5G smartphone market to grow at CAGR of 124.89% in 2023

The global 5G Smartphone market is on the verge of a remarkable surge, anticipated to reach an impressive US$162.90 billion in 2023. This growth trajectory is set to continue with a staggering Compound Annual Growth Rate (CAGR) of 124.89%, marking the unprecedented rise in 5G-enabled mobile devices, according to Research and Markets

Unveiling the 5G Smartphone Era
5G Smartphones are revolutionizing mobile communication, offering advanced features and capabilities beyond traditional texting and calling. The soaring consumer interest in 5G devices is propelling chipmakers to urge businesses to incorporate 5G processors into their latest smartphone lineups.

Driving Forces Behind Market Expansion

Several key factors are driving the expansion of the 5G Smartphone market:

• Urbanization and Rising Population: The urban population’s growth, coupled with heightened consumer awareness regarding mobile device usage, is a significant driver.
• Integration of AR Technology: The integration of Augmented Reality (AR) technology is gaining momentum, offering immersive experiences and enriching applications for users.
• Over-The-Top (OTT) Platform Subscriptions: The expansion of over-the-top (OTT) platform subscriptions is creating opportunities for content-rich 5G smartphones, amplifying market growth.

Research and Markets