IDC: Within 2023, 5G will take over the half of the smartphone markets

New Delhi: The world is rapidly moving towards 5G technology. Currently, the smartphone industry is facing some challenges. But by the year 2022, it is expected to improve. Smartphones are going to make a significant contribution in this 5G technology.  According to the IDC report, 5G is expected to occupy 50 per cent of the global smartphone market by 2023. Despite the challenges of the pandemic, 5G is currently on the top priority list for all smartphone original equipment manufacturers (OEMS).

Ryan Reith, vice president of IDC’s Worldwide Mobile Device Trackers said, ‘the top vendor has cut its production plan for 2020, as the market continues to decline’. According to a report, ‘companies have cut plans for their 4G portfolio and it can reduce their 4G space by the end of 2020’.  Currently, the demand for 5G smartphones is very low, Reith said, ‘ from an economic point of view, there is a lot of pressure regarding the hardware and service charge of 5G’.

The global smartphone market is projected to decline by 9.5 per cent in 2020 with a total shipment of 1.2 billion units. However, in the second quarter it declined by 17 per cent, which is lower than the projected decline. These results are financially worrying. According to the report, the future of 5G smartphones will also depend on economic activities. If demand does not come, then the price of 5G smartphones is likely to be reduced.