Market Overview
Smartphone have become ubiquitous since the proliferation of Mobiles and other devices. Recent iterations of the devices have included the integration of electrocardiography sensor in Apple Watch and Fitbit are likely to drive its sales.
The Smartphone Market report by Market Research Future (MRFR) looks at various changes in technology, developments in software and hardware. Consumer comfort for estimating size and revenue trajectories for the forecast period (2018-2023). The COVID-19 pandemic effect on Market has been explored with insights bound to assist manufacturers in formulating new production plans.
Market Scope
The global Smartphone Market size is projected to experience an explosive CAGR of 16.4%. During the forecast period to reach a valuation of USD 2297.8 billion by 2025. The market can expand owing to use of smart devices and a large tech-savvy populace. Rising awareness of health problems and need for monitoring health metrics through portable equipment can boost market demand significantly.
The integration of internet of things to smartphones is likely to be a brand new growth opportunity for market leaders. Integration of new features such as EKG, fall detection, and heart rate are likely to attract new customers. Adoption of huge potential of the device in patient care can favor the market.
The COVID-19 pandemic cannot slowdown the market demand as its popularity had risen during worldwide lockdowns. The use of the devices for analyzing coronavirus patients pre and post infections can be a new niche for market
Segments:
Based on operating system, the market is segmented into Android, iOS, Linux, Tizen, and others. The iOS system can dominate the market owing to large sales of Apple, sony matched with subsequent sales of latest iPhones. On the other hand, the Android system can capture a relatively significant share owing to launch of new models with various color touchscreens.
On the basis of application, the Smartphone Size is segmented into communication, personal assistance & safety, media and entertainment, sports, health/wellness, and others. The health/wellness segment is bound to dominate market revenues over the forecast period owing to the outbreak of the COVID-19 pandemic. Integration of health metrics as well as health priority by customers can drive the demand from this segment. On the other hand, the sports segment is bound to contribute to the market owing to its use by athletes and international teams to measure fitness levels. Improvements in processing and battery life are likely factors contributing to market sales.
Regional Analysis:
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions assessed for the global smartphone market.
Key Players:
- Samsung Electronics Co. Ltd (South Korea)
- Apple Inc. (US)
- Google LLC (US)
- Xiaomi Corporation (China)
- Lenovo Group Limited (China)
- OnePlus Technology Co., Ltd (China)
- Microsoft Corporation (US)
- Nokia Corporation (Finland)
Industry News
A study reveals that, after lower than anticipated shipments in 2020, ASUS attempted to reposition its smartphone division. The study reports, by citing industry sources, that in Q3 2020, ASUS posted revenues of some US$61.8 million, divided between US$17.8 million for older models and USD42 million for new models. ASUS seems to blame the pandemic for not meeting its goals as part of a scarcity aspect, but ASUS plans to reverse its collapse.
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