Mobile Application Market Expected to Reach USD 777.4 Billion by 2032 | Top Players such as – Apple, HPE & Cognizant
Factors such as lower internet costs, smartphone proliferation, and consequent rise in in-app purchases, particularly for gaming apps, are all driving growth.
PORTLAND, PORTLAND, OR, UNITED STATE, September 12, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Mobile Application Market Expected to Reach USD 777.4 Billion by 2032 | Top Players such as – Apple, HPE & Cognizant.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global mobile application market was valued at USD 208.5 billion in 2022, and is projected to reach USD 777.4 billion by 2032, growing at a CAGR of 14.4% from 2023 to 2032.
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Factors such as increase in data usage & internet penetration and a surge in the adoption of wearable devices, rise in smartphone users are the major factors that drive the growth of the global mobile application market. However, the lack of high-speed connectivity in developing & underdeveloped regions and the uncertainty of enterprises in developing their own applications are the major factors that impede the growth of the global market. Furthermore, the rise in adoption of the internet of things and mobile-connected smart objects and growth in usage of machine learning and artificial intelligence in mobile apps is anticipated to provide lucrative growth opportunities for the global mobile application market in the upcoming years.
The mobile application market is segmented into type, application, and region. By type, it is classified into Apple app store, Google play store, and others. By application, the market is categorized into gaming, social media and entertainment, health and fitness, travel and hospitality, retail and e-commerce, learning and education, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on type, the Apple app store segment held the highest market share in 2022, accounting for nearly two-thirds of the mobile application market revenue and is estimated to maintain its leadership status throughout the forecast period. The app store offers a wide variety of apps, including games, productivity tools, social networking apps, entertainment apps, and much more. However, the Google play store segment is projected to manifest the highest CAGR of 16.7% from 2023 to 2032, as it provides developers with a platform to distribute their applications to Android users globally.
Based on the application, the gaming segment accounted for the highest share in 2022, contributing to more than one-fourth of the mobile application market revenue, owing to the huge increase in the number of mobile devices and growing addiction of new mobile games among the youth. However, the health and fitness segment is expected to portray the fastest CAGR of 19.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to the growing rate of obesity and increasing number of health issues. In addition, surge in awareness among the people regarding weight loss, calorie intake, and proper nutrition supplements the growth of the segment.
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Based on region, the Asia-Pacific segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the mobile application market revenue. The same region is expected to witness the fastest CAGR of 16.9% from 2023 to 2032, owing to vast and diverse population, leading to the creation of region-specific or culturally relevant apps. In addition, with the expansion of internet connectivity and the increasing availability of high-speed mobile data, more people in the region have access to the internet.
The global mobile application industry is dominated by key players such as Microsoft Corporation, Hewlett Packard Enterprise Development LP, Apple Inc., Intellectsoft US, Cognizant, Google LLC, Verbat Technologies, International Business Machines Corporation, CA Technologies, Inc., and China Mobile Limited.
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Covid-19 Scenario
● The COVID-19 pandemic has had a significant impact on the mobile application industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation.
● One of the positive impacts of the pandemic on the mobile application market was the increased demand for smartphone solutions.
● In addition, the pandemic accelerated digital transformation initiatives across industries, further fueling the adoption of IoT solutions. As businesses looked to adapt to the changing landscape, they increasingly turned to IoT-enabled applications and services to optimize operations, improve supply chain resilience, and enhance customer experiences. This surge in IoT implementation created monetization opportunities for IoT platform providers, solution developers, and service providers.
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