Smartphone shipments are now expected to decline in 2023 amid economic uncertainty and inflation continuing to dent discretionary purchases.
On Wednesday, market data analysis firm International Data Corp. cut its 2023 outlook for the smartphone market to a decline of 1.1% to 1.19 billion units. IDC had previously forecast growth of 2.8%, but now says it does not expect a “real” market recovery until 2024. IDC forecasts growth of 5.9% year-over-year in 2024, followed by low-single digit growth for a five-year compound annual…
