Smartphones are objects of our daily lives that were once considered a luxury but now are in possession of almost every individual on the plant, linking them in a seamless manner. The obsession with this technology is expected to grow further at an alarming rate in the coming years. Since the earlier period, smartphones have altered the manner in which we live our lives. They are present in almost every area of our lives, whether it’s checking the weather to operating a business; the human race has become reliant on these little controlling devices to fulfill our tasks on a daily basis with no difficulty. The introduction of the smartphone in our daily lives has done away with certain things such as letters, calculators, and phonebooks, to name a few that have become obsolete in human society. Smartphones have time and again changed to better meet our rising needs in the shape of quicker wireless connections, sharper images, and superior memory storage, to name a few.
The real smartphone revolution is believed to have started when Steve Jobs revealed the first iPhone. The previous phones, which had up until then been dependant on keypads and could work a simpler version of the internet. The iPhone’s huge touchscreen (at that time) could browse through websites similar to a desktop computer, all the while looking sleeker than anything customers had previously used before. The promise of 5G networks for the year 2020 suggest even quicker speeds and augmented bandwidth that many people think may facilitate the ushering in of life-changing technologies like virtual reality training, real-time telemedicine, and really smart cities. For instance, the critical telecom carriers in the European region have decided to reveal smartphone location data with the European Commission in order to improve on tracking the range of the coronavirus cases. The commission has said it will collect the location data anonymously in order to guard the confidentiality of users. The information will be used to organize measures such as the delivery of medical equipment, the location of quarantined patients, and more. The data is expected to be deleted after the emergency is over.
However, the evolution of smartphones seems a given, and development be more on the lines of what consumers want, such as the incorporation of useful features to validate the escalating cost. The futuristic phones are expected to flaunt flexible displays. Companies such as Motorola and Samsung have already gotten off to running start in regard to the launch of their respective models featuring foldable displays. But more many other companies in this market depends on how they navigate the next few years. Currently, foldable phones are primarily regarded as motivating gimmicks, but ones that the majority of people wouldn’t consider this as their next phone.
Regional Analysis
The global smartphone market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to grow at highest CAGR during the forecast period due to the early adoption of emerging technologies, the presence of global players, and suitable infrastructure support. However, the market in Asia-Pacific is expected to dominate the smartphone market. The rapid industrialization in India and China is expected to drive the smartphone market in Asia-Pacific during the forecast period. The major countries identified to witness high growth in Asia-Pacific are China, Japan, India, and South Korea. While Europe is expected to grow at a stable rate during the forecast period.
Key Players
The prominent players in the smartphone market are 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), Huawei Technologies Co. Ltd (China), Guangdong OPPO Mobile Telecommunications Corp., Ltd (China), Vivo Communication Technology Co. Ltd (China), HTC Corporation (Taiwan), Sony Corporation (Japan), ZTE Corporation (China), LG Electronics Inc. (South Korea), and Panasonic Corporation (Japan) among others.
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