Global smartphone shipments are poised for a significant decline, plummeting by 4.7% year over year in 2023. This decline is expected to bring total shipments to 1.15 billion units, marking the lowest volume seen in a decade, according to an updated forecast by the International Data Corporation (IDC).

The report noted the primary factors contributing to this downturn are a weakened global economic outlook and the persistent impact of inflation, both of which have led to decreased consumer demand and prolonged refresh cycles for smartphones.