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Global diffusion of cheap smartphones leading to market saturation
After the iPhone moment in 2007, it became clear around 2013-2014 that the diffusion of smartphones would spread worldwide, leading to a proliferation of cheap devices each year. Moore's law meant more transistors per dollar, but it didn't translate into faster phones for most people; instead, it meant their first smartphone. This resulted in the same capability becoming cheaper every year, drawing more people into the market. By 2023-2024, the market for dumb phones is being replaced by smartphones, indicating global saturation.
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