Apple Inc. (NASDAQ:AAPL) shares have taken a hit this year, as the tech giant reported low iPhone sales growth last quarter. This has led many to speculate that the iPhone may no longer be the cash cow the company has been banking on to sustain growth, and it is time to search for new growth drivers.
Market research firms have outlined gloomy forecasts for the smartphone market this year. IDC expects worldwide smartphone shipments to grow by 3.1% this year, which contrasts with 10.5% growth in 2015 and 27.8% growth in 2014. IDC predicts low single-digit growth rates in big markets such as the US, China, and Western Europe.