Smartphone Market Size to grow by USD 77.05 billion between 2024-2028
According to a research report “ Smartphone Market” by Technology (Android, IOS, Others) Price Range (Between USD150-USD800, Greater than USD800, Less than USD150) Screen Size (Greater than 6 inches, Between 5-6 inches, Less than 5 inches) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 77.05 billion, at a CAGR of over 3.43% during the forecast period. Artificial Intelligence (AI) is revolutionizing the smartphone market by enhancing user experience through advanced features. Vendors such as Apple Inc., Samsung Electronics Co. Ltd., and Huawei Investment and Holding Co. Ltd. are investing heavily in Research and Development (R&D) to integrate AI technology into their smartphones. Notably, these companies have introduced AI-specific chips, capable of performing multiple operations per second while consuming less power. These innovations include facial recognition, augmented reality (AR), user authentication, emotion recognition, and device management. By offering such AI-driven functionalities, smartphone manufacturers aim to provide a more personalized and efficient user experience.
Browse market data tables, figures, and in-depth TOC on “Smartphone Market” by Technology (Android, IOS, Others) Price Range (Between USD150-USD800, Greater than USD800, Less than USD150) Screen Size (Greater than 6 inches, Between 5-6 inches, Less than 5 inches) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Technology, the Android segment is projected to dominate the market size in 2024
The mid-range smartphone market caters to businesses seeking optimal value for money. Major vendors, including Samsung, Huawei, BBK Electronics, and Xiaomi, deliver essential features at competitive prices. Previously, consumers paid premium prices for advanced capabilities like dual cameras, AI, internet access, virtual reality, and gaming. Today, mid-range smartphones offer these features, as evidenced by Xiaomi's recent launch of the Redmi K60 Pro, priced at USD569, featuring advanced specifications and cutting-edge technology.
By Price Range, Between USD150-USD800 segment is expected to hold the largest market size for the year 2024
The Android operating system, a global leader in the mobile OS market, is developed by Alphabet Inc., specifically Google. With over 2.5 million apps available in the Google Play Store, users can easily access a wide range of applications tailored to their needs. Key features of Android OS include intelligent reply functions for messaging apps, focus mode options, Wi-Fi sharing via QR codes, and the integrated Google Assistant. Google offers a suite of services such as Google Search, Google Maps, and YouTube, free of charge to Android users, further enhancing its appeal. The extensive array of features and services provided by Android OS has contributed significantly to its growing popularity among consumers worldwide.
APAC is forecasted to hold the largest market size by region in 2024
In the dynamic smartphone market, businesses must stay informed about emerging trends and consumer preferences. Market research indicates a significant shift towards larger screens, advanced cameras, and longer battery life. Brands are responding with innovative product launches, such as foldable displays and AI-powered features. To remain competitive, businesses need to adapt and invest in research and development to meet evolving consumer demands.
The Smartphone Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The smartphone market is constantly evolving, with new innovations and technologies shaping the way we communicate, work, and entertain ourselves. Camera capability is a key feature, with high-resolution cameras and advanced imaging technologies becoming standard. Gaming, video, music, and web browsing are also major considerations for consumers, with hardware and software capabilities playing a crucial role. Governmental assistance and artificial intelligence are also making their way into smartphones, offering new functionalities and enhancing user experience. The launch of budget-centric products caters to a wider audience, while telecom infrastructure improvements enable faster connectivity through 5G technology and 5G chips. Hardware advancements include the integration of digital functions and internet-based facilities, making feature phones a thing of the past. Chipmakers are at the forefront of this technological race, producing 5G gadgets that cater to the needs of mobile phone users. The market is dominated by operating systems like Android and Windows Phone, with third-party originators offering unique features and competitive pricing. Overall, the smartphone market is an exciting space, with constant innovation and advancements in store for consumers.
Market Research Overview
The smartphone market is a dynamic and ever-evolving sector of the consumer electronics industry, encompassing picture processing, tablets, laptops, gaming consoles, and various other electronic gadgets. With the increasing demand for high-speed network access, content subscription, and cloud storage, premium class phones have taken center stage, boasting advanced features like dual-camera systems, AI, and 5G technology. Retailers, both online and offline, play a crucial role in this market, offering a wide range of electronic devices from OEMs and third-party originators. Consumers, armed with disposable cash, seek the latest mobile phones with superior hardware capabilities, multimedia functionality, and digital functions. The mobile phone industry is a significant contributor to the technology market, with companies investing in research and development to launch next-generation products. This includes budget-centric offerings, as well as high-end devices with advanced software capabilities, fast charging, and low-power consumption. The telecom sector is also undergoing a transformation, with the integration of IoT applications, 5G networks, and advanced mobile sensors for infrastructure security systems, personnel traffic management, and smart metering. Furthermore, automobiles, healthcare devices, and fleet management operations are increasingly relying on mobile phone connectivity and mobile phone manufacturers for advanced technology solutions. The mobile phone market is a vast and diverse landscape, with a multitude of players, from OEMs to component suppliers, software developers, and retailers. The sector is driven by consumer demand for advanced features, connectivity, and convenience, with a focus on human-computer interaction, augmented reality, and virtual reality. The market is expected to continue growing, with international data corporation reporting increasing smartphone shipments and the launch of 5G gadgets. However, challenges remain, including component shortages, customs duties, and regulatory issues. Nevertheless, the future of the smartphone market looks bright, with advancements in semiconductor components, AI, and 5G technology set to revolutionize the way we interact with our devices and the world around us.
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Jesse Maida
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Email: media@technavio.com
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