Smartphone manufacturers will continue to add value in evolving market, key player says
- Xiaomi’s international internet business arm unveiled its global strategy for partner growth at the Mi Internet Partner Conference it hosted earlier this month in Singapore
- Manufacturer says app distribution and digital marketing solutions can help drive growth in global mobile internet market, projected to have over 4 billion users this year
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The global smartphone market has grown exponentially over the last decade, with shipments reaching more than 1 billion units last year, far exceeding that of computers, which dropped to 285 million.
Mobile internet use on smartphones has spread to almost every corner of the world. According to “The Mobile Economy 2023” report by GSMA Intelligence, a mobile industry research company, the number of global mobile internet users had reached 4.4 billion by the end of 2022. In addition, mobile technologies and services have created US$5.2 trillion in economic value, contributing 5 per cent to the world’s gross domestic product (GDP) and generating 28 million jobs.
As mobile internet use has transformed the lives of millions of people, companies ranging from multinational tech companies to ambitious start-ups have come to realise the valuable role the platform plays in marketing and building brands. Content providers – whether filmmakers or animators, entertainers, or sports and news channels – must now consider the smaller screen size in their content production operations.
In addition, the popularity of mobile games has attracted millions of users globally, helping drive the rapid growth of consumer electronics and hardware technology. Meanwhile, individuals are now accustomed to using an app to resolve day-to-day needs such as booking a table at a restaurant.
The presence of global tech giants on stock markets or start-ups seeking IPO listings in major markets such as New York and Hong Kong suggest there is still potential for growth in the mobile internet industry.
Nevertheless, smartphone manufacturers are often an undervalued player in the industry. Smartphones are often considered as digital infrastructure, with the only function of carrying information, while smartphone manufacturers sell the device. But this is quietly changing.