SELBYVILLE, DE – The worldwide telecom electronic manufacturing services market was worth $155.7 billion in 2019 and is projected to grow at a CAGR of 7% from 2020 through 2027, according to a recent study. The growth is credited to surging demand for mobile phones, smart electronic devices, and other telecom products.

Total smartphone users across the globe were 2.9 billion in 2018, and the number is estimated to reach 3.8 billion by the year 2021, according to Statista. Also, 74% of adults in the US owned a desktop/laptop in 2019.

Similarly, 66% of individuals adopted smartphones in 2018, compared to 58% in 2016, according to Zenith. In the Asia Pacific region, China had 1.3 billion smartphone users, while India had 530 million users.

Per experts, the North America telecom electronic manufacturing services industry amassed substantial revenues in the recent past and is expected to showcase similar growth trends from 2020 to 2027 on account of low labor costs leading to a rising establishment of electronic production units in the region.