What's Next For Smartphones Market?

Smartphones have more powerful hardware and comprehensive mobile operating systems that enable more software, internet (including web browsing over mobile broadband), and multimedia functionality (including music, video, cameras, and gaming). In addition, smartphones have a feature of standard phones. As per the data given by Statista, in 2023, the present number of smartphone users in the world is about 6.92 billion, which means that about 86.29% of the world's population has a smartphone. In addition, the number of users is likely to increase in the near future. According to a research report by Astute Analytica, the Global Smartphones Market value was US$ 273.9 billion in 2021 and is expected to reach US$ 520.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.5% over the projection period from 2022 to 2030. This is due to the rising popularity and technological advancements of smartphones. Some other factors, such as the growing adoption of the Internet of Things (IoT) will also fuel the growth of the smartphone. IoT device permits users to acquire and share data through the internet using software, sensors, and other technologies. Additionally, smartphones are the most widely used IoT devices for a variety of purposes, including fitness tracking, GPS-based navigation, Wi-Fi (wireless fidelity), and Bluetooth communication. Also, the smartphone market is expanding due to the rapid development of technology, including devices with AI capabilities. Apple, Samsung, and Huawei have released smartphones with potent AI cores that can carry out up to 5 trillion operations per second while using demonstrably less power. Smartphones with 5G features will help the market grow even more by enhancing network performance, facilitating faster communications, and providing efficient data management. The health problems associated with prolonged smartphone use, however, are impeding market expansion. In 2021, android owned the most market share for smartphones worldwide and is estimated to maintain its position of dominance during the projected period. The expansion of the Android market is linked to a rise in supply and demand for Android smartphones at affordable prices. Nonetheless, the iOS segment has the largest CAGR during the forecast period because, in comparison to other systems, it offers superior customer care through its dedicated support app and website, a greater app selection, and better data privacy and security. Original Source:- Smartphones Market