Growth in the smartphone market still exists, but it's not nearly as significant as it was a few years ago. A report from Gartner says this year's growth will be in the single digits, with 1.5 billion units shipping globally, up 7% from 1.44 billion last year. In 2015, the market saw a growth rate of 14.4%.

Demand has decreased in many markets due to saturation. North America and Europe are already filled with smartphones and even places like China no longer see the demand they once had.

Gartner says the decline in sales growth can also be attributed to long phone lifespans. The average smartphone will be used for 2.2-2.5 years and the average basic phone will last over 3 years.

India is now going to be the largest growth area for the smartphone industry, says Gartner. Last year, basic phones still made up 61% of all mobile device sales. Around 139 million smartphones will be sold in India this year, amounting to a 29.5% year-over-year growth rate.