A new report from Technavio projects nearly 100 million new smartphones will enter the global market by 2029, with a compound annual growth rate of 4.1%. Factors such as the rise of AI, sensor fusion technology, and improved broadband infrastructure contribute significantly to this growth. However, ongoing trade wars, the lengthening product lifecycle, and concerns over security may temper this expansion. Demand for premium smartphones is on the rise, with users increasingly valuing features like cloud storage and 5G connectivity, while affordability remains crucial for wider market penetration.
Nearly 100 million new smartphones will be added to the global market by 2029, driven by AI, sensor fusion, and improved infrastructure, despite trade challenges.
The Technavio report highlights that premium-class phones with advanced features are in high demand, reflecting a shift in consumer preferences towards quality and functionality.
Technavio identified trade wars, product lifecycle lengthening, and security concerns as challenges to smartphone market growth, affecting consumer upgrade behavior and overall sales.
The availability of affordable handsets and the rollout of 5G technology are crucial for increasing smartphone adoption and ensuring reliable connectivity for more users.
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