New York, April 17, 2023 (GLOBE NEWSWIRE) -- The Smart Phones Market size is projected to surpass around USD 876 billion by 2032, and it is poised to reach a CAGR of 5.7% from 2023 to 2032. In 2022, the global smartphone market was valued at USD 510 billion.
Smartphone use has increased as a result of social media platforms like Facebook and Twitter’s expansion. Smartphones have greatly advanced over time and now incorporate cutting-edge technologies like GPS, Near Field connectivity (NFC), flash memory, gyroscope, optical fingerprint sensors, augmented reality, virtual reality, etc.
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Key Takeaway:
- By Operating System, iOS Segment to Capture Highest CAGR Attributed to Growing Apple Phones’ Popularity
- By Distribution Channel, fast-tracked online buying behaviors to help the E-commerce segment gain the highest CAGR
- Asia Pacific held a revenue share of approximately 39% in 2022
- Middle-East & African market is anticipated to experience significant growth.
Smartphones are a type of mobile phone that stand out from feature phones in terms of their stronger hardware and software capabilities as well as their extensive mobile operating systems. Smartphones offer a wide range of features, such as multimedia capabilities for video, music, gaming, the camera, voice and video calls, and the internet, including web browsing. Smartphones run a variety of operating systems, including iOS from Apple, Windows from Microsoft, and Android from Google.
Factors affecting the growth of the Smart Phones Market
Several factors can affect the growth of the smartphone market. Some of these factors include:
- Increase in Adoption of Human Systems: The global smartphone market is currently primarily being driven by the human-system interaction phenomenon.
- Advancements in Technology: Within the next five years, it is anticipated that the handset with 5G compatibility will take its place.
- Government Support and Funding: Improved digital infrastructure, growing acceptance of e-commerce, rising internet usage, and the availability of phones compatible with 5G could be the reasons. The production-linked incentive (PLI) program has increased India's global mobile production center for manufacturers across the country, resulting in increased exports.
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Top Trends in the Global Smart Phones Market
The 5G is a popular feature in mobile phones right now, especially in the U.S., India, China, South Korea, the U.K., Japan, and other countries. The 5G Compatibility is anticipated to replace the existing handset within the next 5 years. The transition towards embedded services like content subscription, cloud storage, and access to the high-speed network. The Global System for Mobile Communications stated that Asia-Pacific, Europe, North America, and 25% of global connections would have 5G connections by 2032. In the era of the Internet of Things (IoT), 5G would play a crucial role.
Market Growth
The human-system interaction phenomenon is currently driving the majority of the global technology market. Mobile phone suppliers and manufacturers could look for opportunities in the current trends. Mobile phone connectivity is used in automobiles, fleet management operations, healthcare devices, personnel traffic, infrastructure security system connectivity, and other areas. Mobile sensors have opened up new avenues for human-computer interaction, which have led to an increase in demand.
Regional Analysis
Asia Pacific is best positioned to lead the market with the highest CAGR over the forecast period. A large number of customers and the rapid expansion of the telecom industry are to blame. The market is also expanding as a result of the region’s growing investments in various technologies, including 5G mobile networks and the Internet of Things (IoT). In addition, the market leaders are constantly introducing novel products that, in the long run, help the market growth.
Handset repair may pick up steam as a result of North America's status as a stable market. Apple, Samsung, and Huawei Device Co., Ltd., the market's major players, are concentrating on expanding their product offerings throughout Canada, which has increased their market presence. It is anticipated that the Middle East, Africa, and South America will experience significant growth. Due to their rising disposable income, consumers are purchasing high-end electronic devices. Additionally, the major players are launching market-leading products in these regions.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include Apple Inc, SAMSUNG, Oppo, Huawei Device Co. Ltd, OnePlus, Sony Group Corporation, Xiaomi, HTC Corporation, Google LLC, and other key players.
Recent Development of the Smart Phone Market
- September 2022: Comcast and Samsung Electronics (Nasdaq: Xfinity Mobile and Comcast Business Mobile customers in Comcast service areas will benefit from Samsung's collaboration with Comcast to develop 5G Radio Access Network (RAN) solutions, according to CMCSA. Samsung will provide 5G RAN solutions for Comcast's efforts to use Citizens Broadband Radio Service (CBRS) and 600 MHz spectrum to provide 5G access to consumer and business customers in the United States.
- September 2022: The iPhone 14 and iPhone 14 Plus were unveiled by Apple, and they are available in two sizes—6.1 and 6.7 inches—and feature cutting-edge designs, improved cameras, and game-changing new safety features. The iPhone 14 and iPhone 14 Plus produce significant-quality images and videos thanks to a robust camera system that includes the main and front TrueDepth cameras, the Ultra Wide camera for unusual views, and the Photonic engine, an upgraded picture pipeline.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 510 Billion |
| Market Size (2032) | USD 876 Billion |
| CAGR (from 2023 to 2032) | 5.7% |
| Asia Pacific Revenue Share | 39% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The global smartphone market is currently primarily driven by the human-system interaction phenomenon. In line with this, suppliers and manufacturers of mobile phones could look for opportunities in the current trends. Automobiles, fleet management operations, healthcare devices, smart metering, personnel traffic, infrastructure security system connectivity, and other areas find a use for mobile phone connectivity. Demand has increased as a result of new dimensions in human-computer interaction opened by mobile sensors. Demand for digital education, information, and related services has undoubtedly increased as governments in a number of nations, including India, China, Taiwan, the United States, and others, increasingly rely on partnerships with leading businesses. That eventually speeds up the expansion of global markets.
Market Restraints
The global smartphone market is hampered by the COVID-19 pandemic, lack of raw materials, and shift in China-U.S. trade activities. Major organizations are heavily suffering from high production volumes and supply chain operations have a significant negative impact on large businesses, whereas they have a limited effect on small and medium businesses. The shortage of semiconductor components is directly hampering the market as these components are essential parts of overall product usage and innovations.
Market Opportunities
During the forecasted time, it is anticipated that consumers between the ages of 18 and 35 will adopt more smartphones, which will drive growth in the global smartphone market. By offering high-end features like seamless voice control and a flexible screen, smartphone manufacturers can appeal to younger consumers. During the forecast period, these strategies may propel the market.
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Report Segmentation of the Smart Phone Market
Operating System Insight
The android industry controls the market. The Android operating system, which was developed by Google LLC, is used on almost every handset, with the exception of a few Apple products and a few others. It has a user interface that can be changed, an open ecosystem, and affordable continuous development. The market has the highest shares as a result. The rising demand for Apple smartphones resulting the IOS market expanding at an exponential rate. Apple phones are also getting more popular demand in developing nations like India, China, and South Africa especially among the young generations.
Distribution Channel Insight
In terms of CAGR, the e-commerce industry stands the best chance of leading the market during the forecast period. The idea of working from home and improved options for online shopping are helping the e-commerce industry grow. In addition, the idea of "M-commerce," which is a subset of e-commerce, is making it easier to buy and sell things using mobile phones. Demand for it is rising as the majority of online purchases are made through the e-commerce sector.
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Market Segmentation
Based on Operating System
- Android
- IOS
- Windows
Based on Distribution Channel
- OEMs Store
- Retailers
- E-Commerce
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Apple Inc
- SAMSUNG
- Oppo
- Huawei Device Co. Ltd
- OnePlus
- Sony Group Corporation
- Xiaomi
- HTC Corporation
- Google LLC
- Other Key Player
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