Smartphone Industry Projected To Grow In Coming Years

Sep 01, 2020 News

Smartphone Industry Projected To Grow In Coming Years

The smartphone industry seems to have been booming from the past few years as phones have never before seen the level of innovation they’re seeing right now. Folding devices with full screens, in-display fingerprint scanners, and now even in-display cameras are being developed for commercial use inside of smartphones. However, even after all these changes and moves towards innovation, you’ll be surprised to know that the smartphone industry has actually been on a slight decline from the past 3 years. In 2017, the industry was at its best, as it was the last year it saw any growth, because after that year, smartphone companies have seen a decline in their revenue shares. However, due to the sheer size of the smartphone industry, even that slight decline means plenty of profit for the manufacturers.

idc

Now, after several years of a gradual decline in smartphone revenues, IDC has predicted that the industry is looking to reach the same amount of smartphone shipments in 2024 as it did in 2017 - which was 1.55 billion to be exact. Nonetheless, IDC has warned manufacturers that things will first fall into further decline in the upcoming months before it will get back on track for growth projection. Coronavirus has been a major factor in further decline of smartphone sales, but all that is expected to be revived as 2021 is going to be the first year where growth is projected in smartphone sales, instead of the usual decline that the industry has seen from the past few years.

5G Being The Main Factor

5g

IDC has more or less credited 5G for being the main reason for their projection of growth in smartphone shipments, as it looks to drive more consumer sales than ever before. This analysis is actually an amended one from IDC, as they previously predicted one and a half years ago that 5G phones will barely make up for 1/4th of the smartphone industry - a value that they now suspect to get doubled in their current study.

This projection is solely based on if things go normally as expected - without taking into account other external factors like this year’s COVID-19 situation globally. We’ll have to wait and see how things unwrap, and what the future of the smartphone industry has in store for all of us.



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