Mobile Applications Market

Market Snapshot

Soaring at a stellar CAGR of 12.4%, the global mobile applications market is expected to evolve at a great pace over the decade, suggests a revised industry survey by Persistence Market Research. According to mobile applications study insights, the market is worth US$ 112.6 Bn and is anticipated to increase 2.7X by the end of 2031. APAC holds a dominant market share of nearly 33.5% of the global market.

Key Points Covered in Mobile Applications Industry Survey:

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, country-wise, and region-wise analysis
• Competition mapping and benchmarking
• Brand share and market share analysis
• Key product innovations and regulatory climate
• COVID-19 impact on demand for mobile applications and how to navigate
• Recommendation on key winning strategies

Mobile Applications Industry Scope to Expand Soon

Since smartphones became a regular affair in our day-to-day lifestyle, and eventually an integral part of it, this market have gained an impetus that was never expected. There is an application for almost everything we can dream of. From weather forecast apps to gaming apps to job search apps, we have it all.

The mobile applications industry has developed at a rapid pace and is expected to keep the growth trend constant as it continues progressing at a steady rate. This market has even penetrated the healthcare industry and have made it very easy to monitor or track the progress of patients and people affected by various health conditions.

One such instance comes from Montana, the United States, where an app will be used to help drug addiction recovery patients. The announcement of the use of an app to treat drug addiction came on 27th July 2021 by state officials. The program is called Recovery Pathways, and it will send personalized messages to people recovering from an addiction, which will help them in making progress in their recovery. GoMo Health has developed this app that will be used by Montana to treat its drug addiction issue.

Burgan Bank of Kuwait recently announced the launch of its new HR application called 'Burgani', which is part of its digital transformation initiative to boost employee engagement. This application was developed by a collaboration between the HRD Group and the IT Group. The app is aimed at automating most of the tasks in human resources departments and simplifying HR processes.

Introduction: Mobile Applications Market

This global market is anticipated to grow at a significantly high rate, mainly attributed to a surging smartphone market. The market is worth US$ 112.6 Bn at present and is expected to increase to over US$ 307 Bn by the end of 2031, registering a CAGR of 12.4%.

Market Drivers

Rising disposable income increases the probability of consumer spending on media, entertainment, networking, and mobile communication – leading to higher potential sales of mobile applications.

The instances of mobile application adoption are very high among the urban population as compared to the rural population and hence there is high demand for mobile applications in developed regions (where the urban to rural population ratio is higher than developing regions).

The global market is expected to witness substantial growth over the forecast period owing to advancements in the electronic, telecommunication, and m-commerce industries.

Growing internet penetration, increasing LTE infrastructure adoption, and rising subscription in social media are some of the other key factors driving the growth of the global market.

Trends Governing the Market

Leading global smartphone manufacturers such as Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Lenovo Group Limited, LG Electronics Inc., Microsoft, etc. are making strategic investments in the development and production of their own application processor (AP) to differentiate their offerings and maintain increased market share and margins.

There is also a rising trend of m-commerce particularly among the working population, and this has increased the demand for mobile applications. These factors have led to a rapid growth of this global market over the last few years and this trend is likely to continue in the coming ten years.

Segment Analysis: Mobile Applications Market

This global market is segmented on the basis of store type (Apple app store, Google Play, others) and end use (games, social networking, healthcare, books, music, productivity, education, entertainment, news, photos and videos, navigation, travel, business, others).

The Apple app store segment is expected to witness a positive CAGR over the forecast period. The Google Play segment is estimated to account for nearly 2/5 share in 2021 and is expected to increase to by 2031 end.

The games end use segment is expected to project a substantially high revenue share during the forecast period. The games segment is expected to contribute around 50% of the revenue of the global market between 2021 and 2031.

Regional Analysis: Mobile Applications Market

The global market is segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The APAC mobile applications market is anticipated to account for a substantial share of the global market by the end of 2031.

APAC is likely to retain its dominance in the global market over the forecast period. The market in APAC is estimated to account for 33.5% share in 2021, and this is expected to increase by the end of 2031.

The market in North America is expected register a healthy CAGR over the forecast period. The MEA mobile applications market is projected to increase at a significantly high growth rate during the period 2021 – 2031.