Major Growth Areas for the Smartphone Sector 2024

Business » INDUSTRY | February 14, 2024, Wednesday // 15:00
Bulgaria: Major Growth Areas for the Smartphone Sector 2024 Arnel Hasanovic on Unsplash

The early decades of the 21st century have presided over huge changes in both society and technology, so much so that it is difficult to imagine what parts of the world today will survive to be distilled into the history books.

There is, however one certainty – and that is that the rise of the smartphone will be deserving of a special mention. Smartphones, in a rudimentary form, were already available in the closing years of the 90s, but it wasn’t until the launch of the first iPhone in 2007 that they would begin to supplant all other related consumer devices.

The smartphone – and the iPhone in particular – is the best selling, most popular and most lucrative single product in the history of mankind. All told, it is estimated that over 86% of the world’s population – some 6.9 billion people – own at least one of these pocket computers.

It is easy to understand why. Smartphones enable someone to bring the internet with them wherever they go, and their vast catalogues of apps hold out the promise of ever expanding utility. And all of that goes without mentioning their incredible potential for entertainment and diversion, from games to social media.

Now, in 2024, many analysts are suggesting that the sector’s rate of expansion is beginning to plateau. This is a natural element in every product’s cycle, even one as impressive and disruptive as the smartphone. More and more, phones today look similar – and yearly upgrades in established manufacturer series are increasingly difficult to distinguish. A bump in RAM here, a new camera there.

Though one can also look upon this moment as the point where smartphones are entering a mature phase, and while it appears that things are slowing, there remain significant and highly lucrative growth edges to the constellation of hardware and software products that represent the smartphone industry. Let’s explore some pertinent examples of this below.

Platform Diversification

For much of the history of the modern smartphone, the Android and iOS app stores have exerted a virtual monopoly on apps and software for their respective systems. This has not been without good reason – app stores vet software for quality, and help ensure consumers that they've been exposed to trusted products. But there are drawbacks. From legal disputes, to high listing fees, there are a growing number of reasons behind why more and more developers and brands are looking to offer their services outside of the purview of the app store.



This is resulting in a fragmentation and decentralization that is only gaining pace. It also holds out the promise for excellent growth for those brands and services primed to benefit from this shift. One sector that looks reader than most to benefit from this shift is the iGaming market. Historically online casinos have enjoyed a limited presence on the app store due to regulatory and regional complexities.

As a result of this, leading names like VegasSlotsOnline have opted to focus their offerings on browser-accessible mobile optimized websites. There, casino aficionados are able to make the most of competitive deals ranging from a no deposit bonus on select platforms, to free spins and sign-up offers. The shift towards greater decentralization will level the playing field for what is already one of the fastest growing media sectors in the world.

Artificial Intelligence

Of course the biggest story in tech in recent years has been the rise of generative AI models like ChatGPT, which have overturned previously held assumptions about the technology and opened the door to a new gold rush of investment.

Virtually everybody is scrambling now to integrate the latest and greatest of AI into their products, and the smartphone sector is the central battleground for this emerging market. One need only look at the marketing of the latest Samsung Galaxy S24 series phones – whose messaging is entirely focused not around hardware, Samsung’s traditional wheelhouse – but the productivity potential of machine learning augmented software under the moniker of GalaxyAI.

Apple, too, are known to be working on something major in the space, with rumors of their building a full rival to the likes of Google Gemini (which GalaxyAI is powered by) abundant. Rest assured, Siri in her current incarnation is not long for this world.


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