Global Smartphone Market Revenue to Register a CAGR of 7.9% by 2024 Owing to
Increasing Demand for Android and iOS; APEJ Slated to be the Largest Market by 2024
Persistence Market Research delivers key insights on the global smartphone market in a new report
titled, “Smartphone Market: Global Industry Analysis and Forecast, 2016–2024”. The global
smartphone market is projected to register a healthy CAGR of 7.9% in terms of value and 5.8% in
terms of volume during the forecast period 2016-2024. The report provides insightful information
on the global smartphone market pertaining to the value chain, market trends, competitive
landscape, market dynamics, and market estimation and forecast for the projected eight-year period.
Rising disposable income increases the probability of consumer spending on media, entertainment,
and networking and mobile communication; leading to higher potential sales of consumer
electronics such as smartphones, tablets, laptops, and gaming consoles. The instances of smartphone
adoption are very high among the urban population as compared to the rural population – and hence
there is high demand for smartphones in developed regions (where the urban to rural population
ratio is higher than developing regions). These factors have led to a sudden growth of the global
smartphone market over the last few years and this trend is likely to continue in the coming eight
years.
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The global smartphone market is expected to witness substantial growth over the forecast period
owing to advancements in the electronic, telecommunication, and m-Commerce industry as well as
the increasing penetration of the Chinese smartphone industry. Leading global smartphone
manufacturers such as Apple Inc., Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd.,
Lenovo Group Limited, and LG Electronics Inc. are making strategic investments in the
development and production of their own application processor (AP) to differentiate their offerings
and maintain increased market share and margins. There is also a rising trend of m-commerce
particularly among the working population, and this has increased the demand for smartphones with
top-notch features supporting m-commerce. Growing internet penetration, increasing marketing
activities by vendors, and rising subscription in social media are some of the other key factors
driving the growth of the global smartphone market. In the tug of war over customer acquisition and
retention, brands are resorting to aggressive marketing and sales strategies to woo the new
generation of smartphone wielding young professionals with attractive pricing, enhanced features,
and multiple user options.
The global smartphone market is segmented on the basis of Operating System (Android, iOS,
Windows, Blackberry Operating System, Other (Sailfish, Tizen, and Ubuntu)) and Distribution
Channel (OEM, Retailer, e-Commerce). On the basis of operating system, the iOS segment is
anticipated to account for US$ 584.9 Bn by 2024, registering a substantially high CAGR of 9.1%
over the forecast period with a relatively high value share of 59.8%. The Android segment is
expected to follow closely with a value share of 47.6% and a CAGR of 6.7%. In terms of volume,
the Android operating system is estimated to account for the largest market share of 69.3% in the
global smartphone market by the end of 2016 and is expected to increase to 70.0% by 2024. The
Android segment is estimated to account for 50.7% value share in 2016 while the iOS segment is
estimated to account for a revenue share of 46.2% in 2016. In terms of value, the Android segment
is likely to register a high CAGR between 2016 and 2024 and this can be attributed to an increase in
the demand and supply of reasonably priced android smartphones. The Blackberry Operating
System segment is estimated to be valued at US$ 7,563.1 Mn in 2016 while the Windows Operating
System segment is estimated to be valued at US$ 8,819.9 Mn in 2016.