Mobile Application refers to an application designed to run on smartphones, tablets, or other mobile devices. Mobile device users can connect to the mobile software application store via the wireless network to download or use it for free or for a fee. In addition to being able to browse and transact as a general online store through a web browser, mobile software application stores usually create exclusive apps that allow users to enter with one click. The interface is more convenient than web pages. Some mobile applications are free, and some are charged.
The global mobile application market size is valued at USD 146.95 billion in 2019 and expected to generate USD 453.03 billion by 2027, growing at a CAGR of over 13.61% during the forecast period 2020-2027. The growth of the market is based on advancements in networking, low-cost mobile data-usage, and smartphone proliferation. Further, the surge in the penetration of smartphones, the internet, and the growing application of augmented reality and virtual reality are expected to propel the growth of the mobile application market in the upcoming periods. Additionally, the rise in the adoption of variable devices and the upsurge in customer base for the e-commerce industry are driving the growth of the mobile application market in the future periods. Also, the increasing disposal incomes in various developing nations and the constant advancements in telecommunication technology will spur the global mobile application industry in the projected periods.
Moreover, the growing penetration of various social networking websites and the addition of several value-added features will boost industry growth. Also, the increase in investment in digitization, rise in adoption of IoT technology, and mobile connected smart object likely to trigger the growth of the global mobile application market share in the analysis periods. Furthermore, the increasing LTE adoption and rising subscription in social media across the world will accelerate the growth of the market. Also, the increase in demand for tablets and smartphones, coupled with the availability of free apps, will boom the forecast time frame’s mobile application market. The rising popularity of mobile commerce in developed and developing regions, especially among working populations, will augment the robust growth of the mobile application industry in future periods. Additionally, the increase in demand for better-featured smartphones loaded with good processing speed and similar capabilities is anticipated to bolster the growth of the global mobile application market.
The surge in data usages and internet penetration across the world is one of the major driving factors for the growth of the market in China, India, and Brazil. Additionally, the internet has emerged as a prime medium of communication through various devices such as laptops, devices, smartphones, and tablets. Further, the internet helps in accessing different applications with minimum costs & efforts and provides a faster way of communication. Moreover, the surge in various offers provided by different network providers for low-cost data plans reduces the costs of the internet. It helps in developing countries to easily adopt these cost-effective services.
Artificial Intelligence is an integral part of smartphones and their development. Smartphone manufacturers are leveraging AI and machine learning applications into the development of their smartphone models, thereby influencing the growth of the market. Additionally, major companies are implementing AI in smartphones and tablets to empower mobile applications and increase the performance of various mobile devices.
Based on the platform, the global mobile application market classified into iOS, Android, Windows, and Others. The android will witness remarkable growth in the forecast period. It is primarily attributed to the surge in android users in the world to use mobile apps for games, social networking, entertainment, etc. Further, android will grow with a lucrative CAGR due to the rising number of iPhone and iPad users globally.
Based on the end-user, the global mobile application market segregated into games, media & entertainment, healthcare, education, travel, banking, and others. The games segment captured the largest share in 2019 and projected to dominate the global mobile application market by 2027. It is due to a dedicated gaming base in surging smartphone economies like India and China, and the surge in the number of mobile gaming application in emerging countries.
The media & entertainment will grow at a significant rate in the forecast period because of the rise in the rapid growth of streaming services and the surge in usages of different entertainment applications.
Based on geography, the global mobile application market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for the largest share in the global mobile application market in 2019. The region experiences a considerable number of mobile application downloads, a rise in usages of smartphones for day-to-day activities, economic strength, and highly developed mobile infrastructure.
The Asia Pacific occupied a significant share of the mobile application market and projected to remain dominant by 2027. It is due to the rise in the number of mobile apps downloads and the growing adoption of next-generation telecommunication technologies such as long-term evolution and 5G in the region.
Companies such as Google Inc., Microsoft, CA Technologies, Cognizant, Hewlett Packard Enterprise Development LP, SAP SE, China Mobile Limited, Samsung Electronics Co. Ltd., Apple Inc., Opera Software, Intellectsoft, IBM, and Verbat Technologies are the key players in the global mobile application market.