Over the past seven years, the smartphone market has contracted six times on an annual basis, however, 2024 is set to be the year when the market returns to growth, says IDC.

2024 smartphone shipments are expected to reach 1.2 billion units – up  2.8% y-o-y followed by low single-digit growth till 2028.

While overall volumes are still below pre-pandemic levels, IDC believes the market has corrected itself and is moving on from the bottom.

Foldable smartphone shipments are expected to grow 37%  and shipments will reach 25 million in 2024.

AI  has become part of the smartphone discussion, sparking interest in AI experiences on a handheld device.