipment, which includes radio and television as well as line-based communication equipment, generates the majority of industry revenue. The global telecommunication insurance market is rapidly expanding, owing to the growing popularity of radio and television broadcasting as well as social media channels. Furthermore, the communication industry is driven by massive developments in the telecommunications industry as a result of the increasing deployment of 4G and LTE networks. Furthermore, the market is expected to grow due to an increase in the number of cellular stations and the demand for insuring the next-generation-ready network equipment brought on by the introduction of 5G networks. 

Key Benefits of the Report

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

Questions Answered in the Telecommunication Insurance Market Research Report    

  • Which are the leading market players active in the telecommunication insurance market size?
  • 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 telecommunication insurance market?
  • What future projections would help in taking further strategic steps?

Key Market Segments

Segments Sub-segments
Component
  • Solution
  • Services
    • Managed Services
    • Professional Services**Consultancy**Support and Maintenance**Deployment and Integration
Deployment
  • On-Premise
  • Cloud
Coverage Type
  • Computers and Media Insurance Coverage
  • Data Breach Insurance Coverage
  • Hired and Non-Own Auto Insurance Coverage
  • Bundling Telecommunications Industry Insurance Coverage
Application
  • Customer Management
  • Sales and Marketing Management
  • Risk and Compliance Management
  • Workforce Management
  • Network Management
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 
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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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