Smartphones have radically changed people’s lives. Before people have to take extra effort in sending messages or they buy a camera just to take pictures. Today, these functionalities are integrated into one, rectangular –revolutionary technology that keeps getting smarter and smarter every day. Since then, smartphones are never found out of reach from people.
5G remains a driving factor for the smartphone industry around the globe, boosted by the heavy demand for Apple’s newest phones.
Following are the trends expected to be seen in future:
Different Form-factors for Smartphones: Towards the tail-end of 2019 and through to the majority of 2020, Android conglomerates attempt to spark interest in the concept of foldable smartphones was seen. Samsung tried their hand at this new mobile tech innovation.
Data-Transparency Future: With more people becoming data-safe aware, there has been a huge shift in businesses ensuring that their guidelines show how they’re data-aware.
Artificial Intelligence Personalization: AI is a powerful smartphone trend that can make every user experience unique and powerful, and this will only appear to get better this year.
Affordable Foldables: Phones that fold are still a nascent product category and it is expected that foldables will become more affordable in future.
Impact of COVID-19
2020 marked the most challenging year in history, and like every other industry, the smartphone industry also experienced an economic drought.
Few of the major impacts as follows:
• COVID-19 uncertainties continued to affect consumer buying confidence. Consumers are still being more cautious and have cut down their spending on essentials instead of luxury items
• Software development slowdowns are prominent as more employees either work from home or don’t work at all due to social distancing and lockdown across the globe
• Component shortages, factory shutdowns, quarantine mandates, logistics, and travel restrictions were the bottlenecks in the production of handsets and roll out of new devices for smartphone vendors
Chip Supply Chain Management: The world is still facing chip supply constraints that have affected all industry sectors, from smartphones to vehicle and this would create problems: as key components, such as chipsets and memory, increase in price, smartphone vendors must decide whether to absorb that cost or pass it on to consumers. And as there are major constraints around LTE chipsets, this will cause challenges at the low end, where customers are particularly price sensitive.
Mobile Operating Systems : A mobile operating system allows the user to run other different application software on the mobile, tablets, etc.
The most renowned mobile operating systems currently are:
- Windows phone OS
5G Adoption: The smartphone industry is mature with strong penetration in different geographies, and has faced headwinds in terms of growth from lengthening replacement cycles in the 4G era. The evolution of 5G cycle is different from that of 4G, with much faster adoption curve driven by China and North America markets.
Following are the some major key players in Smart phone Industry:
According to Mordor Intelligence, the smartphone market was valued at $714.96bn in 2020 and is expected to reach $1,351.8bn by 2026, at a CAGR of 11.2% during the forecast period 2021 -2026
For details on Industry Analysis and trends please feel free to refer to the following Smart Phone Industry report from CrispIdea: