The global smartphone market is projected to experience its third consecutive year of declining shipments as smartphone volumes are forecast to fall by 0.8 percent, with volumes dipping to 1.39 billion, said an International Data Corp (IDC) report.
According to IDC's "Worldwide Quarterly Mobile Phone Tracker" report, the worldwide smartphone market is, however, expected to pick up momentum this year with year-over-year (YoY) growth of 2.3 percent in the second half in 2019.
Global smartphone shipments are forecast to reach 1.54 billion units in 2023.
"The biggest question that remains unanswered is what will bring the smartphone industry back to growth. There is no question that industry growth has been down for reasons that have already been identified - longer replacement cycles, a challenged China market and geopolitical headwinds," Ryan Reith, Program Vice President, Worldwide Mobile Device Trackers, IDC, said in a statement on Wednesday.
"But it is short-sighted to overlook the possibilities of some important technology advancements that are within reach with 5G probably being the most significant."
While real time usage of upgrading to 5G device/service remain unclear, it is evident that after 2019 this will begin to attain significant numbers.
"Though the 5G developments and foldable screen buzz is yet to have a reality check from users, 2019 will be surely marked as a year of modernisation in the smartphone market," said Sangeetika Srivastava, Senior Research Analyst, Worldwide Mobile Device Trackers, IDC.
The market research firm expects 5G smartphone shipments to account for roughly one out of every four smartphones shipped globally in 2023.