South Korean tech giant Samsung has managed to displace Nokia to become the world’s leading top mobile brand for the year 2012. Research firm IHS iSuppli said that this is the first time in 14 years that Nokia has been dislodged from the top spot of the worlds leading mobile brands.

The report from the research firm has also stated that Samsung’s market share accounts to 29 percent of worldwide cellphone shipments. In the year 2011, it was 24 percent and Nokia’s share for 2012 dropped to 24 percent, which is down from a 30 percent market share in 2011. US tech giant Apple is expected to come to number 3 with a 10 percent market share, which is up by 3 percent from last year.

The report has also said that the market for smartphones is expected to keep growing and this might also explain the rise of Samsung. The Android smartphones by Samsung are in the lead in the US as well. The US market is considered to be the key market for smartphones currently.

Wayne Lam, a senior analyst for wireless communications said, “The competitive reality of the cellphone market in 2012 was ‘live by the smartphone; die by the smartphone”. Wayne added that the smartphones represent the fastest growing segment of the cellphone market and will also account for nearly half of all wireless handset shipments.