Globally the smartphone market is no longer expanding. IDC forecasts an increase of just 1.8% in units to 2023, with volumes rising over the 1.5 billion unit threshold annually after a dip this year. Where does that leave emerging markets, which for many years were a motor of growth?
According to Juniper Research, driven by the increasing acceptance of alternative approaches to traditional banking solutions, fintech platform revenues will reach $638 billion by 2024 — that’s up from an estimated $263 billion in 2019.
“Retailers have more work to do on their apps to inspire omnichannel shopping. In 2019, smartphones will influence 32.2% of U.S. offline retail sales. With more than $1 trillion on the line, we selected nine top U.S. retailers to see what kind of digital experience they bring to the table online and in-store.”
Smartphone demand has slowed due to market saturation in most North American and European countries, so the primary opportunities there stem from device replacement. Forrester forecasts that these economies will add no more than 91 million new smartphone subscribers.
Advances in both the consumer and business technology sectors have driven the adoption of mobile internet access and associated service delivery. Applications of mobile devices — by customers, business partners, or employees — delivers unprecedented access to information, improved collaboration, and increased productivity.
With password-based personal identity solutions becoming increasingly impractical, device vendors and mobile network service providers have begun implementing an alternative second factor — using a fingerprint, iris, facial feature or vein pattern to establish an individual’s identity.