The recent report by Astute Analytica on the global Smartphones Market covers all the factors which will impact the market in the coming years. The report discusses several sections, such as COVID-19 impact, shareholding segments, etc. Moreover, it also outlines the list of past innovations and ongoing events to give an overview of the trends.
Global Smartphones Market is projected to witness a major leap forward in its revenue from US$ 273.9 Bn in 2021 to US$ 520.7 Bn by 2030. The market is registering a CAGR of 7.6% over the forecast period 2022-2030. In terms of volume, the market is registering a CAGR of 7.4% over the projection period. Smartphones are distinguished from feature phones due to their stronger hardware capabilities and extensive mobile operating systems, which facilitate wider software, internet (including web browsing over mobile broadband), and multimedia functionality (including music, video, cameras, and gaming), along with core phone functions such as voice calls and text messaging.
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The rise in popularity of touchscreen smartphones and mobile apps distributed via app stores along with rapidly advancing network, mobile processor, and storage technologies led to a convergence where separate mobile phones, organizers, and portable media players were replaced by a smartphone as the single device most people carried.
Factors Affecting the Market
Technology is maintaining a vital place across all industrial verticals, including healthcare, automotive, construction, etc. Companies leverage cloud and service-based services to propel innovation and bring significant revolution. Thus, it will drive the growth of the global Smartphones market during the forecast period.
Growing investments in this market are expected to boost the growth of the overall market. For instance, the US Federal Government set aside $58.4 billion budget for IT at civilian Federal agencies in 2022, which is an increase of 2.4 percent from 2021.
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COVID-19 Impact Analysis
The COVID-19 outbreak forced many organizations to adapt to digital methods, which rapidly accelerated digital transformation. Work environments changed abruptly as remote work became the new normal among organizations. As a result, it is forecast to strengthen the potential scope of the Smartphones market in the coming years. This report by Astute Analytica covers all the factors depicting the impact of the pandemic.
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North America is forecast to emerge as the largest shareholder in the global Smartphones market in terms of revenue. The growth of the market is attributable to various factors, including early adoption of advanced technology, growing investments in the sector, and rising infrastructural development. Furthermore, the Asia-Pacific market for Smartphones will also grow steadily due to growing spending by government bodies. Additionally, increasing initiatives to improve infrastructure will also drive the market forward.
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