The smartphone market comprises of mobile phones that are capable of performing various computing functions like running applications, connecting to Internet, GPS navigation, and high storage capacity. Smartphones have become an integral part of modern lifestyle to aid communication and access information on-the-go. Smartphone devices offer built-in cameras, touch screen displays, high-speed internet connectivity, and attractive design features that have captivated users across demographics.
The global smartphone market is estimated to be valued at US$ 1.45 Billion 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:
Increasing connectivity demands owing to the growing inclination of users toward online content, social media, mobile payment services and other mobile applications have propelled the adoption of smartphones. Evolving telecommunication networks supporting high speed internet have empowered users to access data and stream online content from anywhere, driving the smartphone market growth. Advancements in networking technologies like 4G and imminent rollout of 5G is expected to bolster mobile broadband speeds and further support diverse digital activities of users through their smartphones.
Strength: Smartphones offer mobility, connectivity and access to vast amounts of information through internet and applications. They are also becoming more powerful with enhanced processors and features.
Weakness: Shorter replacement cycles and high competition leads to pricing pressure on manufacturers. Rising screen sizes also increase the risk of malfunctions and breakages. Frequent hardware and software updates require high R&D investments.
Opportunity: Growing demand for high-speed internet and data services in developing countries presents an opportunity. Emerging technologies such as AI, IoT and 5G also widen the scope for new applications and services.
Threats: Increasing saturation in developed markets. Rising raw material costs and trade war risks increase uncertainty. Vulnerability to cyberthreats is also a concern.
Global Smartphone Market Size is expected to witness high growth over the forecast period supported by rising demand across developing regions in Asia and Africa.
Regional analysis comprises: Asia Pacific region currently dominates the global smartphone market led by China, India and other Southeast Asian countries. This is expected to continue as rural connectivity and affordability initiatives expand the addressable user base in these markets. North America and Europe are relatively mature markets but continue to contribute throughreplacement demand and technology premium segments.
Key players related content comprises Key players operating in the smartphone market are Vidyo, Sinch, GENBAND, Twilio Inc., TokBox, Agro.io, and Xura. The market remains competitive with leading players focussing on differentiators like design, user experience, and partnerships for content/services to expand their customer base. Consolidation trends have also emerged through mergers and acquisitions over the past years.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it