The global smartphone market will generate revenue of $789.5 billion by 2028

The global smartphone market will generate revenue of $789.5 billion by 2028

SkyQuest Technology Consulting Pvt. Ltd.

The global smartphone market was valued at US$ 508.1 billion in 2021 and is expected to reach US$ 789.5 billion by 2028, at a compound annual growth rate of 6.7% during the forecast period (2022-2028).

WESTFORD, USA, Oct 31, 2022 (GLOBE NEWSWIRE) – There has been a huge increase in demand for smart phone market over the past few years. Global smartphone sales will grow from 969.3 million units in 2013 to 1.43 billion units by 2021. This growth is due to a number of factors, including the increased use of smartphones as portable devices and the expansion of their use beyond traditional voice and text communication services. In addition, there is a growing interest in smartphone features that can be used for activities other than communication, such as navigation and entertainment.

There are many different types of smartphones available in the global smartphone market. They include basic models that cost less than $200, mid-range models that cost between $200 and $600, and high-end models that cost more than $600. There are also a variety of options when it comes to features, such as color screens, camera lenses, and storage capacity. With the increasing popularity of smartphones, manufacturers are creating new models that offer more features and benefits.

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We see continued strong demand for smartphones in developed markets such as the US and Western Europe, as well as in emerging markets such as China and India. However, we are seeing a slowdown in demand in the mature markets of Europe and North America over the next few years. This is due to the saturation of the market, along with stiff competition from major competitors such as Apple and Samsung.

Growth will be strongest in developing countries where smartphones are still relatively expensive compared to other forms of technology.

SkyQuest’s analysis of the smartphone market points to a number of key trends. First, consumers continue to replace their feature phones with their smartphones. In 2021, 83.3% of the world’s population owned a smartphone, up from 51% in 2018. This increase is likely due to the increased availability and affordability of smartphones. Second, value for money is still a major consideration for smartphone buyers. Nearly two-thirds (64%) of smartphone buyers prefer price over features when making a purchase decision. This indicates that many consumers are willing to compromise on features in order to have an affordable phone. Finally, we expect the market share of smartphone manufacturers to continue growing until 2028 and beyond.

The popularity of the smartphone market has led to an increase in sales of wireless carriers and phone manufacturers. Wireless carriers have benefited from the increased demand for phones by charging higher prices for service plans and generating more revenue from selling advertising on mobile devices. Phone manufacturers have also benefited from increased sales due to the increased demand for their products.

One of the main factors driving the growth of the smartphone market is the increasing popularity of mobile applications. These applications allow users to access a wealth of information and entertainment options from anywhere in the world. The use of mobile apps has also increased due to the growing trend of using social media. The number of people using mobile apps has increased exponentially over the past few years, and this trend is expected to continue until 2028.

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Top 5 players generate 79% revenue of global smartphone market, Apple and Samsung top the chart with over 44% market share

There are currently five major players in the smartphone market: Apple, Samsung, Oppo, Xiaomi and Vivo. In fact, these five players hold about 79% of the market share. Apple is the largest smartphone manufacturer in the world. The company commands a market share of over 24%. This dominance has made Apple one of the most valuable companies in the world.

However, this sovereignty has its price. Apple products are often expensive, and they don’t always have the best features. For example, some Android smartphones offer better performance and more features than Apple products. Despite these issues, Apple remains one of the most popular smartphone brands. This popularity is likely due to its premium products and strong brand recognition. In addition, Apple continues to invest in its product line, making sure that its latest phones are innovative and easy to use.

However, Apple’s dominance in the global smartphone market may be challenged in the future by two rapidly growing players – Samsung and Xiaomi. Samsung is currently the second largest smartphone maker in the world with a market share of about 20%. Xiaomi is the fourth largest player with a market share of about 13%.

SkyQuest predicts that this market share for Samsung will grow at an attractive rate by 2028 due to its strong expansion into new markets such as India and China.

The growing popularity of smartphones has created opportunities for companies in the global smartphone market that are able to offer innovative mobile products and services. For example, Samsung Electronics recently announced that it will launch its own virtual reality platform for smartphones later this year. This platform will allow users to experience different virtual reality scenarios without having to purchase a separate VR device. In addition, Samsung is also developing new software that allows users to watch live broadcasts and video content on their smartphone without having to download any additional apps. This increased demand for smartphones is likely to continue in the future, as more people start using them for activities other than just communicating with friends and family members. Thus, companies that are able to offer innovative mobile products and services will benefit greatly from this trend.

Introducing 5G to increase the demand for smartphones in the coming years

The demand for the 5G smartphone market is expected to grow, according to a report by SkyQuest. The consultancy said the 5G smartphone market will be worth more than $747 billion by 2028. This is based on increased demand from businesses and consumers for devices that can take advantage of upcoming wireless technology.

While there are still some limitations to 5G deployment, companies have started investing in the technology in order to stay ahead of the curve. We predict that tablets, laptops, and phones will all be using 5G networks by 2028. This rapid adoption is thanks in part to the fact that 5G signals are much faster than 4G LTE signals. The report also mentioned that 4G LTE is no longer sufficient for many applications and that companies now need 5G smartphones in order to stay competitive.

SkyQuest said companies in the smartphone market will increasingly require features such as ultra-short latency, large scale deployment, and low latency sensing. Despite these improvements, there are still some limitations to the deployment of 5G due to its inception. For example, there are currently few devices available that can reliably access 5G networks, especially in India.

Demand is expected to be strongest in Asia Pacific, Latin America and the Middle East smartphone market. The growth of 5G technology will require a new supplier chain management (SCM) model from telecom providers, hardware manufacturers, and software providers. This will require cooperation among all parties in order to address key challenges such as edge computing, mass production of large-screen devices, and interoperability issues between wireless technologies.

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The major players in the global smartphone market

  • apple

  • Samsung

  • The Google

  • Sony

  • Huawei

  • Motorola

  • Nokia

  • xiaomi

  • vivo

  • OPPO

  • LG

  • HTC

  • oneplus

  • Asus

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SkyQuest Technology is a leading growth advisory firm providing market intelligence and marketing and marketing services. It has more than 450 happy customers globally.


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