According to a recent report by Techarc, smart devices will generate a revenue of $54 billion in India in 2021 while the revenue contribution of smartphones will be slightly more than 70 per cent.
Post 2021, revenue contributions from smartphones are expected to fall to 60 per cent by 2023, and by 2025, it will account for about half of the revenues for these OEMs.
In the on-going era of internet of things (IoT), smart devices have opened up new revenue streams for smartphone industry. In fact, smart devices are expected to generate more revenue for smartphone original equipment manufacturers (OEMs) in comparison to revenue from smartphones.
In recent time, the industry has witnessed smartphone players expanding their portfolio with the launch of various smart devices like smart TVs, smartwatches, AI based cleaner, etc. The changing lifestyle of consumers demands such smart devices. As such, companies expanding their operations into manufacturing of such devices have observed hike in profitability and increased consumer base.
