A decade of iPhones and an industry transformed

When it first launched 10 years ago today, many critics called it a toy unfit for business use.

Today, the iPhone stands as example of industry changing technology. It also helped make Apple one of the most valuable companies in the world.

Back in 2007, BlackBerry and Nokia were the dominant makers of smart phones, which often had physical keyboard and just a few basic apps. But by 2009, almost every manufacture had adopted the iPhone’s smooth, sleek frame and digital keyboard.

But despite its trend-settings ways, the iPhone’s price has kept it a premium brand, allowing Google, Samsung and a growing number of Chinese manufactures to offer cheaper alternatives, which have dominated the lower- and middle-end market. In 2016, Apple saw annual revenue decline for the first time in 15 years. Lack of innovation on the new iPhone 7 was blamed. As a result Apple’s board cut CEO Tim Cook’s salary by a whopping 15 percent.

While Apple has confirmed nothing so far, the redesigned iPhone 8 is expected to be launched later this year.