5G technology will revive a global smartphone market that's had near standstill growth for two years

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5G technology will revive a global smartphone market that's had near standstill growth for two years

The smartphone market's growth has been at a near standstill for two years and is expected to experience more of the same in 2018; however, it could be revived by the arrival of 5G in late 2019.

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As this chart from Statista shows, the largest spike the global market experienced in the last decade was in 2010, when the number of smartphone shipments went up 75% from 173.5 million units in 2009. Since then, the smartphone market has grown by progressively smaller increments, until 2016 when it only grew by 2.5%.

Last year, the smartphone market actually shrank (-0.1%) for the first time, and estimates from International Data Corporation (IDC) show the market research firm expects more of the same this year.

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Next year, however, the data shows things will change for the smartphone market: The introduction of 5G, the next generation wireless technology, will drive more and more growth, and in 2022 the year-over-year change could be back to 2016 levels.

Chart of the day

Shayanne Gal/Business Insider

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