The global mobile phone insurance market is expected to account for $20.5 billion in revenue by the end of 2017, according to ReportsnReports.com.

The market is further expected to grow at a CAGR [compound annual growth rate] of approximately 10% over the next three years, eventually accounting for more than $27 billion in revenue by the end of 2020, adds the research group. Many smartphone makers — including Apple, Samsung, HTC, Acer, Motorola Mobility and Xiaomi — already offer their own branded protection plans across multiple countries, and others are expected to follow suit. By the end of 2020, such branded plans will account for a market worth nearly $4.5 billion, says ReportsnReports.

In an effort to boost the uptake of their mobile phone insurance plans, mobile operators and insurance providers have extensively enhanced their offerings with a number of differentiating features such as multi-device coverage, integrated device security apps, prioritized technical support, door-to-door repair services and secure data storage for photos and videos. To accelerate the adoption of mobile phone insurance in developing markets, mobile operators are experimenting with an array of strategies ranging from complimentary insurance schemes to bundling insurance with inexpensively priced mobile security offerings, ReportsnReports notes.