The Mobile Phone Market Is Exploding

Around 15 years ago, seeing someone with a cell phone was all that common. People had them, but there were quite a few that didn't. Nowadays, it's rare to see someone without cell phone.

Last quarter, the mobile phone market worldwide surged 17.9%, according to a report issued Friday from the analysis firm IDC. That's the biggest quarterly increase reported by the firm, ever!

IDC has linked the growth to an increase in affordable smartphones across the globe.

"The mobile phone market has the wind behind its sails," said Kevin Restivo, who is IDC's Worldwide Mobile Phone Tracker senior research analyst. "Mobile phone users are eager to swap out older devices for ones that handle data as well as voice, which is driving growth and replacement cycles."

IDC also reports that cell phone shipments should increase 43.7% over last year. This si always good news for the consumer because it signals an increase in competition, which means a decrease in price as companies will try to compete for customers.