Industry Insight
A report by Marker Research Future (MRFR) estimates the global mobile application market to rise at a 19.30% CAGR during the forecast period from 2022 to 2030. At this pace, the opportunities in the worldwide mobile application market are estimated to swell up with USD 620.3 billion valuations by the end of the year 2030.
Mobile applications are software applications designed to run on a mobile device, such as a smartphone, tablet, or watch. Examples of mobile applications include apps for booking travel, listening to music, ordering food, playing games, and many more. Mobile applications are typically written in languages such as Java, Kotlin, Swift, and Objective-C, and their development process involves designing the user interface, coding the logic of the application, and testing the application before it is released.
Top Impacting Factors
MRFR study has revealed that rising disposable income increases the probability of consumer spending on media, networking, entertainment, and mobile communication, thus leads to higher potential sales of mobile applications. The adoption of mobile application is very high in the urban population as compared to the rural population. Resultantly, there is high demand for mobile applications in developed regions. Such a factor has been considered as primary factors leading the global mobile application market for the future.
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The global mobile application market is also anticipated to observe substantial growth over the assessment period owing to advancements in the telecommunication, electronic, and m-commerce industries. The growing internet penetration, rising LTE adoption, and expanding subscription in social media are also some of the other essential factors driving the growth of the global mobile application market.
Some of the leading global Smartphone manufacturers such as Samsung Electronics Co. Ltd., Apple Inc., Lenovo Group Limited, Huawei Technologies Co. Ltd., Microsoft, LG Electronics Inc., and more are making strategic investments in the development and production of their application processor (AP) to differentiate the offerings and maintain augmented market share and margins. There is also a mounting trend of m-commerce particularly among the working population, and this has increased the demand for mobile applications. These factors have also led to a brisk growth of the global mobile application market over the last few years and this trend is possible to continue in the forecast period.
Top Market Contenders
The Mobile Applications market has some of the major application development players such as Google Inc (U.S.), Willow Tree, Inc (U.S.), Amazon Inc (U.S.), Nokia Corporation (Finland), Microsoft Corporation, (U.S.) Intellectsoft US (U.S.), Appster (Australia), Y Media Labs (U.S.), Konstant Infosolutions (India) and Gameloft SE (France).
Segmentation of Market: Mobile Application
The mobile application market is further has been segmented on various basis such as categories, application platform and end-user.
Depending on categories segment, the market has included gaming and Non-gaming applications which is again categorized into entertainment, productivity, browser, social media, and others. On the other side, gaming applications witnessed most number of downloads and usage. Some giant companies such as EA sports, Gameloft, Ubisoft are emergent with the high end graphic games that are playable on the Smartphones. The mobile applications have been practiced in the sectors like retail, banking, transport, airlines, government and hotels restaurants.
Depending on platform segment, the mobile application market has included Android, iOS, windows and others. Among these, android is leading the platform space followed by iOS.
Regional Outlook
The global mobile application market is also studied among the top key regions of Latin America, North America, Asia Pacific, Europe, and Middle East Africa.
The APAC mobile application market is predictable to grab a substantial share of the global mobile application market by the end of 2023. This region is also likely to retain its leadership in the global mobile application market over the assessment period. The market in APAC is estimated to account for 41.6% value share in 2023.
The market in North America is also probable to record a CAGR of 10.5% over the forecast period. The MEA mobile application market is probable to boost at a notably high growth rate during the period 2017 – 2023.
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