Feb 06, 2016 03:10 PM EST

2020: More People Will Own A Phone Than Have Electricity

A report from Cisco has revealed that by 2020, more people will have phones than have electricity. It is forecasted that 5.4 million people from all over the world will have phones. The report also shows that only 2.8 billion will have cars around the world, 0nly 5.3 billion people will have water, and only 3.5 billion will have running water.

"The mass adoption of phones underscores society's increasing reliance on handsets for all facets of life. Yes, you can use the device to make a call, but you can also message your friends and families, pay for goods and services, turn on the lights in your home or binge-watch 'Boardwalk Empire,'" CNET reported.

Cisco's report forecasts that the mobile data traffic will reach 366.8 exabytes by 2020. That number is equivalent to 81 trillion Instagram photos or 7 trillion YouTube clips, according to CNET.

This increase in data traffic is related to the increase of Internet capable technology in several developing countries. The latest discovery by Pew Research Center reveals that only 24 percent of the world's developing countries have mobile-ready smartphones.

"Smartphone ownership is also higher among the more educated. In all of the nations polled, those with a secondary degree or higher are more likely to own a smartphone than the less educated. This is especially true in Jordan, where 67% of the well-educated own a smartphone, compared with just 13% of those with less education - a difference of 54 percentage points. A similar gap exists in Chile," according to Pew.

However, on the brighter side, this A worldwide report in 2014 from UNESCO has published a report in 2014 stating that "hundreds of thousands of people in these developing nations often use smartphones and mobile phones to read," with 62 percent of the respondents saying that they opt to read more because of their smartphones.

By 2020, an estimated of 11.6 billion mobile-ready devices will be in the hands of consumers. Cisco also believes that more wearable devices and machine-to-machine connections will be available by the same year.

Meanwhile, the global smartphone shipments for 2015 has crossed 1.43 billion

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