According to recent findings from a “Growth from Knowledge” (GfK) report, the global smartphone market is set to remain stable throughout 2020. According to the study, smartphones will be occupying around half of the consumer budget for durable goods and tech this year, with a predicted turnover of around 444 billion euros.
The demand for smartphone technology is expected to remain stable in 2020, even though there was a slight decline in unit percentage in 2019. Though consumer desire for smartphone technology is still high, there could be other factors that stop the market from growing – however. According to recent news reports, the Coronavirus is putting the brakes on a number of crucial operations around the world. This means that the “world’s factory” is largely shut down. With global epidemics to battle, and a growing demand for new and pioneering new technology to contend with, smartphone manufacturers have a lot on their shoulders if they want to continue to grow in 2020.
Smartphone Tech Continues to Advance
Innovative new technology has been defining the smartphone market for years now, and there are more opportunities on the horizon. The number of smartphones with a larger screen is increasing, taking up about 70% of the market in 2019. This gives companies more room to experiment with things like high-quality displays for video streaming.
The GfK report also highlights a few other crucial features that most consumers search for when choosing a smartphone, from high battery life, to good storage facilities. One of the most exciting developments that we’re likely to see in the smartphone market in 2020 and beyond, is the arrival of new 5G models of the latest flagship phones. There’s very little penetration of 5G in the UK right now, but markets like South Korea and China are already making waves in the space.
At the same time, consumers are constantly looking for ways that their smartphone can make their lives more convenient. For instance, there’s a growing trend in wearable devices, such as smartwatches and wrist computers that allow people to access information quickly. We’re also seeing an increased demand for things like wireless earbuds, and other accessories that make connecting through your phone as simple as possible.
