Generator Research, a small firm focused on digital media and the Internet, has released a new report predicting that the Apple iPhone’s current growth trajectory will enable it to catch and surpass Nokia for the top spot in the global smartphone market within three years.

The report sees iPhone growth accelerating due to a combination of the rapid multiplication of apps and the price drop of $99 for the lowest-priced iPhone. Meanwhile, Generator Research also predicts that Nokia will stumble and see its market share cut in half from 40% in 2008 to just 20% in 2013.

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