The value of the global smartphone market is expected to expand by a compound annual growth rate (CAGR) of 7.9 per cent by 2024, according to a new study.
In terms of volume, study authors Persistence Market Research predict in ‘Smartphone Market: Global Industry Analysis and Forecast, 2016–2024’ that the market will increase by 5.8 per cent between now and 2024.
The authors said that the global smartphone market is expected to grow substantially over the forecast period due to advancements in the electronic, telecommunication and m-Commerce industries, as well as “the increasing penetration of the Chinese smartphone industry”.
Apple’s iOS is anticipated to account for $584.9 billion (£448.2 billion) by 2024, registering a CAGR of 9.1 per cent over the forecast period with a relatively high value share of 59.8 per cent.
Android is expected to follow, with a value share of 47.6 per cent and a CAGR of 6.7 per cent. In terms of volume, the operating system is expected to make up the largest market share, reaching 69.3 per cent in the global smartphone market by the end of 2016 and is expected to increase to 70 per cent by 2024.
This year, Android is estimated to account for 50.7 per cent value share while iOS will likely account for a revenue share of 46.2 per cent.
In terms of value, Android is expected to register a high CAGR between 2016 and 2024, which will likely be attributed to an increase in the demand and supply of its comparatively reasonably priced smartphones, according to the study authors.
BlackBerry’s operating system market share is believed to be valued at $7.6 billion this year while the Windows operating system will likely be valued at $8.8 billion.