ResearchAndMarkets.com has prepared a report and forecast for the 5G smartphone market. It examines the trends of the specified market and the reasons for the popularity of 5G smartphones.
In 2019, 12.42 million devices were sold in the world, capable of working in new generation cellular networks. In the first quarter of 2020, a sharp decline in the average selling price began, which continued in the second quarter. Analysts cite the COVID-19 pandemic as one of the main reasons. Another important reason for the decrease in the average selling price was the emergence of cheap models offered by Chinese manufacturers.
Analysts expect the market, which began to recover in the second half of 2020, to grow during the forecast period. From 2020 to 2027, it is expected to grow at a CAGR of 122.7%.
According to analysts, the younger generation of users is increasingly giving preference to content on demand, and the proliferation of 5G smartphones is giving them the ability to watch high-quality content on the go. In addition, with the rise of both the home and industrial IoTs, smartphones will play the role of personalized authentication devices to enhance security.
Another trend is the increase in the number of models of smartphones with multiple SIM cards, as manufacturers are promoting the ability to connect to two networks in smartphones. For example, Samsung supports dual SIM technology in the A51 5G smartphone, which was released in April 2020. This allows consumers to use their local SIM and SIM for roaming at the same time when traveling internationally.
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