IT Device Market Size (2024 - 2029)

IT Device Market Analysis

The IT device market is expected to grow at a CAGR of 2.4% during the forecast period. The market is expected to witness growth in the forecast period owing to the higher demand for mobile devices. During the COVID-19 epidemic, there was an increase in demand for PCs due to businesses' and consumers' growing flexibility and mobility requirements.

• The demand for mobile phones has been growing over the past several years as consumer spending has increased globally. Notably, the smartphone demand has been continuously expanding in terms of models and market size. It was projected that 40% of people owned a smartphone last year. According to Ericsson, the number of smartphone subscribers globally has surpassed six billion and is projected to increase by several hundred million more over the next several years. China, India, and the United States are the top three nations with the most smartphone users.
• Notably, laptop sales are escalating in major countries, such as the United States and China. Major laptop manufacturers have reported an increase in sales of computers following the COVID-19 pandemic. Due to the continuous updates of graphics, connectivity, weight, and portability, the demand for the latest technology device is always anticipated.
• However, the higher demand for laptops has caused personal computer sales to be contracted across the globe. Also, after the pandemic, due to the work-from-home and social distancing norms, there was an upswing in demand for PCs. However, with everything back to normal, people have returned to their offices and institutions. Thus, the need for personal computers has slowed. Also, further contraction is expected in PC sales worldwide for the forecast period.
• China is leading the global IT device market, followed by the United States, Japan, and India. China had the highest revenue in the phone segment for the last year. At the beginning of this year, China had 1.63 billion mobile phone connections, according to data from GSMA Intelligence. During the second financial quarter of this year, Honor and Vivo held the highest smartphone market share.
• During the COVID-19 pandemic, the global demand for IT devices like PCs, laptop tablets, and phones grew. The surged demand mainly backed this growth for networking devices owing to social distancing and work-from-home regulations worldwide. However, the demand for personal computers fell with the gradual withdrawal of restrictions and the reopening of offices and institutions. Notably, the demand for mobile phones, especially smartphones, is expected to stabilize during the post-COVID-19 period.

IT Device Industry Segmentation

The IT devices market segments comprise the critical IT and Telco equipment markets, including the segments of PCs and phones. Market values represent revenues paid to key vendors at the manufacturer price level directly or indirectly through distribution channels. The market revenues include spending by business-to-consumers (B2C), business-to-business (B2B) as well as business-to-governments (B2G).

IT Device Market is Segmented by Type (PCs and Phones) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD million for all the above segments.