A new finding has revealed that revenue from the sales of smartphone and laptop will hit a whooping $700B by 2024, as Desktop PC and Tablet market continue to witness continued failing.
The finding from Statista Technology Market Outlook data shows Mobile phone sales are expected to continue booming and generate $552.4bn in revenue by 2024, a 9.5% increase in three years, with the two leading markets of China and the United States generating one-third of that value.
The global laptop market is also set to witness an increasing trend, with revenues rising by 4% to $147.9bn in this period. Statistics show the combined revenues of mobile phones and laptop sales are expected to hit over $700bn by 2024.
On the other hand, the downsizing trend in the desktop PC and tablet markets is set to continue in the following years. By 2024, desktop PC sales will generate $54.9bn in revenue, a 4.5% drop in three years. The IDC data also showed a significant drop in global shipments, with the number of units falling from 76 million in 2021 to 73 million in 2024.
Revenues in the tablets segment are expected to plunge by 7.4% to $34.7bn in 2024, with global shipments falling from almost 150 million in 2020 to 122 million in 2024.
Meanwhile, after dropping for five years in a row, global spending on IT devices jumped to $665bn in 2017, revealed the Gartner survey. The increasing trend continued in the next two years, with the figure rising to $712bn in 2019.
However, the COVID-19 triggered almost a $60bn drop, with global spending on PCs, tablets and mobile phones falling to $653bn in 2020. Although this figure is expected to rise by 8% and hit $705bn in 2021, statistics show it will take another year for global spending on IT devices to reach pre-COVID-19 levels.
According to Statista data, revenues of the global mobile phones industry are forecast to grow by 5.7% and reach $504bn in 2021. This year is also expected to witness a growing demand for laptops, with total sales revenue in this segment rising by 1.3% YoY to $142.1bn. The TrendForce survey also revealed global laptop shipments are estimated to rise to over 216 million units in 2021, up from 200.5 million in 2020.