Davos WEF
Davos WEF

Smartphone market worth $355 billion, with 6 billion devices in circulation by 2020: Report

The global smartphone install base is set to grow 50 percent in the next four years to 6 billion devices totaling $355 billion in revenues, a new study claimed on Tuesday.

Smartphones and tablets already account for more than 60 percent of smart connected consumer devices, up from around 17 percent in 2008, according to research firm IHS Markit. The smartphone install base was four billion in 2016, with the 6 billion figure expected to be hit in 2020, IHS Markit says.

"Mobile innovations, new business models and mobile technologies are transforming every adjacent market as the mobile industry diversifies from the maturing smartphone market," Ian Fogg, director at IHS Technology, said in a press release.

"Mobile devices and services are now the hub for people's entertainment and business lives, as well as for communication. The smartphone has replaced the PC as the most important smart connected device."

Apple and Samsung currently lead the smartphone market and both are set to release new flagship devices this year.