Why 'device exhaustion' spells trouble for Apple

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With innovation waning and saturation climbing, the ability of Apple and other smartphone makers to make a big market splash anymore could be limited.

So as rumors ran rampant about what the next big thing will be for the iPhone maker, the reality could be something far less sexy.

Citigroup sees "device exhaustion" in the smartphone market, a condition in which it's getting harder and harder both to find people who don't own smartphones and who are impressed with marginal improvements in new devices.

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