NEW YORK, Jan. 31, 2022 – According to Persistence Market Research’s smartphone market estimate, the market was valued at US$ 507.5 billion in 2021 and is expected to grow at a respectable CAGR of 6.8% from 2021 to 2031. Smartphone adoption has been increasing Internet penetration, which has resulted in an enormously growing e-Commerce market.
One of the primary drivers driving the global smartphone market is the growing demand for advanced technologies such as AI and machine learning. The incorporation of AI capabilities into smartphones is being driven by an increase in demand for image recognition combined with real-time voice processing. Most AI processors feature built-in neural processing units that can do cognitive tasks, are capable of parallel processing, and are low-power. On-device AI makes use of dedicated AI chipsets and is expected to become more prevalent in the future in all flagship smartphones.
In August 2020, Xiaomi unveiled its core strategy of ‘Smartphone × AIoT’ for the next decade. Under this strategy, the company has established that smartphones will be the cornerstone of its business while the AIoT platform will build a smart living ecosystem around smartphones, further amplifying Xiaomi’s value.
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Key Takeaways from Market Study
- By operating system, the Android segment is anticipated to account for a leading market share and is estimated to expand at a robust CAGR of 6.2% through 2031.
- North America is expected to lead the market followed by Asia Pacific. Asia Pacific is anticipated to emerge as the fastest-growing region from 2021 to 2031.
- Mid-range ($200-$500) smartphones will be a dominating segment and is anticipated to expand at a CAGR of nearly around 7.5% from 2021 to 2031.
- The market in India is expected to progress at a CAGR of almost 9.5% over the forecast period.
- In the United Arab Emirates, sales are expected to increase at a CAGR of close to 6.6% over the next ten years.
“Increasing Internet penetration, rising consumer disposable income, growing popularity of 5G, and rising demand for foldable smartphones are collectively driving market growth across the world,” says a Persistence Market Research analyst.
Integration of AI to Spur Demand for Smartphones
As adoption rates rise and people desire to upgrade from their 4G phones, 5G-capable phones are projected to be in great demand. One of the primary factors driving the global expansion of the smartphone market is changing consumer tastes and the growing popularity of m-Commerce. Consumers are growing increasingly reliant on digital gadgets and are more likely to shop online.
Mobile gaming’s growing popularity is also propelling the sector forward. With increased connectivity, 5G connectivity is expected to provide players with a better gaming experience. 5G connectivity, according to gamers, will enable high-quality visuals.
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Furthermore, the introduction of 5G is projected to result in new smartphone use cases, making upgrading to 5G handsets a critical choice for end-users. Furthermore, businesses are likely to release low-cost 5G phones, allowing for easy and rapid adoption of the technology.
Persistence Market Research’s report on the smartphones industry research is segmented into five major sections – operating system (Android, iOS, and others); price range (low range (below $200), mid-range ($200-$500), and premium (above $500)); sales channel (online/e-Commerce, and physical retail stores (offline)); and region (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the smartphones market.
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