Smartphones have become an integral part of modern lifestyle and provide various features like high-resolution cameras, powerful CPU & GPU, long-lasting batteries and seamless connectivity. They allow users to access the internet, video chat, make payments, play games and manage schedules conveniently.
Market key trends: The increasing adoption of 5G technology has accelerated the growth of the global smartphone market. 5G technology offers high-speed connectivity with very low latency and allows uses of advanced applications like virtual reality and augmented reality on smartphones. It also improves the overall user experience by enabling smooth streaming, seamless downloading and crispcalling/video-calling. As the telecommunications companies continue to invest heavily in deploying 5G infrastructure worldwide, its adoption is poised to increase rapidly over the coming years, driving the demand for 5G-ready smartphones.
Segment Analysis
The global smartphone market is dominated by the Android sub-segment owing to its widespread adoption and availability of a wide range of models at affordable prices. Android accounted for over 70% share of the global smartphone shipments in 2023 owing to the availability of low-cost Android smartphones and compatibility of Android phones with various apps and platforms. The iOS sub-segment holds a significant share and witnessed steady growth primarily owing to the high brand loyalty of Apple customers and superior user experience offered by iOS operating system.
Key Takeaways
Global Smartphone Market Size is expected to witness high growth over the forecast period driven by increasing smartphone penetration in developing regions of Asia Pacific and Middle East & Africa along with continuous technological innovations.
Regional analysis: Asia Pacific accounted for over 50% share of the global smartphone market in 2023 primarily owing to large consumer base and high smartphone adoption in developing countries such as India and China. Countries like India and China are increasingly focusing on manufacturing affordable Android and iOS smartphones to cater to the bulk demand in domestic as well as international markets. Europe and North America held significant shares and are expected to grow at steady pace driven by high brand loyalty of customers and popularity of premium smartphones from Apple and Samsung in these regions.
Key players: Key players operating in the smartphone market are Vidyo, Sightcall, Sinch, GENBAND, Twilio Inc., TokBox, Agro.io, and Xura. These players focus on equipping smartphones with advanced technologies and capabilities to enhance user experience. They invest heavily in R&D to develop innovative smartphones with features such as high resolution displays, improved cameras, and longer battery life. Strategic partnerships for equipment and software support are followed by top players to strengthen their consumer base.
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