Mobile Application Market Analysis, Segmentation, Business Revenue Forecast and Future Plans
Market Highlights
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.
A report by
Marker Research Future (MRFR) estimates the global mobile application market
2020 to rise at a 14% CAGR during the forecast period from 2017 to 2023. At
this pace, the opportunities in the worldwide mobile application market are
estimated to swell up with USD 165 billion valuation by the end of the year
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.
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Regional Outlook
The global
mobile application market is also studied among the top key regions of Latin
America, North America, Asia Pacific, Europe, and Middle East & Africa.
The APAC mobile
application market is predictable to grab a substantial share of the global
mobile application market by the end of 2023. This region is also likely to
retain its leadership in the global mobile application market over the
assessment period. The market in APAC is estimated to account for 41.6% value
share in 2023.
The market in
North America is also probable to record a CAGR of 10.5% over the forecast
period. The MEA mobile application market is probable to boost at a notably
high growth rate during the period 2017 – 2023.
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.), KonstantInfosolutions (India) and
Gameloft SE (France).
Segmentation:
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.
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Global Mobile
Application Market, By Categories (Gaming and Non-Gaming), By Platform (iOS,
Android, Windows and others), By End – User (Banking, Retail, Airlines, Media,
Education, Transport, Hotels & Restaurants and Government) – Forecast to
2023
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