According to Market Research Future (MRFR), the global mobile application market is expected to reach USD 165 billion, with approximately 14% CAGR from 2017 to 2023 (forecast period). The report describes the strengths, opportunities, threats, and potential market risks and offers an accurate evaluation of the global business environment with the results of COVID-19.
A mobile application is a software program designed to run on particular hardware, i.e., mobile handheld computing devices like tablets and smartphones. In addition, the mobile app is a different type of integrated software that is usually found on PCs since each application only offers limited features, such as a mobile calculator and games. Numerous benefits associated with mobile apps, such as faster use, personalized content, instant online and offline access, push notification and instant updates, and productivity improvement and cost reduction, have increased the adoption of mobile applications between different smartphones and tablets.
The mobile app is one of the fastest-growing markets and will continue to expand at a rapid pace, primarily due to the increased penetration of smartphones and the internet. The drivers that drive the demand for mobile applications are the increased use of augmented reality and virtual reality. Smartphones are currently allowing sensors such as gyroscopes, accelerometers, and motion sensors in smartphones and tablets to assure the capability of AR & VR on a mobile phone across a variety of applications. Games like 'Pokémon Go' are following this lead. This has also been mostly influenced by IoT dominance in smart homes. All lighting, temperature, music, and security controls are managed by mobile applications connected via Wi-Fi or Bluetooth. Mobile applications have become an associate for any smartphone user, whether it is a native application by trusted developers or third-party developers, the growth of mobile apps is important, with several different categories of mobile app use. Owing to a simpler and more interactive user interface, many new and existing third-party application developers are joining the market.
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As a result of the recent coronavirus (COVID-19) outbreak, social media, gaming, and entertainment-based applications had the largest number of downloads relative to other applications. In addition, demand for e-commerce, healthcare, and educational applications has also seen strong growth. In educational apps, the shift to remote learning has created lucrative growth opportunities for a variety of online portals and technology firms, such as Google Classroom, Zoom, and Microsoft Teams.
The global mobile applications market holds some of the major application development players like Willow Tree, Inc (U.S.), Gameloft SE (France), Google Inc (U.S.), Microsoft Corporation (U.S.), Nokia Corporation (Finland), Intellectsoft US (U.S.), Amazon Inc (U.S.), Y Media Labs (U.S.), Appster (Australia), Konstant Infosolutions (India). The market for mobile applications is increasing rapidly and involves many new entrants in the mobile app development market, mainly in smartphones & tablets in the gaming segment with a rise in AR & VR advancements.
The global mobile application market has been segmented based on categories, platforms, and end-user.
Based on categories, the global mobile application market has been segmented into gaming and non-gaming. Out of gaming and non-gaming, gaming applications have seen the majority of downloads and usages. Companies like Gameloft, EA sports, Ubisoft are creating high-end graphics games that can be played on smartphones.
Based on the platform, the global mobile application market has been segmented into iOS, Android, and Windows.
Based on end-user, the global mobile application market has been segmented into banking, retail, airlines, media, education, transport, hotels & restaurant, and government.
Region-wise, the global mobile application market has been segmented into North America, Europe, Asia Pacific, and the Rest of the world.
North America led the market and accounted for more than 30% of its revenue share in 2019. The high share is due to the involvement of a number of players in the region, such as Apple Inc., Google LLC, Hewlett Packard Enterprise, Netflix Inc., and Microsoft Corporation. Strong in-app consumer spending, strong smartphone penetration, and a relatively large number of mobile app downloads have collectively ensured a high market share. The U.S. is expected to evolve as a lucrative market for mobile games applications in terms of in-app payment, paid mobile games, and an increasingly rising user base of mobile apps in the country.
The Asia Pacific is likely to emerge as the fastest-growing regional market, considering the region's potential for Internet penetration and smartphone adoption. India and China are expected to remain significant markets, providing good growth opportunities to all players in the mobile application ecosystem. In addition, increased disposable income, coupled with government initiatives such as Digital India, is expected to impact regional market growth in the coming years positively. In addition, the availability of low-cost mobile data usage packs and the progress of networking are other key growth drivers for regional growth.
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