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According to estimates by Juniper Research, the number of smartphones sold in 2016 will be over 3 times as much as the number of smartphones sold in 2010.

The number of smartphones sold worldwide in 2010 was 302 million. According to the prediction, 1 billion smartphones will be sold annually by the year 2016.

The prices of these handsets are set to fall gradually with time, and this is what will fuel the growth of smartphones. Economy model handsets, which cost below $150 (unsubsidised rate) are likely to be the most in demand, and this segment will account for a third of the total smartphones being shipped out.

Smartphone prices forecast for 2016

The competition between handset manufacturers and suppliers will also lead to these gadgets being available at very reasonable rates, further enhancing the demand for them.

The report also predicts that many users in the developed markets will be inclined to switch from feature phones to smartphones, but they would expect to pay the price of feature phones only.

On the other hand a low price point will be essential in the developing markets as well, because the consumers in general have a lower spending power and operator subsidies are also fewer.

The increased availability of open source operating systems such as Android along with falling costs of key components for manufacture will help lower the cost of smartphones.

The report also predicts that the demand for standard smartphones costing between $151 – $399 will remain intact, as also the demand for premium or high end phones that cost above $400. This demand will be fuelled by the increased availability of new technologies such as NFC, 3D and Biometrics.

These new high-end smartphones will also be capable of morphing into other devices such as Tablets and Notebooks.