The Ever-Blooming Economy of Smartphones

Since the technology started to enter our lives, smartphones have taken a center stage in it. Today, there is rarely any person without a smartphone or mobile phone in their hands. This huge increase in the number of users over time has turned the smartphone industry into a trillion-dollar economy.

It is because of the boom in the smartphone industry that we see Samsung, Huawei, Apple and others where they are today. Don’t forget that the smartphone industry is not just the hardware sales, there is more to it.

It’s because of smartphone sales that several other companies are also enjoying massive profits. You might have heard about the term ‘smartphone multiplier’ – the services and products that are depending on the smartphone industry.

If consumers purchase smartphones, then they might also want to purchase a smartphone cover. They may want to know about streaming subscriptions, or about cloud storage. These are the hardware, services and content needs of users due to smartphone purchase that brings billions of dollars to these companies as well.

According to Deloitte’s TMT Predictions 2020 report, smartphone sales might bring in around $484 billion in the next year. These are just predictions, the numbers can go beyond this figure!
"With smartphone sales in 2020 expected to reach US$484 billion, the entire smartphone ecosystem— smartphones plus smartphone multipliers— will be worth over US$900 billion.", explained Deloitte's report.
Take a look at below charts for more insights:

Sales of smartphone hardware accessories alone dwarf sales of many other device categories - chart
The smartphone multiplier market encompasses a wide array of products and services - chart

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