The global 5G smartphone market saw a ‘steep reduction’ in demand during the first two quarters of 2020
A new study concludes that the global 5G smartphone market size is expected to grow at a compound annual growth rate of 122.7% from 2020 to 2027. While the market of next-gen smartphones reached 12.42 million units in 2019, the first two quarters of 2020 saw a “steep reduction” in demand, according to the study from Polaris Market Research.
However, the global 5G smartphone market is expected to rebound starting in the Q3 and Q4 of 2020 and should maintain its momentum during the forecast period. This return to growth is considered to be the result of the market’s increasing ability to provide high-speed internet connectivity and coverage as well as the ability of 5G phones to provide improved reliability in comparison to 4G-based smartphones.
Further, new 5G product launches, particularly in