Smartphone Market Worth $355 Billion, With 6 Billion Devices In Circulation By 2020

You most likely cannot imagine your day without a smartphone, tablet, or a computer. It’s just the way things work nowadays. If someone told you fifteen years ago that you’re going to carry a device in your pocket with a million different functions, you’d call them insane. Whether you like it or not, smartphones play an important part in our lives already, and that trend definitely won’t die off in the next couple of decades.

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The global amount of smartphones is set to grow by 50% in the next four years. If you put this piece of information into perspective, over six million devices will be present on the market by 2020 totaling over $335 billion in revenues. Furthermore, tablets and smartphones make more than 60% of connected smart devices. Bear in mind; they made around 17% back in 2008. Therefore, for less than nine years, smartphones and tablets found their way into the consumer’s hands quickly and noted an incline of 43%, which is impressive, to say the least.

lenovo-smartphone-vibe-b-front-backIan Fogg, a director at IHS Technology, said –

“Mobile devices and services are now the hubs for people’s entertainment and business lives, as well as for communication. The smartphone has replaced the PC as the most important smart connected device.”

The leaders on the market are Apple and Samsung which already announced innovations and a revolution in smart technology.

Spending money on micro transactions

One of the main sources of revenue is a phenomenon called micro transactions. For instance, one research showed that the expected consumer spending on apps is over $74 billion by 2020. In 2016, the global consumer spending was $54 billion.

IHS Markit said –

“There are many opportunities for new apps, mobile payments, and mobile money services. Asia, notably, will continue to play the number one role in the global apps market – accounting for more than 50 percent of consumers spending.”

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Experts think that payments and messaging are going to be the two major services in focus by 2020. The number of devices from which payments are possible is around 2.7 billion now, and it’s expected to be more than 5 billion by 2020.

Instead of fighting the technology, consider mastering the new ways of doing business. You might find it handy.

Peter Daniels

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Peter Daniels

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