The Global Smartphones Market is expected to grow from US$ 273.9 Bn in 2021 to US$ 520.7 Bnby the end of 2030 at a Compound Annual Growth Rate (CAGR) of 7.6%.
Astute Analytica compiled this research report after collecting inputs from various industry experts. The market was researched through various research tools that focus on market determinants with widely researched other market elements. Market sizing and market estimation are some of the key elements that are considered in the research report. The market analysis consists of a combination of quantitative and qualitative market analysis of the data with the help of various statistical tools.
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The rise in popularity of touchscreen smartphones and mobile apps distributed via app stores along with rapidly advancing network, mobile processor, and storage technologies led to a convergence where separate mobile phones, organizers, and portable media players were replaced by a smartphone as the single device most people carried.
Factors Affecting the Market
Technology is maintaining a vital place across all industrial verticals, including healthcare, automotive, construction, etc. Companies leverage cloud and service-based services to propel innovation and bring significant revolution. Thus, it will drive the growth of the global Smartphones market during the forecast period.
Growing investments in this market are expected to boost the growth of the overall market. For instance, the US Federal Government set aside $58.4 billion budget for IT at civilian Federal agencies in 2022, which is an increase of 2.4 percent from 2021.
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COVID-19 Impact Analysis
The COVID-19 outbreak forced many organizations to adapt to digital methods, which rapidly accelerated digital transformation. Work environments changed abruptly as remote work became the new normal among organizations. As a result, it is forecast to strengthen the potential scope of the Smartphones market in the coming years. This report by Astute Analytica covers all the factors depicting the impact of the pandemic.
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The global Smartphones Market report answers questions such as:
- What is the market size and forecast of the Global Smartphones Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Smartphones Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Smartphones Market?
- What is the competitive strategic window for opportunities in the Global Smartphones Market?
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