Technavio has been monitoring the dual lens camera smartphone market and says it’s poised to grow by 1.24 billion units during 2020-2024, decelerating at a compound annual growth rate of over 19% during the forecast period.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied, according to the research group. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities.
Technavio says the growing popularity of social networking applications has been instrumental in driving the growth of the dual lease camera smartphone market. However, high power consumption lowering battery life might hamper the market growth, the research group adds.