The global smartphone market is predicted in a report by Transparency Market Research (TMR) to witness manufacturers focusing more on adding new features to their products. Product innovation could be another strategy largely focused upon in the global smartphone market. Besides, players are anticipated to adopt acquisition, partnership, and strategic alliance as effective growth strategies for gaining a foothold in the global smartphone market. Some of the top players operating in the global smartphone market are Samsung Electronics Co., OPPO Co Ltd., Google, Inc., and Microsoft Corporation.
Between 2018 and 2026, the global smartphone market is prognosticated by TMR to log a whopping 19.0% CAGR to rise to a US$1,503.2 bn valuation by the final forecast year. Among operating systems, Android could account for a colossal share of the global smartphone market. Currently, it secures a 74.0% share of the global smartphone market. Regionally, Asia Pacific is foreseen to show dominance on the global smartphone market. In 2017, the regional smartphone market earned a US$175.4 bn.
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Affordable Cost of Smartphone to Attract More Number of Consumers
Lowered cost of products is envisaged to provide a fillip to the global smartphone market. Earlier, smartphone being expensive was only purchased by wealthy people. However, the improving affordability of smartphone is widening the consumer base of manufacturers. Today, smartphone has become a necessity and as important as a wallet. Rapid rate of design innovation, inclusion of new features, and continuous release of new operating system updates are foretold to bolster the global smartphone market. Growing interest of consumers in buying new smartphones could set the tone for valuable growth of the global market.
Increasing reliance on smartphone for the organization of personal data and work-related tasks is prophesied to raise more demand in the global market. Rapid penetration of smartphone in key regions such as Asia Pacific could work in the favor of the market growth of manufacturers. Growing use of smartphone for clicking selfies is forecast to push the growth of the market.
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Maturity of Smartphone Market in Europe and North America Continues
The gradually increasing maturity of the smartphone market in different regions is projected to hamper sales in the coming years. In this regard, it could be said that smartphone manufacturers need to be really quick in offering new options and stand out in terms of technological development for gaining a competitive edge over their competitors. However, increasing uptake of smartphone among both young and old consumers is expected to underpin the growth of the global market. Moreover, increasing use of smartphone to integrate with advanced technological devices and growing adoption of smart gadgets could create ample of opportunities in the near future.