Smartphone Market to Soar in the Near Future Owing to Growing Consumer Adoption

A smartphone is a handheld device that combines mobile phone and computing functions into a single unit. They differ from feature phones in that they have more powerful hardware and more extensive mobile operating systems, which allow for more software, internet (including web browsing over mobile broadband), and multimedia functionality (including music, video, cameras, and gaming), in addition to core phone functions like voice calls and text messaging. Smartphones typically include a number of metal–oxide–semiconductor (MOS) integrated circuit (IC) chips, a variety of sensors that can be used by pre-installed and third-party software (such as a magnetometer, proximity sensors, barometer, gyroscope, accelerometer, and others), and support wireless communications protocols (such as Bluetooth, Wi-Fi, or satellite navigation).

The global smartphone market is estimated to account for US$ 8, 15,356.1 Mn in terms of value and 1,794.7 Mn Units in terms of volume by the end of 2019

Consumer disposable income has expanded globally, increasing the possibilities of consumers spending on media, entertainment, mobile communication devices, and networking. In recent years, there has been a substantial growth in the purchase of electronic gadgets such as cellphones, computers, tablets, and game consoles. According to an independent poll conducted among electronic device suppliers in early 2016, demand for smartphones has surged significantly as consumers' disposable income has increased, particularly in emerging markets. As a result, rising disposable income is likely to drive worldwide smartphone market growth during the predicted period.

Smartphone manufacturers are increasing their investments in R&D in order to create technologically advanced devices that meet the needs of today's consumers. Furthermore, manufacturers are investing in the development and production of their own application processor (AP) to maintain market share and increase profit margins. Apple Inc., for example, creates its own AP and is one of the most sought-after brands in the global smartphone market. As a result, increased R&D investment is expected to support the global smartphone market over the forecast period.