India is expected to overtake the US as the second-largest smartphone market next year with robust annual growth, says a Morgan Stanley research report.
According to the report on global technology and telecom, the country's smartphone market will grow at a compounded annual growth rate (CAGR) of 23 per cent through 2018 and would account for 30 per cent of the global growth during the period.
“We expect India to overtake the US next year as the second-largest smartphone market by units. India will grow nearly five times faster than the world's largest smartphone market China, where growth has decelerated,” the report said.