Samsung decided to release its first foldable organic light emitting diode (OLED) display smartphone in 2017. However, the company changed its plans and now decides to launch the smartphone by the end of this year.

According to HSBC, the South Korean electronics manufacturer is likely to introduce the foldable smartphone in the second half of 2016. Analysts at the British multinational banking company predict that a foldable smartphone will be widely accepted by people.

Based on foldable technology, Samsung aims at merging a phone and a tablet or a phablet and creating a foldable smartphone. Samsung already came up with two foldable OLED prototypes at the end of 2014: a 10-inch foldable AMOLED display with full HD and 218ppi pixel density and a 5.5-inch WQXGA screen with 2,048 x 1,526 resolutions and 464ppi pixel density, reports an OLED info blog.

According to Business Insider, Samsung is trying its best to transform its smartphone business and regain more market share with its foldable technology. The company foresees the technology as a killer feature that’s likely to differentiate its products from other phones in the market. The new technology is expected to enable the company to target a larger portion of the market with a great product that works both like a smartphone and a tablet.

With a foldable OLED model, users can experience large screen sizes in smaller frames. It is predicted that the roll out of foldable smartphones will bring impetus to the entire OLED panel supply chain business, thus bringing more profits to panel manufacturers and panel suppliers.

According to Information Handling Services (IHS) Technology estimates, the flexible display market is likely to grow very fast in the future. Going by the current predictions, the flexible display OLED products will tap in 15 percent of the total flat panel display market. As a result, the flexible display market value will grow exponentially, estimating a whooping US$23 billion in 2024 (approx. AU$33 billion).