New Delhi, May 27 -- IDC says the smartphone market could be heading towards its worst year on record, with a new report predicting there could be a 13.9% decline in shipments this year. The report notes that smartphone shipments are expected to fall to 1.09 billion units in 2026, which would mark the steepest annual decline in smartphone history.

The report notes that memory chip shortages are still the primary driver behind the slowdown. However, the market research company says the ongoing Iran-United States conflict has now added fresh pressure on smartphone makers through higher oil and transportation costs.

The mounting economic pressures are said to be forcing smartphone manufacturers to reduce shipments, raise prices and concent...