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According to a recent study, the annual growth rate of the global smartphone market is expected to slow down significantly in the coming years. The study, conducted by market research firm International Data Corporation (IDC), predicts that the smartphone market will grow by only 2.7% in 2022, compared to a growth rate of 5.7% in 2021.

The primary reason for the slowdown is the ongoing global chip shortage, which has affected the supply of smartphones and other electronic devices. The chip shortage, coupled with the impact of the COVID-19 pandemic, has led to disruptions in the global supply chain, making it more difficult for smartphone manufacturers to meet the growing demand for their products.

Additionally, the study suggests that the high inflation rates and economic uncertainty in various regions around the world are also contributing to the slowdown in the smartphone market. Consumers are becoming more cautious about their spending, and they may be less inclined to upgrade their smartphones as frequently as they have in the past.

Despite the slowdown, the study still predicts that the global smartphone market will continue to grow, albeit at a slower pace. The report suggests that the smartphone market will reach a total of 1.31 billion units shipped in 2022, up from 1.28 billion units in 2021.

The study also highlights that the 5G smartphone segment is expected to continue its strong growth, with 5G-enabled devices accounting for a larger share of the overall smartphone market. IDC forecasts that 5G smartphones will make up 53.2% of the total smartphone shipments in 2022, up from 37.1% in 2021.

The growth in the 5G smartphone segment is being driven by the continued rollout of 5G networks around the world, as well as the increasing availability of more affordable 5G-enabled devices. As 5G technology becomes more widespread, it is expected to drive further innovation in the smartphone industry, with the development of new features and capabilities that leverage the increased speed and bandwidth of the 5G network.

However, the study also suggests that the smartphone market is facing other challenges, such as the increasing competition from alternative computing devices, such as tablets and laptops. As consumers become more accustomed to working and learning remotely, the demand for these other devices may continue to grow, potentially impacting the growth of the smartphone market.

Overall, the findings of the IDC study highlight the complex and dynamic nature of the global smartphone market, and the need for smartphone manufacturers and industry players to adapt to the changing market conditions in order to remain competitive.

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