While three out of four mobile phones shipped on the planet now are smartphones but shipment has "slowed down considerably", Counterpoint said in a report.
"The slowdown can be attributed due to higher sell-in during the holiday season quarter and weaker demand in markets such as Brazil, China, Indonesia and parts of Europe," the report said.
Also, Chinese brands like Huawei, Xiaomi and Oppo have captured 33 percent of the global smartphone market, it added.
"This is the first time ever since the launch of smartphone, the segment has seen 0 percent growth, signaling the key global scale players need to invigorate sales with more exciting products and pricing schemes," he said.
Samsung led the smartphone market by volume with a market share of 22.8 percent. However, its smartphone shipments declined six percent year-on-year.
Apple, which saw its iPhone shipments declining, ranked second in the tally with 14.9 percent share.
Others in the list included Huawei (8.3 percent), Xiaomi (4.2 percent), LG and Oppo (3.9 percent each).
In terms of revenue share, Apple led the smartphone market with a healthy 40 percent revenue share.
Samsung (23.2 percent), Huawei (6 percent), Oppo (3.6 percent), Xiaomi and LG (2.8 percent each) followed in the tally.
For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.