Technology
Smartphone Market size is set to grow by USD 77.05 billion from 2024-2028, Growing adoption of AI in smartphones boost the market, Technavio
Published
2 years agoon
By
NEW YORK, July 5, 2024 /PRNewswire/ — The global smartphone market size is estimated to grow by USD 77.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.43% during the forecast period. Growing adoption of AI in smartphones is driving market growth, with a trend towards emergence of sensor fusion technology. However, ongoing trade wars affecting smartphone sales poses a challenge. Key market players include Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Huawei Technologies Co. Ltd., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd, Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., and ZTE Corp..
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Smartphone Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 3.43%
Market growth 2024-2028
USD 77.05 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
3.31
Regional analysis
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 51%
Key countries
China, India, Germany, US, and Brazil
Key companies profiled
Acer Inc., Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., Guangdong OPPO Mobile Telecommunications Corp. Ltd., Honor Device Co. Ltd., HTC Corp., Huawei Technologies Co. Ltd., Kyocera Corp., Lava International Ltd., Lenovo Group Ltd., LG Corp., Micromax Informatics Ltd., Nokia Corp., Samsung Electronics Co. Ltd., Shenzhen Transsion Holdings Co. Ltd, Sony Group Corp., TCL Electronics Holdings Ltd., Xiaomi Communications Co. Ltd., and ZTE Corp.
Market Driver
Sensor fusion technology is a crucial innovation in the smartphone market, allowing devices to combine data from various sensors for more accurate results. Bosch Sensortec GmbH offers FusionLib, a 9-axis fusion solution that combines a gyroscope, geomagnetic sensor, and accelerometer for robust absolute orientation. This technology is essential for AR applications, improving position and orientation information by eliminating individual sensor deficiencies. Sensor fusion solutions enable tilt compensation, compass calibration, and data correction, fueling the growth of the global smartphone sensors market. These advancements contribute significantly to the smartphone industry by enhancing functionality and user experience.
In the dynamic world of electronic devices, smartphones continue to dominate the market. Premium class phones with advanced features like cloud storage, content subscription, and high-speed network access are in high demand. Disposable cash is a key factor for mobile phone users looking for entertainment, networking, and improved telecom infrastructure. 5G gadgets, including 5G chips and 5G network technologies, are the next-generation products driving growth. Chipmakers and laboratories are engineering institutes’ focus, developing next-generation applications for gaming consoles, laptops, tablets, and picture processing. Affordable handsets cater to budget-conscious consumers. 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. High-speed data connectivity and integrated IoT applications complete the package.
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Market Challenges
Smartphone vendors are investing substantial resources in exporting devices to seize the global market. However, government interventions, such as trade bans, can adversely impact this market. For instance, the US and China, significant players in the global electronics supply chain, have imposed tariffs on each other, including smartphones. This has increased the cost of manufacturing and selling smartphones, potentially reducing sales volumes and market share for vendors. APAC, the primary market for smartphones, has been affected due to increasing government regulations on the movement of electronic commodities. As a result, the shipment of smartphones from China to other countries decreased in Q2 2021. The uncertainty surrounding trade wars and government regulations is expected to hinder the growth of the global smartphone market during the forecast period.The smartphone market faces several challenges in 2021, according to International Data Corporation. Component shortages, particularly semiconductors, hinder mobile phone manufacturers’ ability to meet demand. Virtual and augmented reality technologies require low-power consumption and fast charging capability, adding complexity. Human-system interaction, digital information, and connectivity are key for mobile phone usage in automobiles, fleet management, healthcare devices, and infrastructure security systems. Mobile sensors, face recognition, and fingerprint technology are essential hardware features. OEMs and e-commerce platforms prioritize online shopping, m-commerce, and telecom industry collaborations. Dual-camera systems, web browsing, multimedia, and gaming are primary software capabilities. Governmental assistance and feature phones cater to specific markets. The technology market continues to evolve, with hardware and software capabilities shaping the future of consumer electronics.
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Segment Overview
This smartphone market report extensively covers market segmentation by
Technology 1.1 Android1.2 IOS1.3 OthersPrice Range2.1 Between USD150–USD8002.2 Greater than USD8002.3 Less than USD150Screen Size3.1 Greater than 6 inches3.2 Between 5-6 inches3.3 Less than 5 inchesGeography 4.1 APAC4.2 Europe4.3 North America4.4 Middle East and Africa4.5 South America
1.1 Android- The Android operating system, provided by Alphabet Inc. (Google,) is a widely adopted mobile operating system worldwide. With over 2.5 million apps available in the Google Play Store, users can download various applications according to their needs. Key features of Android OS include smart reply for messaging apps, focus mode options, Wi-Fi sharing via QR codes, and Google Assistant. Google offers free access to its search engine, Google Maps, YouTube, and other web services. The popularity of Android OS is evident as major smartphone vendors, such as Samsung Electronics Co. Ltd., Huawei Investment and Holding Co. Ltd., Xiaomi Corp., and BBK electronics (Oppo, VIVO, OnePlus, and Realme), have adopted it as their OS. In February 2023, Xiaomi, Realme, and OnePlus launched their new Android OS-based smartphones, the Xiaomi 13 and 13 Pro, Realme 10 Pro Coco-cola edition, and OnePlus 11 and 11R, respectively. These launches, along with the increasing demand for Android OS, are expected to boost the growth of the Android segment of the global smartphone market.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report
Research Analysis
The smartphone market is experiencing a surge in growth, driven by improved telecom infrastructure and the availability of affordable handsets. Mobile phone users worldwide are embracing the latest 5G gadgets, powered by advanced 5G chips and 4G network technologies. Chipmakers are at the forefront of this revolution, supplying the hardware for these innovative devices. Mobile handsets now offer a wide range of internet-based facilities and digital functions, from web browsing and email to social media and messaging. Android and Windows Phone continue to dominate the operating system market, with third-party originators offering budget-centric product launches. The integration of Artificial Intelligence, 5G technology, and advanced camera capabilities is transforming the mobile experience, making it more convenient and enjoyable for users. Governmental assistance and the continued development of feature phones cater to the needs of the unconnected population. Overall, the smartphone market is an ever-evolving landscape of hardware and software capabilities, offering users a world of connectivity, entertainment, and productivity at their fingertips.
Market Research Overview
The smartphone market is experiencing significant growth with the advent of improved telecom infrastructure and the availability of affordable handsets. Mobile phone users are increasingly turning to 5G gadgets for high-speed data connectivity and integrated IoT applications. Chipmakers and laboratories are at the forefront of developing 5G chips and 5G network technologies to power these next-generation products. Handset design and functionality continue to be key considerations, with operating systems like Android and iOS leading the way. Application developers are creating innovative solutions for social media, mobile utility, and lifestyle applications, while C++ and Java remain popular programming languages. Budget documents and logistics networks are essential for the timely launch of budget-centric products. The premium segment is also seeing innovation with advanced features like AR technology, over-the-top platform subscriptions, and low-power consumption with fast charging capability. The telecom sector is also impacted by customs duties, emissions regulations, and component shortages, particularly for semiconductor components. Mobile phones are increasingly being used for various applications, from automobiles and fleet management to healthcare devices and infrastructure security systems. Mobile sensors and human-computer interaction are also areas of focus for technology market growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TechnologyAndroidIOSOthersPrice RangeBetween USD150–USD800Greater Than USD800Less Than USD150Screen SizeGreater Than 6 InchesBetween 5-6 InchesLess Than 5 InchesGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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Brazos Residential Announces Promotion of Cliff Davis to Junior Partner
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DALLAS, June 18, 2026 /PRNewswire/ — Brazos Residential is pleased to announce the promotion of Cliff Davis to Junior Partner, recognizing his significant contributions to the firm’s growth and investment platform since joining the company in 2022.
Davis joined Brazos Residential as an Investment Professional and has since assumed an increasingly influential role across the firm’s acquisitions, capital markets, investor relations, and asset management functions. Throughout his tenure, he has been directly involved in evaluating and executing investment opportunities, arranging debt and equity financing, and supporting strategic initiatives across the company’s expanding multifamily portfolio.
His promotion reflects both the impact he has made within the organization and the confidence the firm places in his long-term leadership and continued contributions to the business.
“Cliff has become an integral part of our organization and someone we rely on across many facets of the business,” said James Roberts, President and Co-Founder of Brazos Residential. “As our first hire, Cliff’s work ethic, commitment to excellence, and dedication to our mission embody what Brazos Residential stands for. His contributions have helped shape our growth, and this promotion is well deserved.”
“Cliff approaches the business with a high level of professionalism and discipline,” said Will Hancock, Chief Executive Officer and Co-Founder of Brazos Residential. “He has earned the trust of our team, partners, and investors through consistent execution and sound judgment. We are excited to welcome him into this leadership role and look forward to his continued impact on the future of the company.”
Prior to joining Brazos Residential, Davis worked at Berkadia Commercial Mortgage, where he was involved in underwriting, originations, and the execution of multifamily financing transactions, while also assisting in the sourcing and evaluation of investment opportunities. Earlier in his career, he served as a Credit Analyst at Benchmark Bank.
Davis earned a degree in Economics from The University of Texas at Austin and currently resides in Dallas, Texas.
The promotion underscores Brazos Residential’s continued commitment to developing talent from within and building an institutional-quality platform positioned for sustained long-term growth. As the company continues to expand its footprint across the Sun Belt, leadership development remains a core component of its strategy for creating value for investors, residents, and partners.
About Brazos Residential
Brazos Residential is a vertically integrated multifamily investment and property management platform headquartered in Dallas, Texas. Founded in 2022 without institutional backing, the firm has grown into a fully integrated real estate operating platform encompassing investment management, property management through Brazos Residential Management, and construction management through Brazos Construction Management.
The company currently manages over $800 million in assets under management across more than 7,000 apartment units and employs more than 200 professionals. Brazos focuses on workforce and Class B/C multifamily housing in high-growth Sun Belt markets, with a strategic emphasis on acquiring attainable housing located near major employment centers. Through its vertically integrated operating model, Brazos seeks to preserve and improve naturally occurring affordable housing while delivering attractive risk-adjusted returns for institutional and private capital partners.
Media Contact: marketing@brazosres.com
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Monport Mega S Redefines What a Desktop Laser Engraver Can Do for Small Businesses
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The upgraded Monport Mega S desktop laser engraver combines speed, precision, and automation to help businesses scale production, improve output quality, and reduce workflow complexity.
NEW YORK, June 18, 2026 /PRNewswire/ — As small businesses and independent makers continue to expand into custom products, signage, and light manufacturing, the need for reliable and efficient laser systems has grown significantly. While entry-level machines have made laser engraving more accessible, many operators quickly outgrow basic systems when production demands increase.
The Monport Mega S desktop laser engraver is designed to bridge that gap, offering a more production-ready solution that brings industrial-style capabilities into a compact desktop format. Built for speed, consistency, and usability, the upgraded system reflects how desktop laser technology is evolving beyond hobby use into serious business production tools.
Rather than focusing solely on specifications, the Monport Mega S emphasizes workflow efficiency—helping users move from design to finished product with fewer manual steps and greater consistency.
Desktop Laser Power Designed for Real Business Use
For many growing businesses, the challenge is not learning how to engrave, but scaling production without sacrificing quality. The Monport Mega S desktop laser machine addresses this by combining high-speed performance with automation features that simplify daily operation.
With engraving speeds reaching up to 600 mm/s and precision down to 0.03 mm, the system is designed to handle both detailed engraving and efficient cutting tasks across materials such as wood, acrylic, leather, and coated surfaces. This balance of speed and accuracy allows users to take on both custom one-off orders and higher-volume production runs.
Unlike traditional entry-level systems, the Mega S desktop laser engraver is built with production continuity in mind, giving users the ability to maintain output consistency across larger batches.
Built for Faster Workflow and Reduced Manual Setup
One of the most time-consuming aspects of laser production is setup and preparation. Material alignment, focus adjustments, and repeated calibration can slow down workflow significantly, especially in small workshop environments.
The Monport Mega S desktop CO2 laser engraver reduces these friction points through integrated automation features designed for practical day-to-day use.
Key workflow advantages include:
Built-in autofocus system that adjusts based on material thicknessSmart Batch Fill support for efficient multi-item processingSimplified optical alignment process for quicker setupEnhanced airflow system for improved cutting quality and cleaner edgesEfficient smoke extraction for a safer working environmentSupport for automated feeding workflows for repetitive production tasks
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Conveyor Belt Integration Expands Production Capability
A key upgrade that sets the Mega S apart from many standard desktop laser systems is its optional conveyor belt system. This feature enables continuous material feeding, allowing businesses to process longer materials or run uninterrupted production workflows.
For businesses producing signage, engraved panels, or repetitive product runs, the conveyor system helps reduce downtime between jobs and supports a more assembly-line style production approach. Instead of manually repositioning materials, users can maintain consistent output across extended production cycles.
This type of capability is typically associated with larger industrial systems, making it a notable advancement in the desktop laser engraver category.
Supporting Both Creative and Commercial Applications
While the Monport Mega S is designed with business scalability in mind, it remains versatile enough to support a wide range of applications. This flexibility is one of the reasons it has become relevant for both new entrepreneurs and expanding production shops.
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Improved Safety and Workspace Efficiency
In addition to performance improvements, the Monport Mega S also focuses on creating a more stable and safer working environment. Its Class 1 safety design makes it suitable for both home-based workshops and small business environments where space and safety compliance are important considerations.
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A Step Forward for Desktop Laser Manufacturing
The evolution of desktop laser systems has increasingly blurred the line between entry-level hobby tools and production-ready equipment. The Monport Mega S desktop laser engraver reflects this shift by offering a system that is not only capable of detailed creative work but also structured for repeatable, scalable business output.
Rather than requiring users to upgrade to full industrial machinery, the Mega S provides many of the workflow advantages needed for growth—automation, batch processing, and optional continuous feeding—within a compact desktop format.
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Monport is currently offering a limited-time promotion for the Mega S Powerful Desktop CO2 Laser Engraver, which includes:
Instant $300 discountFree air assist systemFree 2 black laser marking sprays
The promotion is designed to help new and growing businesses lower initial setup costs while gaining access to upgraded production tools that improve efficiency and output quality.
To learn more about the Monport Mega S desktop laser engraver, visit Monport Laser official website.
Media Contact:
Monport Laser
Email: official@monportlaser.com
Website: www.monportlaser.com.
View original content:https://www.prnewswire.com/news-releases/monport-mega-s-redefines-what-a-desktop-laser-engraver-can-do-for-small-businesses-302804972.html
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Monport Highlights How Laser Technology Helps Businesses Increase Productivity and Expand Product Offerings
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NEW YORK, June 18, 2026 /PRNewswire/ — From metal engraving to automated batch production, Monport laser engraver and laser cutter machines are helping businesses streamline workflows, reduce setup time, and scale custom manufacturing with greater efficiency.
As demand grows for personalized products, branded merchandise, and small-batch manufacturing, businesses are increasingly prioritizing ease of use alongside performance when investing in laser engraving and cutting equipment. While precision and power remain essential, operators now expect systems that simplify workflows and reduce time spent on setup and training.
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User Experience Is Becoming a Competitive Advantage in Laser Manufacturing
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GA Series MOPA Fiber Laser Engraver Expands Metal Customization Opportunities
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To learn more about the GA Series MOPA fiber laser engraver, visit Monport’s official website.
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Autofocus system for automatic material adjustmentEnhanced airflow design for improved cutting qualityEfficient smoke extraction for cleaner operationSimplified optical alignment processSupport for automated feeding workflowsClass 1 safety design suitable for home and workshop environments
These capabilities make the Mega S a practical solution for signage production, personalized gifts, and small-scale manufacturing operations.
To learn more about the Mega S desktop laser cutter, visit Monport’s official website.
Reno Pro Vision Desktop Laser Machine Introduces Smart Automation
The Monport Reno65 Pro Vision desktop laser machine is built to simplify workflow management through integrated camera and automation technology.
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To learn more about the Reno Pro Vision desktop laser machine, visit Monport’s official website.
Designed to Help Businesses Scale with Confidence
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Monport’s laser systems are designed to support this demand by combining automation, precision engineering, and user-focused workflows across its product lineup.
From the GA Series MOPA fiber laser engraver to the Mega S desktop laser cutter and Reno Pro Vision desktop laser machine, each system is built to help users reduce operational friction and increase production capacity.
To further support users, Monport also provides hands-on demo hosting sessions, a dedicated YouTube channel with step-by-step tutorials, and an extensive blog library offering guides, project ideas, and technical learning resources.
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To learn more about Monport’s laser engraving and cutting solutions, visit Monport Laser.
About Monport Laser
Monport Laser is a provider of laser engraving and laser cutting solutions for hobbyists, small businesses and industrial users. Its product portfolio includes fiber laser engraver systems, CO2 laser engraver platforms and advanced laser machine technologies designed to support precision engraving, cutting and marking applications across industries including manufacturing, personalization, signage and custom product creation.
Media Contact:
Monport Laser
Email: official@monportlaser.com
Website: www.monportlaser.com.
View original content:https://www.prnewswire.com/news-releases/monport-highlights-how-laser-technology-helps-businesses-increase-productivity-and-expand-product-offerings-302804973.html
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