The “Global Mobile Application Market, by Store Type (Apple App Store, Google Play, and Others), by End-use (Games, Social Networking, Healthcare, Books, Music, Productivity, Education, Entertainment, News, Photos and Videos, Navigation, Travel, Business, and Others), and by Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Forecast to 2027”, was valued at US$ 54,498.7 million in 2019, witnessing a CAGR of 11.7% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Mobile applications are software programs developed for mobile devices such as smartphones and tablet PCs. These devices enabled mobile devices to perform a number of tasks and functions. While some mobile devices are preloaded with mobile applications such as calendar, clock, notes, search engine, GPS, and calculator, users to need to install required apps from app platform provided by operating system owners. These apps serve different purposes such as utility, gaming, entertainment, video streaming, sports, fitness, recreational activities, education, and more. Some of these apps are free to download, while some are paid.
The global mobile application market was estimated to account for US$ 54,498.4 Mn in terms of value by the end of 2019
Rapid urbanization around the globe is expected to drive growth of the global mobile application market during the forecast period
Urbanizations is increasingly rapidly across the globe, especially in emerging economies. Urbanization characterized by increased purchase parity, growing adoption of smartphones, competitive behavior, and more. Moreover, urban population owning smartphones is twice as likely as the rural population and also the number of mobile apps used by the urban population is high as compared to the rural population. Increasing urbanization is fueling the demand in the global mobile application market as the urban population increases. Hence, these factors are expected to propel the global mobile application market growth over the forecast period.
Rising acceptance of mobile-connected smart objects and Internet of Things technology are expected to present lucrative business opportunity
Consumers are increasingly shifting towards mobile-connected smart objects such as smartphone-controlled air condition (AC), TV, vacuum cleaners, projectors, and more. Moreover, increasing adoption of Internet of Things technology that can integrate computing devices, mechanical and digital machines, people, objects, and animals with unique identifiers (UIDs) has presented significant market opportunities for market players to capitalize on an untapped market.
Lack of high-quality mobile applications is expected to restrain growth of the global mobile application market over the forecast period
There is a significant demand for high-quality mobile applications that can support all types of operating systems such as Windows, Android, and iOS with high speed and fewer errors. Currently, the global mobile application market is comprised of too many low-quality applications. Moreover, mobile applications supporting all operating systems have a good opportunity in the global smart devices market as compared to applications supporting a single operating system. Hence, these factors are expected to restrain growth of the global mobile application market in the near future.
Rampantly growing digital advertisement market
Latin America is one of the most dynamic and fastest-growing regions for digital advertising investment, especially in mobile application advertisement. Increasing number of mobile applications in healthcare industry has accelerated growth of digital advertisement market. Furthermore, increasing m-health apps market with advent of various fitness and healthcare applications such as women’s health, weight loss, and personal health medication and record are expected to boost the regional market growth. Furthermore, this market expected to reach US$ 5.3 billion by the end of 2020, with a CAGR of 33.7% during the forecast period.
High growth of e-commerce industry
According to Coherent Market Insights,’ e-commerce industry in Asia Pacific is expected to exhibit a CAGR of 9.0% during the forecast period. Taobao (China), Didi Kuaidi (China), Flipkart (India), Rakuten (Japan), Alibaba.com (China), Coupang (South Korea), Snapdeal (India), etc. are leading market players in the region. Moreover, e-commerce companies have started offering their products only through mobile applications. For instance, in 2015, Myntra, a fashion and lifestyle e-commerce company based in India, focused on selling its products only through its mobile app as 70% of its revenue and 90% of the customer base came from mobile applications. The strategy was later adopted by many e-Commerce companies across the globe.
Key companies operating in the global mobile application market are SAP SE, Google Inc., Opera Software, Microsoft Corporation, Apple Inc., CA Technologies, Samsung Electronics Co., Ltd., Cognizant, China Mobile Limited, and Hewlett Packard Enterprise Development LP.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.