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CST: 23/07/2019 08:08:28   

Smartphone Market Expanding at Impressive 19% CAGR during 2018-2026 with Constant Product Innovation - TMR

144 Days ago

Global Smartphone Market Witnesses a Lift in Growth with Constant Product Innovation and Release of New Updates

Albany, New York, Feb. 28, 2019 (GLOBE NEWSWIRE) -- The global smartphone market bears a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This can be attributed to the presence of a large number of small- and large-scale companies in the smartphone market. OPPO Co Ltd, Microsoft Corporation, Google, and Samsung Electronics Co. are the dominant players operating in the global smartphone market.

Many large-scale vendors are adopting acquisition and various strategic alliances for cementing their foothold in the global smartphone market. A key strategy adopted by players in the global smartphone market to outshine their rivals is constant product innovation along with expanding manufacturing capacity for satisfying consumer preferences. The competition among players are getting intensified due to the entry of several local players who are concentrating on adding new features to their products. They are focusing hard on product innovations coupled with technological advancements to steal a march over competitors.

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According to experts from TMR, the global smartphone market is expected to gain revenue worth US$1,503.2bn by the end of 2026. The market was valued US$175.4bn in 2017. Experts project this growth to occur at a promising CAGR of 19% during the forecast period from 2018 to 2026.

Among the various operating systems, growing demand for Android is expected to boost the global smartphone market. This is because of the popularity of Android OS among younger generation and flexibility in easy browsing as well as installing various apps. However, high standard of living also is advantageous to the market’s expansion. Region wise, Asia Pacific is expected to account for a leading share in the global smartphone market in the coming years. This is attributed to rising use of different types of smartphones coupled with increasing number of manufacturers in the region.

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Rising Dependency on Smartphones to Fuel Market Growth

Smartphones have become the most demanded electronic devices due to the rapid lifestyle change of people. Owing a smartphone is no longer a necessity but a norm. Smartphones are portable, comprehensive devices that helps in data storage, communication, and also provides accessibility in availing huge data or gaining knowledge from around the globe. This device has completely replaced technologies such as expensive camera, large desktop computers, and landline phones. Growing reliance on smartphone to organize personal data and work, rising affordability of smartphone, and increasing penetration rate of smartphone to keep oneself updated are the major factors driving the global smartphone market.

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Furthermore, smartphones are available in the market in various price range, sizes, and supports different OS or operating systems. Using smartphone is not only restricted for calling, but also clicking photographs along with storing data and browsing. Rising disposable incomes, growing demand for spending times on media, networking, and entertainment, and increasing marketing activities by several vendors in the market are also fueling the growth in the global smartphone market.

Maturity of Smartphone Market in North America Hinders Market Growth

A few challenges hindering the growth of the global smartphone market are rising maturity of smartphone market in various regions, and quick offering of new options by smartphone manufacturers to gain a competitive edge. Nonetheless, a persistent demand for smartphone from both old and young consumers, and growing adoption of smart gadgets are believed to help overcome these challenges in the near future.

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The review is based on a market research report by TMR, titled, “Smartphone Market ((Operating System - (Android, iOS, Windows),Distribution Channel {Online, Offline (Single Brand Store, Multi-Brand Store), Price Range (Below US$ 100, US$ 100-200,US$ 200-500,US$ 500 and above), Size (below 4.0", 4.0" – 5.0", Up to 6.0” ),RAM Size (Below 2GB,2GB-4GB,upto 8GB)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026”.

The segmentation of global smartphone market is based on:

Operating System

  • Android
  • Windows
  • iOS

Price Range

  • Below US$100
  • US$100-200
  • US$200-500
  • US$500 and Above

RAM Size

  • Below 2GB
  • 2-4GB
  • Up to 8GB

Size

  • Below 4.0”
  • 0-5.0”
  • Up to 6.0”

Distribution Channel

  • Online
  • Offline
  • Multi-brand Store
  • Single brand Store

Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East and Africa (MEA)
  • South America

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Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

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