WHY IS THIS HAPPENING? Gadget addiction is getting cheaper everyday, and internet has become ubiquitous, making easy for anyone from as early as 1-year-olds to get hooked. The global smartphone market size was valued at $457.18 billion in 2021, jumped to $484.81 billion in 2022, and is set to hit $500 billion in 2023 — before skyrocketing to $792.51 billion by 2029, exhibiting a compounded annual growth rate (CAGR) of 7.3 per cent, according to Statista. The data analytics company stated that in terms of total population figures, per person revenues of $62.36 are generated in 2023 from smartphone sales alone.
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