According to research from IDC, the global smartphone market is expected to grow from 1.8 billion units in 2019 to 1.9 billion units in 2023, a compound annual growth rate (CAGR) of 1.4%. By 2023, the majority of the smartphone market will be driven by mid-range ($200-$399) and low-end ($100-$199) devices, with the share of premium ($400 and above) devices expected to decline. In terms of operating systems, Android is expected to maintain its dominance, while iOS is expected to remain the second largest platform. By 2023, 5G technology is expected to account for one quarter of all smartphone shipments.
Additionally, the rise of mobile payment systems such as Apple Pay, Google Pay, and Samsung Pay are expected to drive further adoption of smartphones over the next few years. This will lead to an increased demand for mobile payment-enabled devices as well as a greater reliance on mobile-based transactions. The growing popularity of mobile-based services such as streaming video, gaming, and social media are also expected to drive the growth of the global smartphone market in the years to come.
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