The Global Smartphone Market Is Estimated To Accelerated By Emerging 5G Infrastructure

Market Overview
Smartphone technologies have revolutionized the way people connect and interact in today’s world. With rich features like advanced cameras, immersive displays, powerful processors and long-lasting batteries, smartphones allow seamless experience for calling, browsing, gaming and capturing memorable moments on the go. The increasing need for reliable connectivity solutions for personal and professional use has propelled this industry’s growth trajectory.

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
Growth Accelerated by Emerging 5G Infrastructure
The increasing deployment of 5G networks across major economies has accelerated the adoption of 5G enabled smartphones. 5G technology unlocks superior internet speeds and delivers lag-free connectivity required for seamless usage of resource intensive applications like online gaming, video conferencing and high resolution content streaming. As per estimates, 5G smartphones sales will account for more than 50% of the total smartphone shipped globally by 2026, thereby driving the market growth over the forecast period. Faster 5G speeds and rich multimedia experience are the key drivers boosting large scale proliferation of 5G smartphones.

Segment Analysis
The global smartphone market is segmented based on operating system, screen size, RAM size, memory, price range, and distribution channel. The Android segment dominates the market with over 68% share as of 2022 owing to its open-source nature and availability of low-cost Android smartphones. Brands prefer Android over other operating systems as it allows them to customize user experiences.

Key Takeaways
The global smartphone market is expected to witness high growth over the forecast period to reach US$ 1.68 trillion by 2031, expanding at a CAGR of 5.8% from 2024 to 2031.

Regional analysis: Asia Pacific currently accounts for over 50% share of the global smartphone market and is expected to maintainits dominance through 2031.China and India have emerged as manufacturing hubs as well as high potential markets, driving the regional market. North America and Europe are relatively mature markets but innovations such as 5G connectivity and foldable designs can aid future growth.

Key players: Key players operating in the smartphone market are Vidyo, Sinch, GENBAND, Twilio Inc., TokBox, Agro.io, and Xura. They are focusing on various organic and inorganic strategies such as new product launches, partnerships, and mergers & acquisitions to stay ahead of competition and capitalize on growth opportunities. For instance, Sinch has acquired Inteliquent and Messagescreen to enhance its messaging and voice capabilities.

Get More Insights on This Topic: https://www.ukwebwire.com/smartphone-market-size-share-and-growth-forecast-2023-2030/

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