Despite the devastating effects of the COVID-19 pandemic that has plunged many markets and industries into a financial crisis, global spending and revenue in the mobile devices market are expected to continue to soar.

Data made available by AksjeBloggen.com on Tuesday explained that lockdown measures imposed in many countries to curtail the spread of COVID-19 caused downsizing of the workforce. 

However, the introduction of other options like remote working further helped surmount the pandemic’s financial challenges.

According to the data, the purchase of PCs, tablets, and mobile phones plunged by eight percent year-on-year to $653 billion in 2020. 

This figure is expected to recover to $705 billion in 2021, still $7 billion less than before the pandemic.

The data also revealed projections for the Year 2024, stating not all devices will experience a rise in revenue, stating that “mobile phone sales are expected to continue booming and generate $552.4 billion in revenue by 2024, a 9.5 percent increase in three years.”

“The global laptop market is also set to witness an increasing trend, with revenues rising by four percent to $147.9 billion in this period. Statistics show the combined revenues of mobile phones and laptop sales are expected to hit over $700 billion by 2024. 

“By 2024, desktop PC sales will generate $54.9 billion in revenue, a 4.5 percent drop in three years.

“Revenues in the tablets segment are expected to plunge by 7.4 percent to $34.7 billion in 2024, with global shipments falling from almost 150 million in 2020 to 122 million in 2024,” the report revealed.

Before the emergence of COVID-19, there was a consecutive five-year drop in global spending on mobile devices, but in 2017, the spending increased to $665 billion, while the figure rose to $712 billion in 2019, a Gartner survey revealed.

Data provided by the Statista Technology Market Outlook data revealed that revenues of the global mobile phones industry are forecast to grow by 5.7 percent and reach $504 billion in 2021. 

It added, “This year is also expected to witness a growing demand for laptops, with total sales revenue in this segment rising by 1.3 percent year-on-year to $142.1 billion.”

The survey by another outlet, The TrendForce, also revealed that “global laptop shipments are estimated to rise to over 216 million units in 2021, up from 200.5 million in 2020.”

“However, global desktop PC sales are set to plunge by 1.7 percent to $57.4 billion in 2021. The tablets segment is forecast to witness the biggest drop, with revenues falling by almost six percent year to $37.5 billion this year,” the survey added.