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.
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