NEW YORK, NY -- (Marketwire) -- 06/21/12 -- The rapidly growing smartphone market is dominated by two major players -- Apple and Google. Collectively the companies have taken over more than 80 percent of the world's smartphone market. According to Gartner Inc. smartphone shipments globally are expected to total 655 million in 2012, more than double 2010's total of 299 million. The Paragon Report examines investing opportunities in the Technology Sector and provides equity research on Apple Inc. (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOG).
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Approximately 35 percent of the 1.4 billion phones sold in 2012 will be smartphones. That number in the next five years is expected to surge to 75 percent according to research from Wedge Partners. In the first quarter of 2012 Google's Android totaled 59 percent of global smartphone shipments, compared with 36.1 percent a year earlier, while Apple held a 23 percent share, up from 18.3 percent in the year prior period. With previous market leaders RIM and Nokia struggling Apple and Google's monopoly of the smartphone market will only grow. Nokia announced last week it would cut 10,000 jobs by 2013, and RIM under a new chief executive is going through a "strategic" review.
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Apple has recently entered the prepaid mobile phone market. According to All Things D the company has entered into a three-year deal with Cricket, who has a partnership with Sprint. Under terms of the deal Cricket over the next three years will purchase roughly $900 million worth of iPhones. Virgin mobile earlier this month has also announced the availability of the iPhone on their prepaid plans.
Google has begun to transition itself into not only a software company but a hardware company as well with their purchase of Motorola Mobility last month for $12.5 billion. The recent acquisition was the largest in company history. "Our aim is simple," Dennis Woodside, former president of Google's Americas region and current Motorola Mobility CEO, said in a statement. "To focus Motorola Mobility's remarkable talent on fewer, bigger bets, and create wonderful devices that are used by people around the world."
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