Technavio has been monitoring the smartphone market and says it’s poised to grow by 64.05 million units during 2020-2024, progressing at a compound annual growth rate of almost 1%.
The research group says that, although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities.
Growing adoption of AI in smartphones has been instrumental in driving the growth of the market, according to Technavio.