Smartphones have become an integral part of our daily lives, with an estimated 7.26 billion people already owning one, making up 91% of the world’s population.
As the world has changed, smartphones have followed and their popularity has continued to please various industries.
If we take a look at some of the prestigious brands of today, including Louis Vuttion, most employees are given smartphones to help customers search for items to check stocks.
The phone industry is no stranger to declining sales over time. However, considering this trend was initiated by the adoption of smartphones in 2008 by a mere 26%, recent reports suggest that it is up for decline once again.
In contrast, other industries enjoyed stable growth figures due to the greater commercialization of its technology.
Smartphones At Their Peak
During 2010, it was seen that smartphones were rising both in popularity and sales figures.
The global smartphone sales had exceeded 250 million units worldwide, but then registered a decline for two consecutive years of 15% and 2%, respectively.
The projected trajectory illustrates a continued steady rise from 2015 to 2025 with annual sales expected to reach 464.20 million units by 2025.
However, there has been a dramatic decline of 8.7% smartphone sales in 2022 due to the falling demand causing supply and production issues.
It is believed that Apple’s continuous product development plays a large role in whether or not the market will continue to thrive or not.
As per the Apple website, their products are “designed from the ground up” and “initially conceived and created on our own”. This is clearly a very large factor in the success of Apple.
It can be surmised that smartphones are not only a product on their own, but also double as a tool for expanding other businesses and industries.
Through various applications, everyday tasks such as communication and photography with 50 megapixel cameras on smartphones can now be done with just one device.
Therefore the mobile phone industry is not the only industry affected by declining smartphone sales, but many other industries stand to be affected too.
The reason that smartphone sales have been reduced is because the technology has improved.
In this case, it is a better camera, higher resolution and other features that make it more efficient (faster/more powerful).
For example; the digital camera was cheaper than a normal camera so people started buying those instead of painting with a brush.
Aside from the effect smartphones have on other industries, it’s clear that smartphones have certainly affected and changed our daily lives.
What was once something that we rarely utilized is now something that we can’t imagine doing without.
The possibility of an industry declining drastically thus far not being apparent to the public is clearly due to the fact that it has not yet been “discovered.”
The only issue left now is whether or not one will have the aptitude and knowledge to discover such a major economic phenomenon in time.
