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The Demand For Mobile Application Was Estimated At USD ~ 112.5 Bn In 2019. It Is Expected To Witness CAGR Of 16.9% during The Forecast Period (2020-2028)
The mobile application market is primarily driven by rapid growth of the smartphone industry and rising internet penetration worldwide. The rising application of virtual and augmented reality globally is another factor that supports the growth of the market during the forecast period. The low cost of mobile data and networking advancement across the globe are some of the prominent factors that drive the mobile application market in years to come. The wide availability of free mobile applications along with the rising use of social networking applications globally are some other factors responsible for market growth in years to come. In addition to this, growing disposable income and rapid urbanization are expected to support growth of the market. Increasing adoption of IoT technology and a rise in investments for digitization are projected to support the growth of the mobile application market.
Increasing e-commerce shopping along with a rise in the growth of mobile application in smart televisions, tablets, laptops and other electronic devices are projected to boost the market growth over coming years. Growth of smartphone sales across the globe accompanied by increasing sales of other smart devices such as smartwatches, smart televisions and others is anticipated to drive the mobile application market during the forecast period.
The global mobile application market is bifurcated on the basis of store type and geography. In terms of store type, the global market is segmented into apple app store, Google play store, and others. In terms of geography, the global market is segmented into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
As Per Store Type, Google Play Store Is Expected To Witness CAGR Of XX% Throughout The Forecast Period
By Store Type, Google Play Store Is Expected To Witness The Highest Growth In The Mobile Application Market Across The Globe. It Is Expected To Hold XX% Of The Total Market.
The Google play store segment accounted for a major share of 37% in mobile application market in 2019. The segment has its dominance owing to the highest number of android smartphones compared to other operating systems. The wide availability of applications and rapidly growing android operating system in various consumer electronic devices such as smart televisions, smart wearable devices, smartphones, and others are anticipated to enhance the segment growth. Easy app availability, low cost, wide collection of libraries & tools, and others are some of the other factors driving the segment growth during the forecast period. A surge in smartphone sales in the Asia Pacific region is another factor expected to contribute to the segment growth in years to come. As a result of the above-mentioned factors, it is anticipated that the segment to continue its dominant position throughout the forecast period.
By Device, Smartphone Is Estimated To Witness High Sales In Mobile Application Market
In 2019, the smartphone segment had accounted for 43% of the global mobile application market. The segment is dominant due to a surge in sales of smartphones. Over half billion smartphones were sold in 2019 and number is increasing every year. Rising penetration of the internet in developing countries of Asia Pacific such as India, Indonesia, China, and others is the major factor boosting the growth. Decreasing cost of smartphones along with rising disposable income worldwide are some other factors anticipated to enhance the segment growth in years to come.
Asia Pacific Region Is Expected To Be The Fastest-Growing Segment In The Overall Mobile Application Market In Terms Of Revenue Share.
The rapidly growing smartphone industry along with the surge in the availability of the internet in Asia Pacific is anticipated to be the major factor for the fastest growth of the region. Rising government initiatives such as ‘Digital India’ in India is expected to enhance market growth in the region during the forecast period.
The Market Is Expected To Register A CAGR Of XX% During The Forecast Period.
In 2019, North America had accounted for a major share in the mobile application market. North America continues to remain dominant during the forecast period owing to the early technological adoption and presence of major market players in the region.
EA Sports, Gameloft SE, Adept Business Solutions, Microsoft Corporation, IBM Corporation, LeewayHertz Technologies Private limited, Adobe Systems, Inc., Ubisoft Entertainment SA, Apple, Inc., Alphabet Inc., Adept Business Solutions, OutSystems are few of the key players in the global mobile application market.
Segmentation of Global Mobile Application Market:
Mobile Application Market by Store Type:
- Apple App Store
- Google Play Store
- Others (Windows, Blackberry, etc.)
Mobile Application Market by Applications:
- Social Media
- Others (Books, Education, etc.)
Mobile Application Market by Device:
- Smart TV’s
- Others (Smart Watches, Smart Vehicles, etc.)
Mobile Application Market by Region:
- North America
- Latin America
- Middle East & Africa