Global Market for Smartphones is Projected to Reach 1.8 Billion Units by 2018
Electronics.ca Publications announces the release of a comprehensive global report on Smartphones markets. Global market for Smartphones is projected to reach 1.8 billion units by 2018, driven by rapid penetration and continuous improvements in device productivity, speed, efficiency, simplicity, durability and reliability.
Smartphones are wireless Internet-capable devices that are poised for explosive growth driven by growing adoption among modern data-centric consumers. Key benefits of smartphones that have driven its mass adoption in recent years include higher operational efficiency, enhanced productivity, cutting edge multimedia functionalities, provision of mobile internet applications, built-in GPS capabilities, and high speed data processing capabilities, among others. Encouraged by the ability of smartphones to accelerate business transactions, support workforce mobility, and enhance employee/enterprise productivity, business organizations across the globe are increasingly allowing the use of personal smartphones for accessing corporate networks thus triggering the rise of the BYOD (bring your own device) phenomenon. This increased corporate acceptance of smartphones as business class phones, and willingness to reimburse the costs by treating them as a business expense is also helping increase adoption among enterprise customers. Other key factors driving growth in the market include falling average prices of smartphones, falling costs of mobile voice/data services, increased competition and attractive price bargains for consumers, proliferation of mobile network technologies like 3G, 4G (LTE, WiMAX), and superior provision of mobile services by MNOs (mobile network operators).
Growth in the market is also benefiting from the popularity of Mobile Apps. Innovative, user-friendly apps enhance the functionality of the smartphone in terms of entertainment, communication and connectivity features, thus allowing users to exploit the full potential of the device. The current generation of smartphone users demand a medley of software capabilities, such as games apps, business oriented applications, communication & social networking apps, and entertainment apps. Mobile apps have evolved to enable users to experience unrivalled Internet-enabled features, and expanded mobile computing capabilities. With smartphones becoming multi-functional, multimedia devices, the value offered by an app ecosystem ranks as the prime purchase criterion for the device.
Deployment of new generation wireless networking technologies that ensure high bandwidth connectivity, voice clarity, network reliability and mobility, is also helping drive adoption of smartphones. Advanced 4G networks such as LTE and Wimax are gaining tremendous popularity given their ability to deliver higher transmission capacity than 3G wireless networks, thereby significantly increasing the type and amount of content made available through smartphones.
Technological advancements poised to benefit the market include voice/gesture recognition and control, innovations in wireless charging and wearable accessories, hardware innovations such as photovoltaic screens, high-resolution cameras, longer battery life, Pico projectors, 3D screens, biometric personalization and security, and Nano coatings for device protection, among others. Although currently under R&D, use of the innovative material technology Graphene will in the coming years enable manufacturers to design and build completely malleable, flexible, ultra-thin, lightweight and damage-resistant phones.
As stated by the new market research report on Smartphones, Asia-Pacific represents the largest as well as the fastest growing regional market worldwide with a CAGR of 56% over the analysis period. Thriving economies, growing employment opportunities, rising income levels, continuous development of cellular markets, rising 3G penetrations, and increasing spending power represent key growth drivers in the region. As a host to two of the most populous countries, China and India, with large sections of middle-class consumers, Asia-Pacific is proving to be a major market for premium as well as low-cost smartphones.
Major device manufacturers covered in the report include Apple Inc., Blackberry, Fujitsu Limited, Google Inc., Hewlett-Packard, HTC Corporation, Huawei Technologies Co. Ltd., Lenovo, LG Electronics, Motorola Mobility Inc., Nokia Corporation, Samsung Electronics Co. Ltd., Sharp Corporation, Sony Ericsson Mobile Communications AB, Xiaomi, Yulong Computer Telecommunication Scientific Co. Ltd., and ZTE Corporation, among others. Operating platform developers covered in the report include Apple Inc., Blackberry, Google Inc., Microsoft Corporation, and Mozilla Corporation.
The research report titled “Smartphones: A Global Strategic Business Report”, provides a comprehensive review of market trends, issues, drivers, product launches, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in units for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Middle East & Africa (Saudi Arabia, South Africa, and Rest of Middle East & Africa), and Latin America (Brazil, Mexico, and Rest of Latin America).