When it comes to any business that sells a product, market saturation is a problem that everyone faces. Over time, with a extremely popular product, the demand will decrease.
The demand decreases due to the profound reduction of possible buyers as more people purchase the product. This in turn makes for a decrease in sales.
In our modern world, smartphones are a necessity. So many people own multiple ones and those without one are viewed as oddities.
The global smartphone market has seen massive profits since they first were released to the public. This has resulted in so much innovation that we can hardly measure their impact.
However, now they are approaching market saturation. In a recent report, for the first time ever, the demand for smartphones is down.
It will be interesting to see how these companies attempt to discover new markets or develop new products to overcome this.