BrandArena: REPORT: Mobile industry generated $3.3 trillion in 2014

Friday 16 January 2015

REPORT: Mobile industry generated $3.3 trillion in 2014

According to a new report by the Boston Consulting Group (BCG), the mobile technologies industry was responsible for almost $3.3 trillion in revenues last year, and is responsible for 11 million jobs. However the study commissioned by Qualcomm also came to the conclusion that the challenges face by mobile players will require investment of $4 trillion over the next five years.

The report was based on a survey of 7,500 consumers in U.S., Germany, South Korea, Brazil, China, and India, which sought to quantify the value they derive from mobile. Among the data points it derived from this is that global consumers annually derive $6.4 trillion of benefit from mobile over and above what they actually pay for it.

But to ensure continued innovation and growth across the global industry, mobile players will need to invest as much as $4 trillion by 2020 and overcome significant challenges, according to the report, which was commissioned by Qualcomm Incorporated but produced independently by BCG.

“Mobile has been a huge driver of economic growth—creating jobs and improving consumers’ lives,” said David C. Michael, a San Francisco-based senior partner and a coauthor of the report. “But much more innovation is still needed. Policymakers have an important role to play in sustaining innovation and R&D investment in mobile technologies.”

Consumer adoption of 3G and 4G standards has outpaced all other technologies, growing to nearly 3 billion connections in less than 15 years and projected to exceed 8 billion connections by 2020. Dramatic performance improvements in mobile communications standards and decreasing costs have propelled mobile to become the fastest adopted technology of all time. 

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