Amazon founder and CEO Jeff Bezos' patent for a phone airbag patent was recently approved. Here's how it would work: "Prior to impact between a surface and a device, a determination of a risk of damage to the device is made. If the risk of damage to the device exceeds a threshold, a protection system is activated to reduce or eliminate damage to the device.
Below is a Video of Lenovo Flying Laptop having technology something similar to this.
In the patent filing papers, this system utilizes the handset's integrated gyroscope, camera, accelerometers as well as other onboard sensors to determine if it is currently falling. Should a fall be detected, the system will deploy airbags to reduce potential damage - or possibly change the trajectory of its fall by firing jets of air.