5G SMARTPHONE MARKET ANALYSIS
The global 5G smartphone market is expected to witness significant growth during the forecast period (2020–2027) due to the increasing adoption of IoT in 5G smartphones. According to Coherent Market Insights, in China, the penetration of smartphones increased from 676.5 million in 2017 to 782.3 million in 2020. IoT technologies connect a large number of devices such as machines, office equipment, smart home devices, household appliances, and others through internet. These factors are expected to drive demand for 5G smartphones to transfer a large amounts of data and ensure faster and more efficient operations. Nowadays, most of the companies are adopting IoT devices for better data exchanges within manufacturers, operators, and connected devices. The IoT devices can provide real-time monitoring to the workplace about inventories and customers. The adoption of IoT in organizations can support businesses to manage risk efficiently.
Market Trends:
Asia Pacific held dominant position in the global 5G smartphone market in 2019, accounting for 39.2% share in terms of value, followed by North America, Europe and rest of the world.
The global 5G smartphone market was valued at US$ 13.4 Bn in 2019 and is expected to reach US$ 4,032.3 Bn by 2027 at a CAGR of 124.9% between 2020 and 2027.
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