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Smartphones Market is set to increase at a healthy CAGR of 6.8% from 2022-2031

08-18-2022 02:14 PM CET | IT, New Media & Software

Press release from: Persistence Market Research

Smartphones Market is set to increase at a healthy CAGR of 6.8%

According to the smartphones industry analysis by Persistence Market Research, the market enjoyed a valuation of US$ 507.5 Bn in 2021, and is set to increase at a healthy CAGR of 6.8% from 2022-2031. Rising adoption of smartphones has been driving Internet penetration coupled with an exponentially rising e-Commerce market.

Growing demand for advanced technologies such as AI and machine learning happens to be one of the major factors driving the smartphones market across the globe. Rise in demand for image recognition coupled with real-time voice processing is driving the integration of AI capabilities into smartphones. Most AI processors have additional inbuilt neural processing units that are capable of parallel processing, use low power, and can carry out cognitive tasks. On-device AI makes use of dedicated AI chipsets and is likely to become prominent in all flagship smartphones going forward.

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.

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Integration of AI to Spur Demand for Smartphones

Along with lightning speeds, 5G-capable phones are expected to be in high demand as adoption rates sore and consumers look to upgrade from their 4G phones. Changing consumer preferences and growing popularity of m-Commerce happens to be one of the major factors driving the growth of the smartphones market across the world. Consumers are increasingly becoming reliant on digital devices and are more inclined toward online shopping.

Growing demand for mobile gaming is also driving market growth. 5G connectivity is anticipated to offer a better gaming experience to users with improved connectivity. Gamers believe that 5G connectivity would enable high quality graphics

Moreover, 5G rollout is expected to drive new use cases for smartphones, and hence, upgrading to 5G smartphones would become a key consideration among end users. Besides, brands are expected to launch affordable 5G phones, thereby enabling easy and rapid adoption of 5G technology.

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More Valuable Insights on Offer

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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