Nearly 100 million new smartphones will be added to the global market by 2029, according to a new report from Technavio.
The firm said that the growing adoption of AI and sensor fusion technology in smartphones will drive the 4.1% compound annual growth rate (CAGR). But the expected growth could be hampered by ongoing trade wars.
The Technavio report noted that smartphone growth over the last several years and into the future has been aided by several technological factors, including an improved broadband infrastructure to help ensure more reliable connectivity, the availability of affordable handsets for those who can’t afford the latest, most advanced models, and the introduction of the 5G network, gadgets, and chips, which all provide faster data rates than their predecessors.
“Premium-class phones with advanced features like cloud storage, content subscription, and high-speed network access are in high demand,” Technavio noted.
“Disposable cash is a key factor for mobile phone users looking for entertainment, networking, and improved telecom infrastructure. Operating systems like Android and iOS, with application developers creating social media, utility, lifestyle applications in C++ and Java, fuel innovation. In-app purchases and subscriptions to courses further enhance user experience.
In addition to ongoing trade wars, the Technavio report said that the smartphone market will contend with other challenges like lengthening product lifecycle and security and privacy concerns. The more expensive the phones become — even the affordable ones — the longer consumers tend to wait before upgrading.
As the Technavio report cites, a better broadband infrastructure, increased capabilities, and increased speeds are helping to drive smartphone market growth. A recent Ookla report found that T-Mobile was the fastest mobile provider in the U.S. across all technologies combined — and specifically for 5G — in the second half of last year.
The carrier had the Fastest Mobile Network, with a Speed Score of 222.63. It topped the charts for median download speed at 212.77 Mbps, far surpassing AT&T’s 95.08 Mbps and Verizon Wireless’ 86.23 Mbps. Additionally, T-Mobile led in median upload speed with 11.45 Mbps and delivered the lowest latency at 49 ms.
