Smartphone Market to witness a Surge in Demand due to COVID-19 | Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023

Market Research Future (MRFR) reports that Smartphone market estimated to accelerate the expansion and forecasted to note exponential growth in the forecast period 2020-2023. The market has encountered significant development over the recent years and is predictable to grow enormously. The necessity to engage customers, especially in a crisis, such as that of the recent COVID-19 pandemic is estimated to influence the long term development of the market.

The Global Smartphone Market is expected to grow from USD 520.3 billion in 2018 to USD 2297.8 Billion by 2025, at a CAGR of 16.4%, during the forecast period.

According to Market Research Future, the market for smartphones has been segmented on the basis of type, operating system, distribution channel, input device, and region.

A smartphone is a cellular phone that runs on an operating system and functions as a portable version of a computer. The smartphone also operates as portable digital media player, video camera, and navigational device. The operating system provides various features such as access to web pages and faster web browsing using 4G and 3G data networks and Wi-Fi support, along with mobile broadband, files download, games and movies, with the fundamental feature of communication with the help of messages and video chats.

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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.

Segmentation
The global smartphone market has been segmented into type, operating system, distribution channel, input device, and region.
• By type, the smartphone market has been segmented into media-centric smartphones, entry-level smartphones, and performance smartphones. The media-centric smartphone segment has been classified into music smartphones, navigation smartphones, gaming smartphones, and camera smartphones.
• By operating system, the market has been segmented into Android, iOS, and Windows.
• By distribution channel, the smartphone market has been segmented into OEM, retailer, and e-commerce.
• By input device, the smartphone market has been segmented into touch screen and keypad.
• By region, the smartphone market has been segmented into North America, Asia-Pacific, Europe, Middle East and Africa, and South America.

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.

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Intended Audience
• System Integrators
• OEMs/ODMs
• Defense System Manufacturers
• Electronic Component Manufacturers
• Service Providers
• Resellers and Distributors
• Consultancy and advisory firms
• Government Agencies
• Consulting Firms
• Research Institutes and Organizations
• Technology Standards Organizations

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This release was published on openPR.