Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) has officially trumped Nokia Corporation (NYSE:NOK) as cell phone king. According to IHS Supply, the South Korean company takes the lead in smartphone sales all thanks to their Galaxy S line.

Samsung Logo

For over ten years, Nokia Corporation (NYSE:NOK) reigned supreme in smartphone sales. Unfortunately, the last few years haven’t been so kind to the European tech giant as smartphones quickly replaced feature phones. Despite Nokia’s partnership with Microsoft, sales still continue to plummet significantly.

Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) currently owns about 29% of the total mobile phone market and 28 percent of the smartphone market. Apple is the only company that is nearly this close to dominating the mobile phone market. Earlier this year, Apple Inc. (NASDAQ:AAPL) owned about 20 percent of the smartphone market and 10 percent of the total cell phone market.

Nokia Corporation (NYSE:NOK)’s overall mobile phone shares declined from 30 percent to 24 percent in 2012. Their shares for smartphone sales fell from 16 percent to 5 percent.

Senior analyst for IHS Supply, Wayne Lam, explained the significance of smartphones in the market and how it could make(or break) a company. It helps that Samsung’s line of Galaxy phones fills the needs for today’s savvy tech consumer. Like Apple Inc. (NASDAQ:AAPL), they got the smartphone right the first time. For other companies who fail to make a splash in the market, it may be too late. Although Research In Motion Limited (TSE:RIM) (NASDAQ:RIMM) has plans to release the long awaited Blackberry 10 early next year, many consumers may have already lost interest in the brand. As for HTC Corp (TPE:2498), the company just can’t seem to keep up with the likes of Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) and Apple Inc. (NASDAQ:AAPL).

The fact remains that technology is ever-evolving, and it will continue to do so as long as technology exists. If a tech company or cell phone maker cannot keep up with the changing demands, it will falter as a result.