Smartphones have become an integral part of our daily lives and allow us to stay connected and access a variety of useful applications and services from anywhere. They offer advanced features like high resolution cameras, long battery life and powerful processors which enhance user experience.
The Global Smartphone Market Size is estimated to be valued at US$ 1.68 trillion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing integration of artificial intelligence into smartphones is driving significant growth in the global smartphone market. AI helps enhance smartphone features and functionality with improved voice and image recognition, predictive analysis, and more intuitive interactions. Key applications of AI in smartphones include advanced cameras, virtual assistants, language translations, and more personalized experiences. AI utilization allows smartphone manufacturers to offer differentiated products with unique user experiences. Continued advances in AI and machine learning technologies will further augment their use in smartphones, finding new applications and fueling market expansion over the forecast period.
Strength: Smartphones offer high portability and connectivity on the go. They allow quick access to internet, apps, photos and provide flexibility.
Weakness: Dependency on internet and mobile networks. Short battery life and security/ privacy issues. Upgrades lead to e-waste.
Opportunity: Emerging technologies like 5G, IoT, VR/AR provide new opportunities. Demand from rural areas and older population segment still untapped.
Threats: Competition from other smart devices. Strict regulations around data usage and privacy.
The global smartphone market is expected to witness high growth. The global Smartphone Market is estimated to be valued at US$ 1.68 trillion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024-2031.
Regional analysis comprises Asia Pacific dominating the market currently with China and India being the top markets. The region is also forecasted to grow at a higher pace during the forecast period supported by huge price-sensitive consumer base and aggressive marketing strategies by Chinese companies. North America and Europe are relatively mature markets but still pose significant growth potential supported by continuous technology upgrades and availability of attractive payment options. Some of the key players operating in the smartphone market are Vidyo, Sinch, GENBAND, Twilio Inc., TokBox, Agro.io focusing on enhancing video, voice and messaging capabilities on mobile devices.
Key players like Vidyo, Sinch are focusing on offering advanced communication platforms and APIs to allow integration of real-time communication features in various mobile applications. GENBAND, Twilio Inc focuses on cloud-based APIs and software platforms. TokBox, Agro.io focus on building tools and services for real-time video streaming. All major players actively invest in R&D to expand their portfolio and gain market share.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it