Chart of the week: The relentless rise of the smartphone

Steve Jobs was right when he promised in 2007 that smartphones "would change everything", says The Economist. They have become the "defining technology" of our age and the fastest-selling gadgets in history, outstripping the growth of the basic mobile phones that came before them: 1.3 billion were shipped last year alone. They now outsell personal computers at a rate of around four to one.

Around two billion people now have a smartphoneand that number is set to double by the year 2020.That means around 80% of the global adult population will own one within five years, up from 50% today.The average American spends a total of two hours on one every day.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up