Albany, NY -- (SBWIRE) -- 07/25/2018 -- Smartphones have become a necessity rather than luxury. More than half of the global population own smartphones. It is a comprehensive, portable device which helps in communication, data storage, and gives accessibility to huge data available from around the world. Smartphones have substituted technologies such as large desktop computers, expensive cameras, and landline phones.

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Increase in use of Internet-based services due to availability of advance LTE networks is responsible for rise in adoption of smartphones. Key drivers of the smartphone market are global inflation rate, per-capita disposable income, penetration of high-speed internet, and mobile insurance acceptance rate.

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The market value is anticipated to expand at a CAGR of 19.0% during the period from 2018 to 2026. The market is expected to grow mainly due to opportunity of smartphone penetration in developing countries in the region of Asia Pacific, South America, and Middle East & Africa. Irrespective of the growth of smartphone sales around the globe, certain countries witnessed decline in smartphone shipment largely due to market maturity.

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Geographically, the global smartphone market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominates the smartphone market with a share of more than 45% in 2017, followed by North America with approximately 26% share. The dominating share in Asia Pacific is primarily due to tremendous growth in the adoption of smartphones among both millennial and older population.