Global Smartphone Market 2020–2024 | Growing Adoption of AI in Smartphones to Boost Market Growth | Technavio
The global smartphone market is expected to grow by 64.05 million units during 2020–2024 according to the latest market research report by Technavio. Request a free sample report
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AI is gaining traction in the smartphone industry as it has transformed the way consumers interact with technology. AI facilitates the introduction of features such as augmented reality (AR), facial recognition, device management, emotion recognition, user authentication, and more. Vendors such as Apple, Huawei, and Samsung are increasingly investing in R&D to provide best user experience using AI. AI enabled smartphones consume less power to perform multiple operations per second. Thus, technological advances in AI and its integration in smartphones, will drive sales leading to the growth of the smartphone market during the forecast period.
As per Technavio, the consumer’s shift to online purchases will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020–2024.
Global Smartphone Market: Consumer’s Shift to Online Purchases
The online sales volume of smartphones is increasing due to factors such as wide assortment of products, convenience, and the availability of products at special prices and discounts. Online smartphone sales contributed to around 50% of the total sales in India as of April 2019 because many major e-commerce vendors such as Amazon and Flipkart are promoting multiple brands of smartphones. In addition, online distribution channel require limited investments and eliminates additional costs for the seller as well when compared to the offline channel. This is expected to further increase the variety and number of products available over the online channel. All these factors are expected to showcase a positive outlook for the market over the forecast period.
Global Smartphone Market: Segmentation Analysis
This market research report segments the global smartphone market by technology (android, iOS and others),by price (less than $150, between $150-$800, and greater than $800), by screen size (less than 5 inches, between 5–6 inches, and greater than 6 inches), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the smartphone in 2019, followed by Europe, North America, MEA and South America. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increase in disposable income and purchasing power of customers, development of telecom infrastructure, and emergence of budget-centric smartphones.
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