The mobile industry continues to benefit from rapid technological innovations. These innovations drive growth and continue to transform our lives.
Technological innovations in the mobile industry
Millennials continue to drive demand for the fast-paced development of new devices and applications. Increasingly, people of all ages manage their day to day activities via mobile phones. Innovations in the mobile industry allow us to connect home appliances, medical equipment, and security systems alike to our devices, enabling us to remotely control and manage them. In 2020, smart household penetration is 9.3%, and it is expected to reach 19.3% by 2024.
Digital wallet platforms such as Google Pay, Apple Pay, and Samsung Pay allow consumers to pay for goods with a fingerprint scanner rather than with cash bank cards, paving the road to a cashless society. China has the largest number of mobile payment users in the world, followed by Denmark. By 2023, it is expected that there will be over 1.3 billion mobile payment transactions users in the world, up from 950 million users in 2019.
On the other hand, technology such as augmented reality (AR) boosts e-commerce by allowing customers to test products on their screens. Furniture retailers like IKEA employ AR to give customers a preview of furniture in their own homes.
Customer experience is increasingly important to consumers. Currently, over five million companies use Whatsapp Business API, which allows merchants to create a profile that can be used to streamline customer communication.
Mutual benefits for the mobile industry and consumers
Technological innovations are beneficial for the mobile industry as well as end-users. Smartphones have become indispensable to daily life thanks to excellent user experience and the rising dependence on mobile internet-based applications and services. Likewise, affordability and availability of quality mobile devices continues to support this growth.
Moreover, from a user’s perspective, mobile devices provide seamless connectivity and access to information. For some, access to mobile offers financial inclusion and access to goods and services that increase the quality of life.
Developing world leads the demand for mobile
Almost half of the global population (49%) now has access to mobile internet. By 2025, this figure is expected to grow by 1.2 billion people, reaching over 60% of the total population. This growth will predominantly be seen across emerging markets in South Asia and Sub Saharan Africa.
Similarly, the growing demand for mobile connectivity in emerging markets creates significant opportunities for companies to invest in research and development and innovative technologies.
Growth in the mobile industry continues to be driven by fast-paced innovation which in turn drives demand. Further development and innovation are beneficial not only for mobile network operators but also for the end-users who gain access to valuable goods, services and information through digital inclusion.