1 Billion Smartphones Will be Sold Every Year by 2016

Think we're all overly connected now? Just wait: Once we hit 2016, a whopping 1 billion smartphones will be sold every year.

According to market research firm Juniper Research, 302 million were sold last year. Give us another five years, and we'll be buying three times that many every 12 months.

Not surprisingly, Juniper found that the demand for economical ($150 or less) smartphones will increase. But the number of people buying high-end ($400 or more) phones will stay fairly steady.

Think you'll be willing to spend upwards of $500 for a phone in 2016? Sure, it seems pricey now, but consider this: In another five years, most premium smartphones will have new technologies like near-field communication, 3-D and biometrics. Really, these devices will be more tablet than smartphone.