|Products made obsolete by smartphones (Cordless Phone Image Source: https://www.vtechphones.com/; Pedometer Image Source: https://www.amazon.com/; Digital Alarm Clock Image Source: https://www.amazon.com/; Hand held Game Consoles Image Source: https://www.forbes.com/; MP3 Players Image Source: http://www.ebay.com/; GPS Navigation System Image Source: http://www.navigadget.com; Digital Camera Image Source: https://www.bestbuy.com; Camcorder Image Source: https://www.bhphotovideo.com/; Electronic Voice Recorder Image Source https://www.amazon.com/; Personal Digital Assistant Image Source: http://itsolutiontest.blogspot.com/; Scanner Image Source: https://www.amazon.com/; Radio Image Source: https://www.amazon.com)|
Cars and homes depicted in sci-fi movies have not yet materialized. However, smartphones have fundamentally changed the way humans communicate, commute, shop, and bank. They have also opened up new channels for news delivery, advertisement and entertainment. Many people are now attached to their smartphones and cannot imagine life without them. The fear of not being to check one’s smartphone is now a recognized phobia. Twenty-four seven connectivity makes is difficult for people to disengage from work and induces a high level of stress. Smartphones are being blamed to cause several different kinds of sleep disorders. Smartphones have had the biggest impact on daily lives of humans since the advent of personal computers and fundamentally changed the cultural norms and human behaviors.
A reasonably good quality smartphone costs between $500 and $1000. Most people look forward to upgrading their smartphones to newer models in two (or fewer) years. Many previous electronic products such as digital cameras were shared by members of the family. Smartphones are not meant to be shared. Everyone needs to have their own smartphone. This is fueling growth in smartphone sale. Annual smartphone sales volume has already crossed the one billion mark. Soon revenues generated from smartphone sale will be more than one trillion US dollars. Smartphones have fundamentally altered the consumer electronics landscape and had a profound impact on the industry. Most high technology companies want to a part of this action and are launching their own smartphones. If this trend were to continue and the popularity of ride-sharing apps slow down the sale of automobiles, then smartphones might take over the automotive industry in terms of worldwide sales revenues. Smartphones currently appear indispensable and imagining life without them is not possible.