LatAm smartphone sales to hit USD 6 bln in revenue in 2011

Smartphones are the fastest-growing handset category across Latin America. Smartphone sales will hit 31 million units sold and USD 6 billion in revenue this yeat, according to a study by Pyramid Research. The report also shows that the Latin American smartphone market grew 117 percent in 2010, with total handset sales increasing 17 percent in the period. Smartphone unit sales in the region are expected to grow at a CAGR of 30 percent over the next five years. The growth will be driven by operator efforts to increase data revenue, as well as by vendor competition, smartphone price decreases and customers' growing need to stay connected. The report also forecasts that adoption of social networks and mobile applications will play a defining role in smartphone adoption.