Gadget Insurance Market to Grow with a CAGR of 12.89% Globally through 2028
The global gadget insurance market is growing
steadily, driven by increasing consumer reliance on electronic devices. It
offers protection against damage, loss, and theft, with competitive pricing and
diverse coverage options.
According to TechSci Research report, “Global Gadget
Insurance Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Gadget Insurance Market stood at USD
63.2 Billion in 2022 and is anticipated to grow with a CAGR of 12.89% in the
forecast period, 2024-2028.
The
Global Gadget Insurance Market is characterized by significant growth driven by
factors such as rising gadget ownership and dependence, increasing awareness of
associated risks, higher device costs, remote work trends, and competitive
market dynamics. However, the industry faces challenges including fraud
prevention, maintaining affordable premiums, data privacy and security
concerns, evolving regulatory requirements, sustainability demands, and
coverage for non-traditional gadgets. Emerging trends include customizable
coverage options, IoT and telematics integration, digital-first insurance
platforms, green gadget insurance, expanded coverage for diverse devices, and a
focus on user education and cybersecurity. These trends reflect the market's
evolution in response to consumer needs and technological advancements.
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Insurance Market”
The Global Gadget Insurance Market is experiencing
robust growth, propelled by a convergence of key drivers that underscore the
increasing significance of electronic devices in our daily lives. One of the
primary drivers is the exponential rise in gadget ownership and dependence.
Smartphones, tablets, laptops, and other electronic devices have become
indispensable tools for communication, work, entertainment, and information
access. As these devices become more prevalent and essential, consumers are
recognizing the need to protect their investments against various risks,
including accidental damage, theft, and loss.
The growing awareness of risks associated with gadget
usage is another significant driver. Consumers are increasingly conscious of
the potential vulnerabilities of their devices, including the likelihood of
accidental damages or the risk of theft. This heightened awareness prompts
individuals to seek protective measures, leading to a surge in the demand for
gadget insurance coverage.
The ever-increasing costs of electronic devices,
particularly high-end smartphones and laptops, contribute to the market's
growth. Technological advancements result in more sophisticated and
feature-rich gadgets, but this innovation often comes with a higher price tag.
As the value of these devices rises, consumers are more inclined to view them
as substantial investments, further fueling the demand for insurance coverage
to mitigate potential financial losses in case of damage or loss.
The global shift towards remote work and digital
transformation, accelerated by the COVID-19 pandemic, is another driving force.
With more individuals relying on personal electronic devices for professional
activities, the importance of gadget insurance has amplified. Laptops, tablets,
and smartphones have become essential tools for remote communication,
collaboration, and task management, leading to an increased need for insurance
coverage to protect against the heightened risks associated with extensive device
usage.
The competitive landscape of the insurance market
plays a pivotal role as well. A competitive market fosters innovation and
diversity in insurance offerings. Insurance providers are compelled to
differentiate themselves by providing attractive coverage options, competitive
pricing, and convenient services. This competition encourages more consumers to
consider and invest in insurance coverage for their electronic devices,
contributing to the overall growth of the gadget insurance market.
Moreover, the diversification and expansion of the
types of gadgets covered by insurance policies contribute to market growth. The
definition of gadgets has evolved beyond traditional devices to include a wide
range of electronic products such as wearables, drones, and smart home devices.
As consumers adopt an increasingly diverse array of gadgets, insurance
providers are adapting their offerings to meet this changing landscape,
resulting in a broader market scope.
In conclusion, the Global Gadget Insurance Market is
being propelled by a combination of factors that underscore the integral role
of electronic devices in contemporary life. From the surge in gadget ownership
to the rising awareness of associated risks, escalating device costs, remote
work trends, competitive market dynamics, and the expanding range of gadgets
covered, these drivers collectively contribute to the ongoing growth and
evolution of the gadget insurance market. As technology continues to advance
and consumer reliance on electronic devices deepens, the market is poised for
sustained expansion.
Major companies operating in Global Gadget
Insurance Market are:
- Square Trade, Inc.
- Apple,Inc.
- Bolttech
- Bajaj Allianz General
Insurance Company
- Samsung
- One Assist
- AT&T, Inc.
- Asurion
- Cloudclover
- Progressive Casualty
Insurance Company
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“The Global Gadget Insurance Market is experiencing
significant growth driven by the widespread adoption of electronic devices,
increased awareness of potential risks, rising device costs, remote work
trends, and a competitive insurance landscape. These drivers emphasize the
growing importance of protecting gadgets against damage, theft, and loss. The
pandemic-induced surge in remote work and the expansion of gadget coverage to
non-traditional devices further contribute to market growth. However, challenges
like fraud prevention, sustaining affordable premiums, data privacy concerns,
evolving regulations, and accurately assessing risks persist. In this dynamic
market, insurers are focusing on customization, IoT integration, digital-first
platforms, sustainability, and user education to cater to evolving consumer
needs.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Gadget Insurance Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Coverage Type (Physical
Damage, Internal Component Failure, Theft and Loss Protection, Virus and Data
Protection, Others), By Device Type (Laptop and PCs, Mobile Phones, Tablets,
Home Entertainment Devices, Cameras, Others), By Sales Channel (Retail,
Online), by End User (Business, Individuals), By Region, By Competition,
2018-2028”, has evaluated the future growth potential of Global Gadget Insurance
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Gadget Insurance
Market.
Contact
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Techsci Research LLC
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