As the Android smartphone market surges forward, two trends become apparent: cost-effectiveness and versatility. Let's take a look into what to expect from Android makers in the near future.

We might be saying goodbye for good to the premium flagship phones that carried with them premium price tags. Nowadays, the "premium" features are becoming more commonplace and appearing on the budget- to mid-tier phones. For instance, consider the $400 OnePlus 3, made by the rising Chinese start-up. Offering features like metal-and-glass design, a USB Type-C port, DashCharge (lightning fast charging), 6 gigabytes of RAM, and the newest Qualcomm Snapdragon 820 processor found in most of its $700+ competitors, the OnePlus 3 has ensured that it will remain relevant for a long time. In fact, when compared to the new Samsung (KRX: 005930) flagship - the $750 Galaxy S7 - the Korean smartphone maker may be alarmed to find that one of the only clear standouts between its phone and the OnePlus 3 is the S7's superior camera. With so many of the other key features like screen resolution and battery life being close enough to consider at nearly half the cost, Samsung is going to have to do some serious thinking - as do prospective smartphone buyers. This narrowing gap between the so-called premium and the more price-conscious is going to be a recurring theme moving forward.

© OnePlus

Versatility comes into play with the idea of modularity. LG Electronics Inc. (KRX: 066570), Alphabet Inc.'s Google (GOOG  ) and Motorola Mobility (MMI  ) have all introduced phones that allow for the customization of hardware - swapping individual parts like cameras, speakers, and battery packs in and out of phones. These ideas have brought about the LG G5, Google's Project Ara, and the Moto Z. Six Ara modules can fit on an Ara frame, allowing users to upgrade and stylize components of the phone. Google hopes to make these modules an open marketplace, inviting developers to contribute to creating the new generation of phones. The Moto Z allows for customization of just the backpiece, although similarly allowing for camera or speaker upgrades and original textures and materials for style. Concerns have been raised so far about cost and durability of these modular phones, and companies look to address such issues as they develop their ideas.

© Yota Devices

Looking ahead, it looks like even more companies are bringing innovative features to the table. Yota's YotaPhone has a back screen that allows users to write on an ePaper display with "E-Ink", meaning that the phone can display information without draining battery. Sharp's AQUOS Crystal features true borderless, edge-to-edge display and a new design that gets rid of the speakers and instead transfers sound by vibrating the screen when in contact with the ears. This in turn allows for better quality in noisy environments.

Android users should be excited for what's in store. Innovation is on everyone's minds, and each coming year will have no shortage of futuristic smartphones.