India Personal Gadget Insurance Market Assessment, By Coverage Type [Physical Damage, Theft and Loss Protection, Internet Component Failure, Virus and Data Protection, Others], By Gadget Type [Mobile Phones and Tablets, Laptops and Personal Computers, Cameras, Wearable Devices, Others], By Distribution Channel [Online, Offline], By End-user [Individual, Corporate], By Region, Opportunities and Forecast, FY2018-FY2032F

India personal gadget insurance market is projected to witness a CAGR of 12.98% during the forecast period FY2025-FY2032, growing from USD 2.51 billion in FY2024 to USD 6.66 billion in FY2032.

India Personal Gadget Insurance Market Size, Share and Forecast, FY2018-FY2032F

India personal gadget insurance market is projected to witness a CAGR of 12.98% during the forecast period FY2025-FY2032, growing from USD 2.51 billion in FY2024 to USD 6.66 billion in FY2032. There are many key reasons behind the exponential growth of Indian personal gadget insurance market. The major reasons have been the population growth that owns gadgets such as smartphones, laptops, and tablets. Hence, witnessing more demand for gadget insurance policies that can protect all these valuable items. Advance consumer awareness of gadget insurance continues to encourage people to make that investment. COVID-19, especially, has pushed demand since everyone adopted remote work and even other online-related activities; the need for insurance grew higher. Also, thanks to e-commerce sites sprouting, it has gotten easy to buy gadget insurance. This has made it even more accessible and convenient. Companies are also introducing innovative coverage options and introducing artificial intelligence into the system to make customer experience even better. Bundled insurance products have also gained popularity and are making gadget insurance appealing to many. These factors, therefore, have been contributing to the expansion of market for personal gadget insurance in India thereby emerging as a comprehensive security system for the consumers about the valuable electronic devices.
Personal gadget insurance provides insurance cover for risks associated with electronic devices and gadgets, such as smartphones, laptops, tablets, cameras, and other similar ones, against accidental damage, theft, loss, or breakdown. This insurance pays out for the repair or replacement of the gadget in the event of damage or loss so that users are not liable for the full costs of repair or replacement.
<h2>Increased Digitalization is Boosting Market Growth</h2>
Increased digitalization is significantly boosting demand for personal gadget insurance in India. As digital technologies become more integral to daily life, the number of electronic devices owned by individuals is rapidly rising. Smartphones, tablets, laptops, and other gadgets have become essential tools for communication, work, entertainment, and education. As of February 2024, India has been proud to host one of the largest internet populations worldwide, with more than 800 million users; even more impressive is the 86% of this audience participating in over-the-top audio and video services. Thus, OTT comes forth as the most adopted use of technology in the country. This increased use of devices leads to an overall demand for full protection, including accidental damage, loss, or theft, along with breakdown. More are using their gadgets for work and play, and an accident can be expensive at times. Therefore, protection in the form of insurance coverage is being sought to protect the valuable electronics used. Online platforms also have given easy accessibility to compare and purchase gadget insurance policies among consumers. It is increasing the demand in the market. Further, innovation through tailored coverages by the insurance company and using digital technologies that enhance the experience of the customer drive this trend forward. It is an emerging trend based on the continuous process of transformation towards digital India and will be offering peace of mind along with security to customers' wallets.
<h2>Technological Advancements to Drive Market Growth</h2>
Technological advancements are&nbsp;expected&nbsp;to&nbsp;lead&nbsp;to&nbsp;high&nbsp;market growth in the India personal gadget insurance sector. Digital technology&nbsp;has&nbsp;changed&nbsp;the way insurance services are delivered, making them&nbsp;efficient, user-friendly, and accessible. Advanced technologies such as artificial intelligence (AI) and machine learning are&nbsp;making&nbsp;it possible for&nbsp;insurance companies to&nbsp;provide&nbsp;customized&nbsp;policies, streamline claims processing, and enhance customer experience. These technologies&nbsp;therefore&nbsp;allow for&nbsp;faster and&nbsp;accurate risk assessment,&nbsp;which&nbsp;entails&nbsp;better pricing models as well as coverage options adjusted according to individual needs.&nbsp;Moreover, the integration of Internet of Things devices as well as telematics has&nbsp;also&nbsp;been providing insurers with&nbsp;data on gadget usage and&nbsp;conditions in real-time,&nbsp;helping&nbsp;further&nbsp;to improve risk management and&nbsp;policy&nbsp;customization. The&nbsp;increased&nbsp;adoption of digital payment systems and online platforms is also making it easier for consumers to&nbsp;buy&nbsp;and manage their insurance policies.&nbsp;Thus, these technological&nbsp;improvements&nbsp;are not only enhancing&nbsp;the&nbsp;operational&nbsp;efficiency&nbsp;but also&nbsp;the&nbsp;consumer's&nbsp;trust and satisfaction, which is driving the growth of the personal gadget insurance market in India.
<h2>Individual Segment to Dominate India Personal Gadget Insurance Market</h2>
The individual segment is going to dominate the India personal gadget insurance market with many compelling reasons. As the number of individual customers who invest in these personal gadgets increases, so has the need for full coverage insurance on these valuable appliances. Fast growth in this area of individual electronic devices has been spurred by these advances in technology and overall growth in digitalization. Growth in this segment is also supported by enhanced consumer awareness of gadget insurance, including protection against accidental damage, theft, and breakdown. In addition, easy access to online purchases and availability of plans for customized insurance have made it easier for consumers to protect their gadgets. On the customer experience side, digital technologies are also being used by insurance companies to provide streamlined claims processes and more personalized policy options. The new growth driver in the personal gadget insurance market in India is the individual segment, mirroring the shift in consumer landscape and the growing dependency on electronic devices for everyday life.
<a href="https://www.marketsandata.com/industry-reports/india-personal-gadget-insurance-market/sample-request">Download Free Sample Report</a>
Future Market Scenario (FY2025 &ndash; FY2032F)
<ul>
<li>The&nbsp;steadily&nbsp;increasing&nbsp;middle class with higher&nbsp;incomes&nbsp;would&nbsp;increase the&nbsp;take-up&nbsp;rate&nbsp;for&nbsp;personal gadget insurance.</li>
<li>The rise of smart cities and the swift pace of urbanization will drive an increased demand for personal gadget insurance.</li>
<li>Market&nbsp;growth will be contributed by&nbsp;increasing consumer awareness&nbsp;of&nbsp;the importance of insuring personal gadgets.</li>
</ul>
Report Scope
&ldquo;India Personal Gadget Insurance Market Assessment, Opportunities and Forecast, FY2018-FY2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of India personal gadget insurance market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between FY2025 and FY2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
<table>
<tbody>
<tr>
<td width="301">
Report Attribute
</td>
<td width="301">
Details
</td>
</tr>
<tr>
<td width="301">
Base Year of the Analysis
</td>
<td width="301">
FY2024
</td>
</tr>
<tr>
<td width="301">
Historical Period
</td>
<td width="301">
FY2018-FY2023
</td>
</tr>
<tr>
<td width="301">
Forecast Period
</td>
<td width="301">
FY2025-FY2032
</td>
</tr>
<tr>
<td width="301">
Projected Growth Rate
</td>
<td width="301">
CAGR of 12.98% between FY2025 and FY2032
</td>
</tr>
<tr>
<td width="301">
Revenue Forecast in FY2032
</td>
<td width="301">
USD 6.66 billion
</td>
</tr>
<tr>
<td width="301">
Segments Covered
</td>
<td width="301">
Coverage Type, Gadget Type, Distribution Channel, End-user
</td>
</tr>
<tr>
<td width="301">
Regions Covered
</td>
<td width="301">
North, South, East, West and Central
</td>
</tr>
<tr>
<td width="301">
Key Companies Profile
</td>
<td width="301">
&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Allianz General Insurance Company Limited, New India Assurance Company Limited, OneAssist Consumer Solutions Private Limited, SyncNscan, Times Global Assurance, Insurance Canopy, HDFC ERGO General Insurance Company Limited, AXA XL, Future Generali India Insurance Company Limited, Policybazaar Insurance Web Aggregator Private Limited
</td>
</tr>
<tr>
<td width="301">
Customization Scope
</td>
<td width="301">
15% free report customization with purchase
</td>
</tr>
<tr>
<td width="301">
Pricing and Purchase Options
</td>
<td width="301">
Avail the customized purchase options to fulfill your precise research needs
</td>
</tr>
<tr>
<td width="301">
Delivery Format
</td>
<td width="301">
PDF and Excel through email (subject to the license purchased)
</td>
</tr>
</tbody>
</table>
In the report,&nbsp;India personal gadget insurance market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Coverage Type
<ul>
<li>Physical Damage</li>
<li>Theft and Loss Protection</li>
<li>Internet Component Failure</li>
<li>Virus and Data Protection</li>
<li>Others</li>
</ul>
</li>
<li>By Gadget Type
<ul>
<li>Mobile Phones and Tablets</li>
<li>Laptops and Personal Computers</li>
<li>Cameras</li>
<li>Wearable Devices</li>
<li>Others</li>
</ul>
</li>
<li>By Distribution Channel
<ul>
<li>Online</li>
<li>Offline</li>
</ul>
</li>
<li>By&nbsp;End-user
<ul>
<li>Individual</li>
<li>Corporate</li>
</ul>
</li>
<li>By Region
<ul>
<li>North</li>
<li>South</li>
<li>East</li>
<li>West and Central</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Companies employ a myriad of strategic approaches to strengthen their position in the India personal gadget insurance market. They substantially enhance their investment in research and development, so they innovate and make insurance products more customer-focused according to the changing nature of consumers. Mergers and acquisitions enable businesses to expand their reach in markets, acquire new technologies, and expand services. A firm can pool its resources, leverage its strengths through a joint venture or cooperation with another company and penetrate its customer base easily. Licensing agreements help companies penetrate markets faster by using existing technologies and methodologies so that leading insurance solutions can reach consumers more quickly. Moreover, companies constantly launch new products and services to stay abreast of the rapidly changing market. These strategies, together, help the companies strengthen their market positioning, achieve growth, and address the rising demand for robust and integrated personal gadget insurance solutions in the fast-increasing digital scenario of India.
In May 2023, Bundl Technologies Private Limited (Swiggy) partnered with Reliance General Insurance Company Limited to tailormade insurance cover to its delivery partners. Insurance package includes health insurance, personal accident cover, and mobile phone insurance for the comprehensive fleet of 300,000 delivery partners of Swiggy.
Key Players Operating in India Personal Gadget Insurance Market are:
<ul>
<li>Bajaj Allianz General Insurance Company Limited</li>
<li>New India Assurance Company Limited</li>
<li>OneAssist Consumer Solutions Private Limited</li>
<li>SyncNscan</li>
<li>Times Global Assurance</li>
<li>Insurance Canopy&nbsp;</li>
<li>HDFC ERGO General Insurance Company Limited</li>
<li>AXA XL</li>
<li>Future Generali India Insurance Company Limited</li>
<li>Policybazaar Insurance Web Aggregator Private Limited</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul>
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
If you can't find what you're searching for or have any custom requirements for India personal gadget insurance market, you may approach our team at&nbsp;<a href="mailto:info@marketsandata.com">info@marketsandata.com</a>

India Personal Gadget Insurance Market Assessment, Opportunities and Forecast, FY2018-FY2032F

The India personal gadget insurance market is expected to grow due to e-commerce growth, innovative coverage packages, and integration of advanced technologies.

Table of Contents
<ol>
<li>Project Scope and Definitions</li>
<li>Research Methodology</li>
<li>Executive Summary</li>
<li>Voice of Customer
<ul>
<li>Product and Market Intelligence</li>
<li>Mode of Brand Awareness</li>
<li>Factors Considered in Purchase Decisions
<ul>
<li>Coverage Limit</li>
<li>Excess Amount</li>
<li>Cost</li>
<li>Policy Limits</li>
<li>Claim Process</li>
<li>Multi-Device Options</li>
</ul>
</li>
<li>Customer Support</li>
<li>Consideration of Privacy and Regulations</li>
</ul>
</li>
<li>India Personal Gadget Insurance Market Outlook, FY2018-FY2032F
<ul>
<li>Market Size Analysis &amp; Forecast
<ul>
<li>By Value</li>
</ul>
</li>
<li>Market Share Analysis &amp; Forecast
<ul>
<li>By Coverage Type
<ul>
<li>Physical Damage</li>
<li>Theft and Loss Protection</li>
<li>Internet Component Failure</li>
<li>Virus and Data Protection</li>
<li>Others</li>
</ul>
</li>
<li>By Gadget Type
<ul>
<li>Mobile Phones and Tablets</li>
<li>Laptops and Personal Computers</li>
<li>Cameras</li>
<li>Wearable Devices</li>
<li>Others</li>
</ul>
</li>
<li>By Distribution Channel
<ul>
<li>Online</li>
<li>Offline</li>
</ul>
</li>
<li>By End-user
<ul>
<li>Individual</li>
<li>Corporate</li>
</ul>
</li>
<li>By Region
<ul>
<li>North</li>
<li>South</li>
<li>East</li>
<li>West and Central</li>
</ul>
</li>
<li>By Company Market Share Analysis (Top 5 Companies and Others &ndash; By Value, FY2024)</li>
</ul>
</li>
<li>Market Map Analysis, FY2024
<ul>
<li>By Coverage Type</li>
<li>By Gadget Type</li>
<li>By Distribution Channel</li>
<li>By End-user</li>
<li>By Region</li>
</ul>
</li>
</ul>
</li>
</ol>
<ol start="6">
<li>Demand Supply Analysis</li>
<li>Value Chain Analysis</li>
<li>Porter&rsquo;s Five Forces Analysis</li>
<li>PESTLE Analysis</li>
<li>Premium Cost Analysis</li>
<li>Market Dynamics
<ul>
<li>Market Drivers</li>
<li>Market Challenges</li>
</ul>
</li>
<li>Market Trends and Developments</li>
<li>Case Studies</li>
<li>Competitive Landscape
<ul>
<li>Competition Matrix of Top 5 Market Leaders</li>
<li>SWOT Analysis for Top 5 Players</li>
<li>Key Players Landscape for Top 10 Market Players
<ul>
<li>Bajaj Allianz General Insurance Company Limited
<ul>
<li>Company Details</li>
<li>Key Management Personnel</li>
<li>Products and Services</li>
<li>Financials (As Reported)</li>
<li>Key Market Focus and Geographical Presence</li>
<li>Recent Developments/Collaborations/Partnerships/Mergers and Acquisition</li>
</ul>
</li>
<li>New India Assurance Company Limited</li>
<li>OneAssist Consumer Solutions Private Limited</li>
<li>SyncNscan</li>
<li>Times Global Assurance</li>
<li>Insurance Canopy</li>
<li>HDFC ERGO General Insurance Company Limited</li>
<li>AXA XL</li>
<li>Future Generali India Insurance Company Limited</li>
<li>Policybazaar Insurance Web Aggregator Private Limited</li>
</ul>
</li>
</ul>
</li>
</ol>
*Companies mentioned above&nbsp;DO NOT&nbsp;hold any order as per market share and can be changed as per information available during research work.
<ol start="15">
<li>Strategic Recommendations</li>
<li>About Us and Disclaimer</li>
</ol>

FAQs

Industry Reports

Blogs

Case Studies

Industry News

Press Release

Infographics