In the following video, analyst Andrew Tonner says that while smartphones certainly aren't new to the market, there's still plenty of time for new tech investors to get on board.

Why? Research firm IDC projects that the smartphone market will grow by 18% annually. While it calculates that Google (NASDAQ: GOOG) and Apple (NASDAQ: AAPL) will maintain dominant positions, there's still plenty of space for smaller entrants. If Research In Motion (NASDAQ: RIMM) can introduce good operating systems, it will stay relevant, Andrew says. But the big winner will be Microsoft's (NASDAQ: MSFT) Windows phone, which IDC says will experience a 71% growth rate and become the third-largest player by 2016.

Andrew says that on the whole, people should be bullish on the smartphone industry. Anytime there's 14% to 16% growth, there are likely to be good market outcomes.

Andrew Tonner owns shares of Apple. The Motley Fool owns shares of Apple, Google, IBM, Microsoft, and Oracle. Motley Fool newsletter services recommend Apple, Google, IBM, and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.