By YOUNG MONEY Staff
6 May 2011

Apple is mushrooming.

The Cupertino, California-based company is making significant headway in the burgeoning smartphone market, according to a press release from IDC Insights. Previously held by Nokia, the dominant position in the market is progressively slipping yet the industry will continue growing rapidly.

"Conditions in the smartphone market are creating a perfect storm for sustained smartphone growth," according to a statement from senior research analyst Ramon Llamas of IDC.

He said there are three primary components to that perfect storm.

"First, vendors are increasingly emphasizing smartphones as the key to their own growth," Llamas noted. "Second, selection has proliferated from mostly high-end devices to include more mid-range and entry-level offerings. Third, pricing has become increasingly competitive, with even high-end devices available at low price points. Finally, users continue to seek greater utility from their mobile phone beyond voice, and smartphones have been the ideal solution. Altogether, these add up to continued smartphone growth throughout the year."

Though the Finnish company shipped 12.6 percent more smartphones during the first quarter of 2011 as compared to the same period of 2010, Apple shipped 114.4 percent more between the two periods. Nokia's market share sank from 38.8 percent to 24.2 percent while Apple's increased to 18.7 percent from 15.7 percent.