Smartphone market worth USD 792.51 billion in 2029

Pune, India, Aug. 18, 2022 (GLOBE NEWSWIRE) — The smartphone market size is expected to grow from USD 484.81 billion in 2022 to $792.51 billion by 2029 to a 7.3% CAGR over the forecast period. Fortune Business Insight™ released this information in its latest research report titled Smartphone Market Forecast, 2022-2029. According to the report, size at 457.18 billion USD in 2021.

The global smartphone market is expected to meet a significant demand due to the growing demand for mobile internet services and applications as well as the need for real-time information exchange. The penetration of 5G network and AI will encourage large companies to invest in the telecommunications sector. With a move towards cloud storage, broadband networking and content subscription, major players could flesh out their portfolios in both developed and developing economies.


August 2021: Samsung introduced “Galaxy Z Flip3 5G” and “Galaxy Z Fold3 5G”, the innovative foldable mobile phone. With an iconic design, both devices are built with flagship innovation, delivering a unique user experience for work, play and watch.

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Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 7.3%
2029 value projection $792.51 billion
base year 2021
Smartphone market size in 2021 $457.18 billion
Historical data for 2018 to 2020
Number of pages 150
Segments Covered Operating system, distribution channel and geography
Smartphone market growth factors Increase in adoption of human-system interaction to support market growth
Change in business activities coupled with shortage of semiconductor components to hamper market growth

An overview of the impact of COVID-19 on this market:

The emergence of COVID-19 has paralyzed the world. We understand that this health crisis has had an unprecedented impact on businesses in all sectors. However, this too will pass. Growing support from governments and several businesses can help fight this highly contagious disease. Some industries are struggling and others are thriving. Overall, almost every industry is expected to be impacted by the pandemic.

Click here for the short and long term impact of COVID-19 on this market:

Market Growth Drivers:

Digitization trend to drive innovation

Stakeholders foresee the expansion of connectivity solutions to drive the growth of the smartphone market over the forecast period. The trend of mobile phone connectivity has increased in healthcare devices, fleet management operations, automobiles, infrastructure security systems and smart meters. Additionally, governments and other stakeholders are likely to inject funds into digitization, prompting smartphone makers to bolster their portfolios. Notably, in April 2021, Apple, Inc. announced an investment of approximately $430.00 billion to strengthen 5G technology and silicon engineering in the United States to support American innovation strategies for the 5 coming years.

Smartphone Market Segment Analysis

Based on operating system, the market is segmented into iOS, Android, Windows and others.

In terms of distribution channel, the industry is divided into e-commerce stores, retailers, and OEMs.

Based on region, the market is segmented into Asia-Pacific, North America, Europe, South America, Middle East and Africa.

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Smartphone Market Regional Overview:

Expand the telecommunications sector to favor the Asia-Pacific market

Major companies expect China, India and Australia to offer promising growth opportunities in the telecommunications sector. Bullish smartphone investment will remain a catalyst to drive IoT and 5G penetration. Leading companies are likely to launch innovative products in the coming period. In January 2022, Vivo Mobile Communication Co., Ltd rolled out “V23 and V23 Pro” in India and qualified as India’s first color changing smartphone.

The smartphone market share in North America will increase significantly due to the presence of leading companies in the United States and Canada. For example, in November 2021, Huawei Device Co., Ltd. said it plans to launch mobile handsets across Canada to provide better customer services. It should be noted that the growing footfall in the e-commerce industry will continue to drive product adoption.

Industry players see Europe as a happy hunting ground due to investments in the automotive and telecommunications sectors. Specifically, in July 2020, SAMSUNG partnered with the German Federal Office for Information Security (BSI), Bundesdruckerei (bdr) and Deutsche Telekom Security GmbH to develop a hardware-based security architecture. Bullish strategies are likely to be pronounced with large companies likely to prioritize technological advancements.

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The key companies profiled in the market are:

  • Apple Inc.
  • Oppo
  • Huawei Device Co., Ltd.
  • OnePlus
  • Sony group company
  • Xiaomi
  • HTC Company
  • Google LLC
  • ZTE Company


Global smartphone market size estimates and forecasts (quantitative data), by segments, 2018-2029

  • Main conclusions
  • Per OS (USD)
    • android
    • iOS
    • the Windows
    • Others (Linux and others)
  • By distribution channel (USD)
  • By region (USD)
    • North America
    • Europe
    • Asia Pacific
    • Middle East and Africa
    • South America

North America smartphone market size estimates and forecasts, by segments, 2018-2029

  • Main conclusions
  • Per OS (USD)
    • android
    • iOS
    • the Windows
    • Others (Linux and others)
  • By distribution channel (USD)
  • By country (USD)

Europe smartphone market size estimates and forecasts, by segments, 2018-2029

  • Main conclusions
  • Per OS (USD)
    • android
    • iOS
    • the Windows
    • Others (Linux and others)
  • By distribution channel (USD)
  • By country (USD)
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Benelux
    • Nordic
    • The rest of Europe

TOC Continued…

How much was the overall price Smartphone market worth in 2021?

The Fortune Business Insights market was worth USD 457.18 billion in 2021.

Which region is expected to hold the highest market share?

Asia-Pacific smartphone market to reach USD 197.15 billion in 2021

About Us:

Fortune Business Insights™ delivers expert business analysis and accurate data, helping organizations of all sizes make timely decisions. We adapt innovative solutions to our customers, helping them to meet the challenges specific to their activities. Our goal is to give our clients holistic market intelligence, providing granular insight into the market they operate in.

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Fortune Business Insights™ Pvt. ltd.

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UK: +44 2071 939123

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E-mail: [email protected]

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