According to a new report summary from MAW, the global smartphone market is now 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,” the projection from Persistence Market Research reads.
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.
Overall, 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.
For more insight or to review the full report, click here.