Global Mobile Application Market: Smartphone Proliferation to Boost Market Demand; states TNR
Global Mobile Application Market to Witness CAGR of 14.2% From 2023 to 2031, Projected to Reach US$ 671.58 Billion by 2031
WILMINGTON, DELAWARE, UNITED STATES, December 4, 2023 /EINPresswire.com/ — The mobile application market is driven by factors such as widespread adoption of smartphones, growing mobile internet usage, and the increasing demand for convenience and efficiency. Additionally, innovations like 5G technology and rising app usage across industries such as e-commerce and healthcare contribute to market growth.
Before COVID-19, the mobile application market was steadily advancing due to the expanding use of smartphones and digital services. However, the pandemic acted as a catalyst, intensifying the market’s growth. As people relied more on mobile apps for remote work, communication, and entertainment, the market expanded rapidly. Post-COVID-19, the dependence on mobile apps persisted, shaping new digital behaviors and making mobile applications a vital part of modern life and business operations.
Global Mobile Application Market Growth Driving Factors:
• A key driver in the mobile application market is the increasing penetration of mobile internet. Globally, there were 4.9 billion unique mobile internet users in 2021, according to data gathered. As more regions gain access to high-speed mobile data, the user base for mobile applications expands. This trend is particularly pronounced in emerging markets, where mobile internet access is becoming more affordable and accessible, creating new opportunities for app developers to reach previously untapped audiences.
• The COVID-19 pandemic accelerated digital transformation and remote work, boosting app usage in the mobile application market. Companies embraced mobile apps for remote collaboration, communication, and task management. A survey by showed a 200% increase in business app usage. This shift is expected to endure post-pandemic, contributing to the sustained growth of enterprise and productivity apps.
• Changing consumer behavior, characterized by convenience-seeking and online engagement, is another significant driver of the global mobile application market. Consumers turn to mobile apps for shopping, entertainment, and socializing. According to the study, mobile apps accounted for 92.6% of total internet minutes in the US in 2021. The appeal of personalized experiences and easy access to services through apps propels their usage and development across sectors.
• The mobile application market is constantly evolving, with new technologies and treatments being developed all the time. New technologies, such as artificial intelligence (AI), machine learning (ML), and augmented reality (AR), are being used to develop new and innovative mobile applications. These technologies are helping to improve the user experience, make mobile applications more personalized, and enable new features and functionality. Furthermore, mobile wallets are becoming increasingly popular as a convenient and secure way to make payments. This is driving the development of new mobile payment apps and the integration of mobile payment features into existing apps. Moreover, mobile gaming is one of the fastest-growing segments of the mobile app market. This is due to the increasing popularity of mobile gaming devices and the availability of a wide range of high-quality mobile games.
• The Asia Pacific region exhibits highest growth rate in the mobile application market. In 2021, the Asia Pacific accounted for over 60% of global app downloads, with China and India as key contributors. China alone witnessed over 101 billion downloads in 2021, driven by its immense smartphone user base. Emerging markets like Indonesia and Vietnam are experiencing a surge in mobile app usage due to increasing smartphone accessibility and affordability. This dynamic growth underscores the Asia Pacific’s pivotal role in the mobile app landscape.
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Global Mobile Application Market: Competitive Scenario and Key Developments
o Apple Inc.
o CA Technologies
o China Mobile Limited
o Cognizant
o Google
o Hewlett Packard Enterprise Development LP
o IBM
o Intellectsoft US
o Microsoft
o Verbat Technologies
o Other Industry Participants
In May 2023, Cognizant and Google Cloud extended their partnership to introduce AI solutions to enterprise customers. Cognizant’s solution suites harness Google Cloud’s latest suite of generative AI products, encompassing large language models (LLMs) and the Gen App Builder.
In August 2023, Sega completed the acquisition of mobile game developer, Rovio.
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Global Mobile Application Market:
By Type
o Apple App Store
o Google Play Store
o Others
By Application
o Gaming
o Social Media and Entertainment
o Health and Fitness
o Travel and Hospitality
o Retail and E-Commerce
o Learning and Education
o Others
By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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The Niche Research
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