Mobile App Industry Analysis, Size, Share, Overview, Growth Analysis, Emerging Technologies and Trends by Forecast to 2023 | Analysis of COVID-19
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.
The global mobile application market is marked to exhibit significant expansion at a CAGR of 14% during the forecast period of 2017-2023 and reach the valuation of USD 165 Bn by the end of the forecast period. Rapid advancement in technology has led to the development of compact electronic devices and improved internet connectivity and communication all over the world.
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.
The global market for mobile application has been geographically segmented into four major regions such as North America, Asia Pacific, Europe and the rest of the world. The Asia Pacific region commands the major share of the global mobile application market owing to the increasing demand for online services, expanding user-base of smartphones due to the availability of affordable mobile phones, improved internet connectivity and rise in demand for application-based solutions in the emerging economies of this region.
Rapid adoption of cloud-based solution, development of innovative applications to carry out various day-to-day activities, increasing popularity of e-commerce web apps and easy adoption of technologically advanced solutions are propelling the growth of the mobile application market in the North America region. High demand for mobile-based applications and increased reliance on cloud-based solutions are fueling the growth of the mobile application market in the Europe region.
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).
The mobile app industry analysis 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.