Global smartphone market grows 3% in 2024 due to AI, emerging markets

It's clear that 2024 will be a big year for change and revival in the global smartphone market. Counterpoint Research's most recent data shows a nice 3% growth, which is a big improvement from the previous year's drop. In what ways does this amazing change happen? AI and the growing possibilities in emerging markets are the keys to finding a solution.

Global smartphone market grows 3% in 2024 due to AI, emerging markets

AI Integration: Empowering Innovation and Efficiency in Technology Evolution

In 2024, the global smartphone market will start over again with the addition of generative AI, a game-changing innovation that goes beyond simple technological progress. Until recently, people thought AI was something from the future. That's how we use and think about technology now that it's just a part of our lives. 

Global smartphone market grows 3% in 2024 due to AI, emerging markets

AI is a key part of smartphones because it drives new ideas, makes features better, and makes them work better than ever. Integration not only looks better, but it's also a big deal because it gives people smart new tools like data that can predict the future and personalised experiences. Thanks to AI, cell phones can now figure out what their users want and need and work perfectly. Today is the start of a new era in which technology is becoming more important to us. 

Emerging Markets: New Growth, Accessibility, and Excellence

Global smartphone market grows 3% in 2024 due to AI, emerging markets

AI will impact not only smartphones in 2024, but also the rapidly growing markets in developing countries. Indian, Middle Eastern, African, and Latin American markets are some of the most important for the growth of both cheap and expensive smartphones. 

This growth story unfolds on two fronts:

1. Budget Segment Growth: Reasons for the budget segment's 11% rise. This growth, which is especially noticeable in places like Africa, combines affordability with functionality, making smartphones more accessible to everyone and encouraging digital inclusion.

2. Premium Segment Revolution: Premium devices are growing at an amazing 17% per year, thanks to the addition of genAI technology and the appeal of flexible smartphones. Industry leaders like Apple and Huawei are at the forefront of this revolution, showing how AI integration, high-end products, and customer demand all work hand-in-hand.

Apple and Huawei: Champions of Innovation

Global smartphone market grows 3% in 2024 due to AI, emerging markets

Combining Huawei's technological prowess with Apple's strong presence in developing markets makes them clear leaders in the global smartphone market. Apple's plans to use Google's Gemini AI engine illustrate how the industry works together to drive innovation and establish new standards for greatness.

To Sum Up

Artificial intelligence (AI) will drive a significant change in the global smartphone market by 2024. This blending of technologies is not just a passing fad; it is a strong force that is changing how we use technology. It's clear that AI will only continue to have a bigger impact in the future, which will improve user experiences, help markets grow, and set new standards for the industry. When AI integration, new markets, and technology progress all come together, they create a landscape full of opportunities and uncharted territories. As members of this changing ecosystem, we are starting a path where AI is not only a tool but also a strategic necessity that will lead us to a smarter, more connected future. 

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(Inputs from agencies)

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