OYSTER BAY, NY -- The staggering growth of phablets is eating into the demand for smaller smartphones, a new report asserts. 

Phablets have seen quarterly growth rates of 24% to 95% in the past seven quarters, with 38% is the most recent period.

Meanwhile smaller smartphones have had more variable results with growth rates ranging from a loss of 7% to a gain of 18%, with a 5% gain in the third quarter of 2014. With new phablet releases from Samsung and Apple driving fourth quarter sales, it is not hard to see the phablet category growth trend continue its climb into 2015, ABI said.

The phablet refers to a smart device of a size of roughly 5.3" to 6.9" (134 to 180mm).

"It remains to be seen if phablets will eat into smartphone or smaller tablet sales and how consumers will decide which form-factor is the right one for them or if all three will continue to hold appeal," ABI wrote.