 |
| Global Smartphone Market Size |
Smartphones have become an integral part of our daily lives and are
increasingly being used beyond basic communication purposes. They offer a range
of functionalities including advanced cameras, internet access, entertainment
and productivity apps etc. The ever-growing apps ecosystem has enabled people
to accomplish a variety of tasks through their phones in a more efficient
manner.
The global
Smartphone Market is estimated to be valued at US$ 1.45 Bn in 2024 and is
expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
The development of 5G network infrastructure globally is one of the key trends
that is expected to significantly drive the growth of the smartphone market. 5G
technology offers considerably higher speeds and lower latency compared to
previous generations. This will enable users to enjoy seamless connectivity and
enhanced experiences such as virtual/augmented reality, video streaming in
Ultra HD and more. The increased speeds and capabilities are likely to
encourage existing users to upgrade to 5G compatible handsets over the forecast
period. 5G is also anticipated to accelerate the adoption of IoT technology
which depends on high speed connectivity for various applications. This in turn
is expected to further propel the demand for smartphones.
Segment Analysis
The global smartphone market is dominated by the Android sub segment. Android
accounted for over 60% share of the global smartphone shipments in 2023.
Android's large market share is attributed to its open source nature which
allows smartphone manufacturers to customize Android as per their requirements
and offer a variety of Android powered smartphones at various price points.
This provides more choice to the customers compared to other operating systems.
Key Takeaways
Global
Smartphone Market Size is expected to witness high growth over the
forecast period of 2023 to 2030 supported by increasing demand for advanced
smartphones across major regions. The global Smartphone Market is estimated to
be valued at US$ 1.45 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over
the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the global smartphone market with a
share of over 50% in 2023. The presence of numerous smartphone manufacturers as
well as large customer base makes Asia Pacific the fastest growing market.
Moreover, China and India are witnessing strong sales growth assisted by rising
disposable incomes and shifting preferences of consumers towards branded and
feature rich smartphones.
Key players
The key players operating in the smartphone market are Vidyo, Sightcall, Sinch,
GENBAND, Twilio Inc., TokBox, Agro.io, and Xura. These players are focused on
developing advanced smartphones with innovative features and technologies such
as edge AI, 5G connectivity to strengthen their position in the market.
Explore
More Related Article On This Topic: https://www.ukwebwire.com/global-smartphone-market-scope/