According to ABI Research, revenues from mobile phone accessories is projected to reach $32 billion this year while Smartphones $28 billion. Heads up to handset vendors; they must think more creatively, gain more consumer insights, and wield intensive marketing initiatives to maximize this opportunity.

The continuing innovation and further advancements in technology coupled with the increasing desire of customers to personalize their handsets, bodes well for the future of the market.

"The number of mobile phone accessory products is expanding with new products driven by technology as well as by customer fashion and personalization needs appearing in the market. Handset vendors and mobile operators are showing greater interest as accessories provide high margins and also opportunities to promote their brand and expand their product offerings. The growing interest among mobile operators is also driven by the realization that mobile phone accessories can lead to higher ARPUs," said Shailendra Pandey, ABI Research industry analyst.