Is The Peak Smartphone Era Behind Us? This New Market Research Has The Answer

Smartphones have been trending for years but despite the world bracing for a shift toward 5G technology, a new market research is shedding light on some other interesting findings.

Advanced technology has manufacturers struggling in terms of growth in today’s mature smartphone market. For instance, when you look at global stats for this moment in time, shipments witnessed a decline to a new low when looking at stats from the last decade.

Estimated figures from the IDC proved how vendors of these smartphones were rolling out close to 1.1 billion phones in 2023 alone. That’s a decline of 20% from what was seen in the year 2016 when the shipments for smartphones rose to 1.4 billion units.

This has led many experts in today’s world to assume how smartphones and their era have been gone. But despite that, market researchers like those at IDC continue to be optimistic about the future of the industry for this year and how growth might be on the rise for 2024 and the upcoming years.

The company’s research head explained how the tide is turning for the better and how it’s starting to feel safer with the worse part being left in the past, which he calls November 2023.

The market is said to be in its stage of maturation and that’s true as we make way for new eras of growth arising in single digits. And while experts admit that the total market share up for grabs will stay lower than what was witnessed during the era before the pandemic, there is a brighter side to this. It has to do with average sale prices being higher than in the past and the same can be said for the market value in this regard.

Smartphone shipments hit a decade-low despite anticipation of 5G era, as per IDC research.  IDC reports a 20% decline in smartphone shipments in 2023 compared to 2016, marking a new low.

H/T: Statista

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