The phablet market has been forecast to increase at a compound annual growth rate (CAGR) of 26.9% through to 2016, driven by the increasing adoption of phablets in the emerging markets and the increase in R&D spending.
The phablet market is huge and growing. It has been forecast that global phablet revenues will total $46 billion in 2013 and will constitute a significant portion of global smartphone shipments by 2018. They will become cornerstones around which the next-generation product lines of leading OEMs will be built.
In January 2013, analysts reported that 25.6 million phablet devices were sold in 2012 and estimated that these figures would grow to 60.4 million in 2013, and 146 million by 2016.
A phablet is a smartphone class featuring screen sizes from 5.0 to 6.9 inches, designed to combine or straddle the functionalities of a smartphone and tablet, eliminating the need for two devices.
The phablet's larger screen can complement screen-intensive activity such as mobile web and multimedia viewing -- and the device may include, as with Samsung's Galaxy Note, software optimised for an integral self-storing stylus to facilitate sketching, note-taking and annotation.
According to a new research report, 'Global Phablets Market 2012-2016' on companiesandmarkets.com, global phablet vendors such as Samsung and LG Electronics have already invested a considerable amount of time and money in the R&D of phablets, despite the fact that the market is still in its nascent stage. Once the market matures, increased investments in R&D will not have as high an impact as the investments have now.
As phablet vendors are currently looking at possible ways of addressing the challenges, phablets are expected to witness a high uptake through to 2016.
The major growth driver is the increasing adoption of phablets in emerging markets such as China and India that have huge potential for growth. As consumers in the emerging countries in this region cannot afford both a smartphone and a tablet, they opt for phablets. Thus, global phablet vendors are capitalising on this opportunity to increase their market share.
For more information on the phablet market, see the latest research: Phablet Market
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