The world’s fastest growing smartphone market is on track to overtake the US as the world’s most valuable in the next five years, according to new research by the Australian Bureau of Statistics.

Key points:AAP/Google report says Australia’s smartphone market grew by 10 per cent between 2014 and 2020Source: AAP/Google Australia/ReutersThe Australian Bureau Of Statistics (ABS) report on Australia’s mobile phone market found that by 2020 the mobile phone sector had grown from 1.5 per cent of the country’s total population to 2.4 per cent, a 20 per cent jump.

The Australian Competition and Consumer Commission (ACCC) said that in 2020 the market was worth more than $17 billion, compared to $11.8 billion in 2014.

“The industry has seen a significant and sustainable increase in both the number of people using mobile phones and the volume of data being transferred between mobile phones,” ACCC chairwoman Caroline Spelman said.

“This has resulted in a rapid increase in revenue growth and an enormous number of users, which has helped the Australian mobile phone industry become one of the worlds fastest growing sectors.”

In 2016, the market accounted for $11 billion, up from $6.5 billion in 2013.

The ACCC is examining whether the growth is sustainable and will publish its findings later this year.

The ABS report said mobile phone subscriptions grew from 3.4 million to 6.2 million in the period.

The report said the increase was largely driven by increases in the number and size of smartphones.

“While there was a significant decline in the total number of mobile phone subscribers between 2014-2020, this was offset by the increase in the volume and cost of subscriptions,” the report said.

The AAP/google report said that the growth in the industry was driven by two main drivers: a growing number of Australians using mobile devices, and the growth of online retailing.

“Mobile phone subscriptions are growing faster than the overall market, and have also surpassed the US market as the second-largest mobile phone subscriber market, behind only the US,” the AAP/ google report said, citing figures from Nielsen and IDC.

“However, despite this rapid growth in usage, the industry still remains a small part of the Australian telecommunications landscape.”

Further, many mobile phone users do not have a strong broadband connection, with the number using mobile services being limited by their geographical location.

“The report also found that the cost of mobile subscriptions was also growing.”

Costs for mobile phone use increased by 10.3 per cent from $4.50 in 2014 to $6 in 2020, and is forecast to continue to grow,” it said.

More:In 2020, mobile phone usage was estimated to be $10.4 billion, a 1.7 per cent increase.”

These figures suggest that the mobile device market is likely to continue its rapid growth for the next several years,” the ABS said.

But the growth has also seen an increase in prices.

The latest figures from the ABS show that the average monthly price of a mobile phone in 2020 was $17.70, up 10.2 per cent on the previous year.

This means the average Australian household was paying $9,000 for a phone last year, compared with $7,300 in 2020.”

In 2020 prices were the highest they have been in 10 years, driven by an increase of more than 30 per cent in the average price of the cheapest smartphone,” the study said.

According to the ABS, the average cost of a typical phone was $23.50, up 17 per cent since 2020.

The cost of monthly mobile phone bills in Australia have also risen, with prices now more than doubling since 2020, according the AAP report.”

For consumers, a phone is a great investment in terms of convenience and cost savings,” Mr Spelman told the ABC.”

They can save money by moving to a cheaper carrier, getting a faster data connection and saving on data roaming costs.

“And the average annual cost of owning a smartphone has increased by almost a third in just the last five years.”

Topics:business-economics-and-finance,technology,consumer-fairs,consumer,tech-and/or-futures,australia

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