Market growth drivers

Several factors contribute to the growth trend of the smartphone market, including increased disposable income, improved telecom infrastructure, the availability of affordable handsets, and frequent product launches. Rising consumer interest in 5G devices is motivating manufacturers to incorporate 5G chips into their smartphones. Lower prices, the emergence of 4G and 5G network technologies21 and network development

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and expansion, as seen with the launch of Super TimeFreq Folding, a new innovative 5G-Advanced technology by China Telecom and Huawei, contribute to market growth.

Additionally, the market experiences growth through key players engaging in strategic partnerships to enhance services. Notable collaborations include Samsung Electronics expanding its agreement with Google to advance smart home interoperability (2022).

Market growth rate is expected to be the highest for the Asia-Pacific region, followed by Latin America and Africa.