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The number of global smartphone shipments are expected to reach one billion a year in 2016, increasing from 302 million in 2010, as competition intensifies amongst vendors offering premium smartphones.

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Consumers around the world are increasingly buying and making payments for everyday transactions using their mobile devices, with the total value of mobile payments expected to rise by $430 billion by 2015.

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Juniper Research sees a flood of low cost smartphones hitting the market this year; and at the top end Ovum says Nokia is lagging in the race to offer more processing power and performance.

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