As the global smartphone industry is on the verge of maturity, the lower barriers to entry, fewer suppliers of key components and reduced subsidies from telecom operators have pushed down the smartphone ASP, and thereby squeezing profits of major brands. Nevertheless, the smartphone's global share still has much room for development as global smartphone penetration rate is estimated to reach merely 34.5%, much lower than mobile phones with the penetration rate over 100% in 2014. This report looks into the high-end, mid-range, and low-cost segments of the market and identify identifying key differentiators of players in each segment to stand out; examines niches in the smartphone industry such as smart wearables.