Smartphone Market

Smartphone Market Witnesses a Lift in Growth with Constant Product Innovation
The global smartphone market is predicted in a report by Transparency Market
Research (TMR) to witness manufacturers focusing more on adding new features to
their products. Product innovation could be another strategy largely focused upon in
the global smartphone market. Besides, players are anticipated to adopt acquisition,
partnership, and strategic alliance as effective growth strategies for gaining a foothold
in the global smartphone market. Some of the top players operating in the global
smartphone market are Samsung Electronics Co., OPPO Co Ltd., Google, Inc., and
Microsoft Corporation.
Between 2018 and 2026, the global smartphone market is prognosticated by TMR to
log a whopping 19.0% CAGR to rise to a US$1,503.2 bn valuation by the final
forecast year. Among operating systems, Android could account for a colossal share
of the global smartphone market. Currently, it secures a 74.0% share of the global
smartphone market. Regionally, Asia Pacific is foreseen to show dominance on the
global smartphone market. In 2017, the regional smartphone market earned a
US$175.4 bn.
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Affordable Cost of Smartphone to Attract More Number of Consumers
Lowered cost of products is envisaged to provide a fillip to the global smartphone
market. Earlier, smartphone being expensive was only purchased by wealthy people.
However, the improving affordability of smartphone is widening the consumer base of
manufacturers. Today, smartphone has become a necessity and as important as a
wallet. Rapid rate of design innovation, inclusion of new features, and continuous
release of new operating system updates are foretold to bolster the global smartphone
market. Growing interest of consumers in buying new smartphones could set the tone
for valuable growth of the global market.
Increasing reliance on smartphone for the organization of personal data and workrelated tasks is prophesied to raise more demand in the global market. Rapid
penetration of smartphone in key regions such as Asia Pacific could work in the favor
of the market growth of manufacturers. Growing use of smartphone for clicking
selfies is forecast to push the growth of the market.
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Maturity of Smartphone Market in Europe and North America Continues
The gradually increasing maturity of the smartphone market in different regions is
projected to hamper sales in the coming years. In this regard, it could be said that
smartphone manufacturers need to be really quick in offering new options and stand
out in terms of technological development for gaining a competitive edge over their
competitors. However, increasing uptake of smartphone among both young and old
consumers is expected to underpin the growth of the global market. Moreover,
increasing use of smartphone to integrate with advanced technological devices and
growing adoption of smart gadgets could create ample of opportunities in the near
future.
The information presented here is based on a TMR report titled “Smartphone Market
(Operating System - Android, iOS, and Windows; Distribution Channel - Online and
Offline (Single-brand Store and Multi-brand Store; Price Range - Below US$100,
US$100-200, US$200-500, and US$500 and Above; Size - Below 4.0”, 4.0”-5.0”, and
Up to 6.0”; RAM Size - Below 2GB, 2-4GB, and Up to 8GB) - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026.”

Smartphone Market

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