ALBANY, New York, May 15, 2019 /PRNewswire/ -- The exponential rise of smartphones has led the demand in the global smartphone industry. Product enhancement and adoption of advanced technologies are key strategies implemented by most of the players. Top-notch vendors are establishing a strategic alliance to increase their customer base and get a firm hold in the market. Product innovation, the addition of new features, and pricing strategy are some of the key focus areas of the leading players.
Some of the top companies in the global smartphone market are Panasonic Corporation, Sony Corporation, Apple, Inc., Samsung Electronics Co., Ltd., Nokia Corporation, and HTC Corporation among others. Recently, Huawei Technologies Co Ltd. is expected to lead the market, as it introduced reverse wireless charging, advanced camera, and onboard AI features. Other prominent players are also giving a tough comet petition to maintain their position in the market. Thus, with minute yet path-breaking changes, the global smartphone market is expected to witness high growth in the coming years.
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Introduction of new products and technological advancements are key contributors that might take up the value in the smartphone market to US$1,503.2 bn by the end of 2026. It is been estimated that the global smartphone market might progress at a staggering 19.0% CAGR during the course of eight years from 2018 to 2026.
The highest demand in the smartphone market is for Android-based smartphones. This operating system is largely preferred by people across nations. Currently, the demand for Android-based smartphones holds an approximately 74% share in the global market. Moreover, the demand for the Android operating systems is high in emerging economies such as China and India. iOS holds the second position in the global smartphones market.
Geographically, Asia Pacific is a key regional market expanding the global smartphone market. The growing presence of key market players such as One Plus Corporation, Xiaomi Corporation, and Huawei Technologies Co Ltd. further strengthen the growth of smartphones in this region. Developed regions in North America and Europe are considered mature markets for the growth of smartphones.
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High Demand for High-End Smartphones to Accelerate Market Performance
Smartphones have now become an integral part of our lives and it plays a major role in our day-to-day activities. The demand for smartphones is high in both developed and developing economies. To meet the growing demand for high-end smartphones, manufacturers are deploying advanced technologies such as machine learning and artificial intelligence to enhance features in new smartphones.
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The growing use of various social media platforms, increasing trend of selfies, and high reliance on smartphones to organize personal data and work-related task have further led the demand in the global smartphone market. Availability of advanced features at a lower cost reduced charges of network services, and rapid internet penetration has boosted demand for smartphones. Moreover, developed economies with higher population base are another significant factor augmenting the demand in the global smartphone market.
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Identity Theft Issues to Deter Growth of Smartphones
However, growing issues related to data security and identity theft, which might obstruct the growth of the global smartphone market. Growing extreme competition among players is also some way or the other will also hamper the market's growth in the coming years.
But with growing technological advancements and increasing emphasis to ensure the security of users, there are high chances that these restraints will reduce in the next few years. Moreover, reducing the cost of new devices and services and faster emergence of network technologies are some of the key factors that will lead the demand in the global smartphone market.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Smartphone Market (Operating System - Android, iOS, and Windows; Distribution Channel – Online and Offline; Price Range - Below US$ 100, US$ 100-200, US$ 200-500,US$ 500 and above; Size - below 4.0", 4.0" – 5.0", and Up to 6.0"; RAM Size - Below 2GB, 2GB-4GB, and upto 8GB) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026".
The global smartphone market is segmented based on:
- Below US$100
- US$500 and Above
- Below 2GB
- Up to 8GB
- Below 4.0"
- Up to 6.0"
- Multi-brand Store
- Single brand Store
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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