The global 5G smartphone market was valued at US$ 13.4 Billion in 2019 and is expected to surpass US$ 4,032.3 Billion by 2027, registering a CAGR of 124.9% during the forecast period (2019-2027), according to the Global 5G Smartphone Market Report, By Operating System (IOS, Android and Windows), By Sales Channel (Online and Offline), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The growing trend of smartphone-connected healthcare devices, automobiles, and fleet management operations is expected to drive market growth during the forecast period. The doctor can perform virtual operations by using advanced technology in smartphones. Moreover, telepresence surgery is used in the medical industry and with the help of surgeons skilled in technology, patients can be operated from a distance and give the appearance of being present in the surgeries. This smart technology provides doctors with the “feel” of virtual patients through virtual reality applications in the medical field. This is expected to drive demand for 5G smartphone during the forecast period. In June 2020, China Mobile Limited and ZTE Corporation launched China's first 5G medical edge cloud platform. The new platform provides innovative medical applications such as remote diagnosis and surgery, artificial intelligence (AI) assistance, mobile medicine, and surgical instruction.
Moreover, smartphones are useful in applications such as smart metering, personnel traffic, and others. Moreover, with the evolution of 5G smartphones, many organizations are focusing on integrating their infrastructure and devices with 5G technologies. For instance, in July 2019, Apple, Inc. acquired the majority of Intel Corporation 5G chipset modem unit worth of US$ 1 billion. Through this acquisition, Apple, Inc. has reduced the overall manufacturing cost of the 5G smartphones and increase overall productivity. Moreover, several companies are also deploying on premise application operations to cloud networks, which can be accessed with 5G smartphones over a central network across the globe.
5G Smartphone Market - Impact of Coronavirus (Covid-19) Pandemic
Several countries across the globe have been affected by COVID-19 and governments have implemented nationwide lockdown to curb the spread of the disease. Growth of the 5G smartphone market has also been impacted due to the pandemic. The demand for electronics devices which include consumer electronics and industrial electronics devices is expected to be impacted by the COVID-19 pandemic. China is one of the major suppliers of raw materials used for manufacture of electronic devices and finished products. According to data released by the Chinese customs department, China’s exports have declined rapidly by nearly 17% in the first two months of 2020 compared to 2019. The electronics industry had faced huge reduction in production, disruption of supply, and price fluctuations. For instance, according to Coherent Market Insight’s analysis, there was a 15.5% decline year-on-year in unit shipments from 335.8 million in 2019 to 269.7 million in 2020. Due to COVID-19, sales of electronics companies have fallen, and led to a reduction in production and demand for 5G smartphone market.
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