The smartphone market is set to grow at a significantly slower pace this year, with previously explosive demand from China set to cool.
Worldwide, smartphone shipments are expected to grow 10.4 percent in 2015 to 1.44 billion units—a big drop from the 27.5 percent growth recorded last year, according to a report released by research firm IDC on Tuesday. Previously, IDC forecast 11.3 percent growth this year.
And in China, a market that purchased almost a third of the world's smartphones last year, shipments are expected to grow just 1.2 percent in 2015, a dramatic decline from the 19.7 percent growth seen last year.
"China clearly remains a very important market. However, the focus will be more on exports than consumption, as domestic growth slows significantly," Ryan Reith, program director for the IDC's Worldwide Quarterly Mobile Phone Tracker, said in a statement.