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.
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.
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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.
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.
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