The Asia Pacific mobile insurance market has been segmented by risk covered into accidental damage, theft, liquid damage, breakdown and worldwide cover, all of which are the major reasons that are anticipated to drive the growth of mobile insurance market in upcoming years. With increasing prevalence of expensive goods such as cars and consumer electronics among others, there is a massive need of insurance. These factors have driven most banks and insurance firms to offer insurance plans that cover inevitable losses, malfunctions and theft. Further, many policies have taken initiatives to provide enhanced technical support and other protection features such as data backup among others to allow users to save their data online by making backups of their phone data.
The global market for Asia Pacific mobile insurance is anticipated to expand at a robust CAGR throughout the forecast period. Asia-Pacific mobile insurance market was valued at USD 7.8 Billion in 2016 and is expected to reach USD 17.6 Billion by the end of year 2023. With such a significant growth, Asia Pacific region will be the largest region for the mobile phone insurance market in near future. Based on countries in the region, the Asia Pacific Mobile Insurance Market is segmented into India, China, Japan, Singapore, South Korea, Australia, New Zealand and rest of Asia Pacific. Among these segments, due to a continuous increase in personal disposable income, India, China, Japan & Singapore are expected to be the potential regions for this mobile insurance market in Asia Pacific region.
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Social Media to Reflect Significant Opportunities
The growth of Asia-Pacific mobile insurance market is anticipated to expand by the social media websites which will provide the effective platform to broaden the communication and marketing channels that are needed for launching new products and services. Factors such as effective social media strategies by insurance providers to collect customer feedback will help them to resolves queries in real-time and will further the growth of Asia-Pacific mobile insurance market in upcoming years.
However, varying rate of economic development and insurance penetration due to presence of different countries in Asia Pacific region is likely to inhibit the growth of the Asia-Pacific mobile insurance market in the near future.
The report titled “Asia-Pacific Mobile Insurance Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the Asia Pacific mobile insurance market in terms of market segmentation by risk covered and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Asia Pacific mobile insurance market which includes company profiling of HL Assurance, SoftBank, NTT DoCoMo, Syska Gadget Secure, AppsDaily, SyncNScan, New India Insurance, Vodafone Australia, Optus and Virgin Mobile Australia.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Asia Pacific mobile insurance marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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