Since the iPhone X was so far ahead of the competition I think I’ll skip upgrading this year. The new one better have some serious innovations for someone to want to upgrade from it. I mean, where do we go from here? A small speed boost, whoop de do. A better camera, like it’s really needed. More RAM, does it make a difference? More storage, ok I see value here. Bigger screen, seriously I want a handheld phone, not a phablet. Better battery life, eh, buying external battery is cheaper. Phones are finally catching up to the home PC problem, we’ve basically reached peak.
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You are correct. We've reached the mature stage of the Smartphone Product Life Cycle. This why Apple, Samsung and other phone manufacturers don't release fantastic new features every year.