Marius Royal

Market Analyst

October 12 2018

Doubling the American Smartphone demographic: from 2011-2018

The smartphone is presently a staple of everyday life across North America, but the degree to which it has become a standard part of our day to day is only revealing itself now. A comprehensive year-over-year study (done by the Pew Research Center) has determined that smartphone ownership in America has doubled – with 35% of Americans owning one in 2011 to 77% in 2018 . Interestingly enough, the ownership of smartphones has had a sharper increase than the ownership of cellphones in general. To illustrate (Following the same study): in 2002, Pew concluded that 62% of Americans owned a cellphone, while now in 2018, ownership of cellphones is at 95%. Although it took 16 years for cellphone ownership to increase by a third, smartphones only needed 7 years to double in American ownership – which is truly something remarkable!
The contrast between the millennial generation and other generations becomes evident in the distribution of smartphone usage. To give an example, among the polled 18-29 demographic, 100% owned a cellphone and 94% owned a smartphone. This means that virtually all millennials are engaged in ownership of smartphone tech and would be the most technologically engaged. On the flip side, 85% of the 65-and-above group own a cellphone. However, looking at smartphone ownership there is quite a different story, as only 46% of the 65-and-above group have one in 2018.
Nevertheless, the general trend of cellphone, and explicitly smartphone usage is on the rise. So much so that it has overtaken the ownership of desktops and laptop ownership in America, which is at 73% in 2018. The point we have passed now is this; the mobile domain is rising and is currently the most effective way for Americans to communicate and engage with technology.
There is substantial information that can be gained from this, primarily, the level of trust the average American has with their smartphone. What can be inferred from this trend is that Americans want to back a more mobile form of completing their day to day tasks. This would explain why the usage of desktops and laptops is slightly less than smartphone usage. We have reached a point that the functionality of a smartphone is virtually the same as a desktop or laptop when it comes to completing day to day tasks. While it still may be the case that only a desktop, along with specialized laptops, can only preform graphically intensive tasks such as rendering – the fact of the matter is, laptops and desktops have a limitation of being less mobile than a smartphone for similar functionality. Your smartphone can manage a variety of tasks with the added bonus of fitting in your pocket. Be it your; emails, phone calls, finances, calendar tasks, news, photos, videos, game, entertainment, etc. Your phone is the most effective tool to manage your tasks on the fly.
The reason I stress that this is important is that there are many tasks we presently trust our phones to securely complete. These tasks range from the mundane, such as security with our emails, and our photos, to far more sensitive functions, with tasks such as mobile banking and imputing credit card information into various apps and websites. We have reached a point with smartphones that the following two things are true and continue to be a trend: 1) we as consumers show that we continue to place a great deal of trust in the mobile market, given how much we use it. 2) The security infrastructure has to meet the demand of a more vibrant mobile market.
Given this unique position for the market demanding an overall better mobile experience, and the infrastructure supporting it, products such as Finpass can rise and present cutting-edge utility that would not have existed prior. Through the power of blockchain technology, Finpass can back the demand for a financial passport, with high levels of security. Such a product would have been harder to market in an era like 2011, when smartphone usage was half and the ability to utilize powerful security infrastructure was not as readily available.
What the results of the Pew year-over-year study indicate is that smartphone usage is a market that is increasing at a phenomenal rate. And from that information, it can be inferred that the trust and establishment of the smartphone market has poised companies, like us, to innovate and change it for the better.
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