New report suggests growth of global smartphone market by 64.05 million units during 2020-2024
According to London-based market research firm Technavio, the global smartphone market is expected to grow by 64.05 million units during 2020-2024.
The consumers’ shift to online purchases will have a positive impact on the market and contribute to its growth significantly over the forecast period.
“Online smartphone sales contributed to around 50 per cent of the total sales in India as of April 2019 because many major e-commerce vendors such as Amazon and Flipkart are promoting multiple brands of smartphones. This is expected to further increase the variety and number of products available over the online channel. All these factors are expected to showcase a positive outlook for the market over the forecast period,” the report stated.
Some of the factors that are leading to an increase in online sales volume are a wide assortment of products, convenience, and the availability of products at special prices and discounts. Artificial intelligence is gaining traction in the smartphone industry as it has transformed the way consumers interact with technology.
The report also said, “AI facilitates the introduction of features such as augmented reality (AR), facial recognition, device management, emotion recognition, user authentication, and more. AI-enabled smartphones consume less power to perform multiple operations per second. Thus, technological advances in AI and its integration in smartphones will drive sales leading to the growth of the smartphone market during the forecast period.”
Vendors such as Apple, Huawei, and Samsung are increasingly investing in R&D to provide best user experience using AI.
*Edited from an IANS report.