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 large-scale penetration of smartphones has led the way for the adoption of mobile applications. In fact, most of the websites have also shifted to mobile applications for reaching out to their customers. Market Research Future (MRFR) has asserted in its report that the global mobile application market is expected to strike a healthy CAGR of 14% across the projection period 2017 to 2023 and reach USD 165 Bn mark by 2023.
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.
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 geographic evaluation of the mobile application market size spans across four key regional segments – North America, Europe, Asia Pacific (APAC), and the Rest of the world (RoW). North America and Europe are significant regional segments of the market. These regions are anticipated to grow substantially over the next couple of years owing to the consolidation of developed economies. Asia Pacific is likely to develop at a rapid pace. The mobile application market in the region is expected to capitalize on the rising penetration of smartphones. Also, the digitization drive carried on by the governments is likely to favor market growth in the forthcoming years. The region is expected to witness an influx of new entrants, thus, accelerating growth pace of the mobile application market in the region.
The mobile application market 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.