Pune,India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global smartphone market size was valued at USD 457.18 billion in 2021 and is projected to reach USD 792.51 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period. As per the research conducted by our expert analysts, the rising adoption of Internet of Things technology is anticipated bolster market growth. Likewise, surging home ownership by millennials and growing flexible income in established nations to navigate automated home demand. Fortune Business Insights™ displays this information in a report titled, Digital Printing Market Forecast, 2024-2030.
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KEY INDUSTRY DEVELOPMENTS:
- Samsung introduced the ‘Galaxy Z Flip3 5G’ and ‘Galaxy Z Fold3 5G’, the innovative foldable mobile phone. With iconic design, both the devices are built with flagship innovation, offering a unique user experience to work, play and watch.
Key Takeaways
- Disrupted Demand and Supply Negatively Affected the Shipments
- Ever-growing Demand for 5G-Compatible Smartphone to Add Impetus
- Increasing Adoption of Human-System Interaction to Bolster the Market Growth
- By Operating System Analysis: iOS Segment to Capture Highest CAGR Attributed to Growing Apple Phones’ Popularity
- Leading Market Participants Unveil State-of-the-art Products for Deep Market Penetration
Discover the Leading Players Featured in the Report:
“Companies leading the Smartphone Market Apple Inc., SAMSUNG, Oppo, Huawei Device Co., Ltd., OnePlus, Sony Group Corporation, Xiaomi, HTC Corporation, Google LLC, ZTE Corporation”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2023 to 2030 CAGR | 7.3% |
| 2029 Value Projection | USD 792.51 Billion |
| Base Year | 2021 |
| Smartphone Market Size in 2021 | USD 457.18 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Operating System, Distribution and Geography |
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Market Growth Drivers:
The Driving Force of the Digitization Trend
The anticipated expansion of connectivity solutions is poised to drive substantial growth in the smartphone market over the forecast period. This trend is notably prominent in various sectors, including healthcare devices, fleet management operations, automobiles, infrastructure security systems, and smart metering. Stakeholders are increasingly recognizing the transformative potential of mobile phone connectivity in these diverse fields.
Governments and other key stakeholders are expected to play a pivotal role in accelerating this shift towards enhanced connectivity by injecting funds into digitization initiatives. This strategic move is likely to prompt smartphone manufacturers to strengthen their product portfolios, aligning them with the evolving demands of a digitally interconnected world.
Segments
By Operating System
- Android
- iOS
- Windows
- Others (Linux)
By Distribution Channel
- OEMs stores
- Retailer
- E-commerce
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Regional Insights-
Expanding Telecom Sector to Foster Asia Pacific Market
Leading companies anticipate China, India and Australia to provide promising growth opportunities in the telecom sector. Bullish investments in the smartphone will remain a catalyst in driving the penetration of IoT and 5G. Leading companies are likely to launch innovative products in the ensuing period. In January 2022, Vivo Mobile Communication Co., Ltd rolled out ‘V23 and V23 Pro’ in India and termed India’s 1st color-changing smartphone.
Industry participants envisage Europe as a happy hunting ground owing to the investments in the automotive and telecom sectors. Specifically, in July 2020, SAMSUNG joined hands with the German Federal Office for Information Security (BSI), Bundesdruckerei (bdr) and Deutsche Telekom Security GmbH to develop a hardware-based security architecture. Bullish strategies are likely to be pronounced with major companies likely to prioritize technological advancements.
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Competitive Landscape-
Navigating the Smartphone Arena
A dynamic battleground where industry giants and up-and-coming disruptors vie for supremacy. From established players like Apple and Samsung, renowned for their innovation and ecosystem integration, to agile contenders such as Xiaomi and OnePlus, offering cutting-edge features at compelling price points, the smartphone market is a hotbed of rivalry. Huawei's resilience amidst geopolitical challenges and Google's Pixel series emphasizing a pure Android experience add further dimensions to this complex ecosystem.
FAQ’s
How big is the Smartphone Market?
Smartphone Market size was USD 457.18 billion in 2021.
How fast is the Smartphone Market Growing?
The Smartphone Market will exhibit a CAGR of 7.3% during the forecast period, 2022-2029
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