Did you know the cell phone industry is among those that experienced the fastest growths in the communication industry? The other element of this very broad industry is the Internet. Since 1994, cell phones have become increasingly popular.
Its prevalence in usage increased exponentially from 24 million at its early onset to a whopping 182 million. However, that figure, 182 million, merely accounts for wireless phone devices in the U.S. There is another 162 million, which accounts for all mobile phone users in the U.S. These figures are just for the U.S. population; can you imagine the global statistics?
Today’s ever-changing modernizations and countless emerging innovations have resulted in vast improvements in cell phone technology. We are living in a world where everyone wants to keep up with the latest, most advanced gadgets and new technology. As a result, the cell phone industry keeps on growing since this gadget has become an indispensable everyday tool for every Joe and Jane in the world.
Even parents want their children to have cell phones. Due to the convenience and ease of communication, cell phones have become a necessity between parent and child in order to facilitate communication, especially in case of an emergency. In addition, with new features offered by wireless carriers under existing telecommunication plans, adding a child as a new user to a parent’s plan has been made easy. With the inclusion of teens and children to their parent’s plans, this has resulted in the increase in the number of cell phone users.
With industry growth also comes an increase in the intensity of competitive rivalry. As a result of many offerings for more affordable cell phone units and similar devices, the cell phone industry has also grown significantly within the last three years.
Many cell phone and telecommunication companies are vying for the top spot in their respective fields in the broad communication industry. Since they are basically offering the same product or service, this makes for a very tight competition. These companies are looking for ways to attract customers to their fold. Among their enticements, include offering low price rates, more service features, better products, more freebies, etc.
Nevertheless, competition among these companies is good for us, consumers. With their goal to provide the best products or services, we have more choices and better options. Consumers are afforded with better products and services at more affordable prices. There are also more services being offered among these companies in an effort to gain an advantage over the competition. Everything is much better for us, consumers, in this competitive environment among these companies.
To learn more about cell phone industry analysis and its related information, get in touch with OpDecision.