“And cost-cutting via layoffs and wage growth compression is often ‘easier’ and faster to execute.” Breaking down the numbers “The difficulty is that there is no magic productivity wand,” he wrote. The drop in productivity, Daco tweeted Thursday, is exacerbating compensation pressures and pushing up unit labor costs. Remote work is a real thing to consider, Daco said, but it’s not the only factor. He said the low productivity reflects our current environment, defined by high inflation. Daco has written and spoken extensively about remote work and the pandemic’s effect on the labor market. To figure out why this is happening, Fortune spoke with Gregory Daco, chief economist at EY-Parthenon, the global strategy consulting arm of one of the “Big Four” accounting and consulting firms. That has never happened before, in data going back to 1948. has now had five consecutive quarters of year-over-year declines in productivity, according to research from EY-Parthenon, using data from the federal Bureau of Labor Statistics. (BBK Electronics Corporation), Samsung Electronics Co. Ltd.), Lava International, Lenovo Group Limited, Nokia Corporation, Realme Chongqing Mobile Telecommunications Corp. United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, MexicoĪpple Inc., HTC Corporation, Huawei Technologies Co. Operating System, Display Technology, RAM Capacity, Price Range, Distribution Channel, RegionĪsia Pacific, Europe, North America, Latin America, Middle East and Africa Ltd., Sony Corporation, TCL Technology, Xiaomi Corporation and ZTE Corporation. The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., HTC Corporation, Huawei Technologies Co. To get more information on the regional analysis of this market, Request Sample Other factors, such as the growing working population, increasing internet penetration, and rising expenditure capacities of consumers, are creating a positive outlook for the market. Smartphones eliminate the need for card swiping and manual entry and aids in reducing human errors, facilitating a smoother checkout experience. Additionally, the increasing product demand among consumers to make contactless payments is positively impacting the market growth. Moreover, various product innovations, such as the introduction of miniaturized cameras with high-resolution sensors, improved battery life and reliability, are providing an impetus to the market growth. In line with this, the shifting consumer preference toward smart devices that offer easy accessibility, advanced features, web surfing, endless apps, and instant online ordering is favoring the market growth. Smartphones offer enhanced convenience, security, various calling features, and an easy access to the internet. The increasing demand for wireless handheld devices across the globe is one of the key factors driving the growth of the market. In comparison to cellphones, smartphones consist of advanced features, operating systems, and virtual keyboards. It assists in easy communication, portability, productivity applications, navigation, safety, online banking, and entertainment. It consists of a display, battery, memory, storage, modems, camera, sensors, lens, and processor. A smartphone is widely used for messaging, calling, gaming, music, videos, online shopping, emailing, banking, reading news, and clicking pictures. It is manufactured using silicon, aluminum, plastic, gold, copper, silver, lithium, and cobalt. It comprises a central processing unit (CPU), graphics processing unit (GPU), long-term evolution (LTE) modem, video processor, and display processor. Looking forward, IMARC Group expects the market to reach 1,773 Million Units by 2028, exhibiting a growth rate (CAGR) of 3.6% during 2023-2028.Ī smartphone is a portable electronic device that provides advanced functionality and connects to a cellular network and the internet. The global smartphone market size reached 1,417 Million Units in 2022.
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