5G Smartphone Market surpasses the growth during Forecast period 2020-2027

A Smartphone is a mobile phone with advanced features and capabilities in addition to standard functions such as texting and making phone calls. Users using fifth-generation smartphones have access to high-speed networks and a better data-transfer experience. Furthermore, 5G devices provide high bandwidth and low latency, which can improve user experience in areas such as online video streaming and seamless video calling, as well as virtual and augmented reality gaming.

5G Smartphone

During the projected period, the availability of 5G smartphones with reduced power consumption is likely to fuel market development. Furthermore, rising disposable income and the adoption of IoT linked devices are likely to propel market growth during the projection period.

According to Coherent Market Insights, 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.

The market will rise due to reasons such as rising population, increased use of mobile devices, increasing integration of AR technology, expanding over-the-top (OTT) platform subscriptions, increasing internet penetration, and an increase in the number of e-Sports audience. Security and privacy concerns, large power consumption, and expensive operating and infrastructure costs would all pose challenges to industry expansion.

Accelerating acceptance of 5G smartphones, rising trend of linked IoT devices, increasing penetration of mobile e-commerce, and increasing integration with artificial intelligence are only a few prominent developments.

The worldwide 5G smartphone market has been divided into two categories: offline and online sales channels. Due to the increasing availability of a large number and diversity of outlets, including retailer outlets, hypermarkets, mobile shops, and brand stores, expanding urbanisation, growing mobile device usage, and accelerating economic growth, the offline sector is the fastest growing market. Furthermore, the rising number of COVID-19 cases across the area in 2020 has accelerated the adoption of 5G cellphones as a result of the expanding work-from-home trend and increasing transition to online schooling to preserve social distance during the pandemic.

Due to the rising deployment of IoT in 5G smartphones, the worldwide 5G smartphone market is predicted to develop significantly over the forecast period (2020–2027). IoT technologies use the internet to link a wide range of items, including machinery, workplace equipment, smart home gadgets, domestic appliances, and more. These factors are projected to fuel demand for 5G handsets, which will enable massive quantities of data to be sent quickly and efficiently.

Most businesses are already using IoT devices to improve data transmission between manufacturers, operators, and linked devices. IoT devices may enable real-time inventory and customer monitoring in the workplace. IoT usage in enterprises can help firms manage risk more effectively.

High operating and infrastructure costs are a big stumbling block to the worldwide 5G smartphone market's growth. The cost of installing and maintaining a 5G network is significant, hence 5G network plans are expensive. During the projection period, such constraints are projected to stifle the expansion of the 5G smartphone market.