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The global smartphone industry size was valued at USD 457.18 billion in 2021. The market is projected to grow from USD 484.81 billion in 2022 to USD 792.51 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period.

A smartphone is a mobile handset that empowers advanced access to internet-based facilities and other digital functions. Platforms including, iOS, Android, Windows Phone and others, support a broad range of applications created by third-party originators. Factors such as the governmental support to develop telecom infrastructure, budget-centric product launch, growing 5G technology, Artificial Intelligence (AI) and other technologies and importantly, the increasing disposable income are contributing to the market growth.

Additionally, the Global System for Mobile Communications (GSMA) stated that the utilization of mobile phones specifically reduces travel for leisure and commuting. By 2025, it could result in a doubling of the avoided emissions leveraged by mobile technologies seen in 2018. As a result, it boosted the manufacturing need and usage amongst the end-users. The GSMA also stated that there would be 75.0% smartphone adoption by 2022.

Moreover, the leading companies, such as Samsung, Apple, Inc., Sony Group corporation, Oppo and Vivo, among others, are constantly unveiling innovative mobile products with 5G technology, which in turn, is fueling the market growth. For instance, in October 2021, Sony Group Corporation introduced ‘Xperia PRO-I product,’ which combines autofocus and advanced image processing, 4K 120p video recording, 1.0-type sensor and other features to offer an innovative experience to its end-users.

As a result, on a long-term basis, the work from home concept, adoption of 5G technology and other factors have improved buying behavior that has shown positive market growth. Additionally, the International Data Corporation (IDC) stated that smartphone shipments saw a 7.7% growth in 2021 compared to 2020. Thus, the global market is estimated to witness strong growth in the forecast period.

Ever-growing Demand for 5G-Compatible Smartphone to Add Impetus

In the current era, 5G is a trending feature in mobile phones, specifically across the U.S., India, China, South Korea, U.K., Japan and others. The 5G-compatibility is anticipated to replace the existing handset within the next five years. This trend is due to their ease of shift towards embedded services such as cloud storage, content subscription and access to the high-speed network. For instance, Global System for Mobile Communications (GSMA) stated that, by 2025, 20% of global connections would have 5G connections with strong development across North America, Asia Pacific and Europe. Internet of Things (IoT) would be an integral part of the 5G era.

The amplified demand for virtual and augmented reality is also improving the market presence of 5G-compatible mobile handsets. In addition, the availability of low-cost, low-power consumption with fast charging capability is creating top spot across the globe.

It is, therefore, brightening the smartphone market growth across developing and developed countries.

Increasing Adoption of Human-System Interaction to Bolster the Market Growth

In the current period, the human-system interaction phenomenon is predominantly driving the technology market across the globe. In accordance, mobile phone manufacturers and suppliers could explore opportunities from the prevailing trends. Mobile phone connectivity discovers its application in automobiles, fleet management operations, healthcare devices, smart metering, personnel traffic, infrastructure security systems connectivity and others. Mobile sensors have opened new dimensions in human-computer interaction that boost demand.

Additionally, the governmental bodies across the countries, including India, China, Taiwan, the U.S. and others, in partnership with leading companies, are relying more on offering digital information, education and other related services, which have certainly fueled the demand. That is eventually boosting the global market growth. For instance, in April 2021, Apple, Inc. committed to propelling 5G technology and silicon engineering by investing USD 430.00 billion in the U.S to support American innovation strategies for the next 5-years.

As a result, the accumulative practices in increased adoption of human-system interaction are bolstering the global mobile phone market growth.