Mobile Application Market to Approach US$ 408.13 Bn by 2027
The Mobile Application Market is projected to reach USD 408.13 Billion by 2027, increasing at a compound annual growth rate (CAGR) of 18.6% from 2020 to 2027.
Precedence Research has published a new report titled, “Mobile Application”, the report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Mobile applications are various types of software applications that are developed to run on tablets, smartphones, and computer tablets. They provide similar service as personal computer to the users. The prime aim of mobile applications is to provide internet services to the users on their mobile phone by accessing the internet. Today, various types of mobile application are present in the market that connect users to various sectors such as banking, entertainment, healthcare, hotels & restaurants, tour & travel, and many other. Necessity is the mother of any invention, thus rising need for globalization and IoT-connected world is driving the mobile applications market prominently.
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Increasing penetration of smartphone devices along with rapid spread of concept of connected world fuels the demand for various mobile applications. Introduction of mobile control devices for smart home projected to be a dream-changer for the mobile application market. As per a survey statistics, control and connectivity solutions penetration for smart homes has hit 27% in 2019. Similarly, other regions also encountered rapid growth in connectivity & control solutions for smart home. Additionally, the IoT penetration in smart homes helps to control the lighting, security, music, temperature, air conditioning, and other mobile control appliances.
Besides this, mobile applications are largely useful for online banking, health monitoring, and entertainment businesses. Fitness applications and several gaming applications that are developer-trusted or native application have now became companion for any smartphone user. To enhance the user experience using interactive and better user interface third party application developers are trying to grab the maximum market opportunity. Thus, rising competition for the better and enhanced mobile application projected to fuel the market growth during the forecast period. However, lack of internet penetration in some of the rural and under-developed areas may restrict the market growth.
- Asia Pacific encountered the fastest growth over the forecast period and expected to dominate the global mobile application market in years to come. This is attributed to the rising penetration of smartphones and internet usage in the region.
- Government initiative for 5G and LTE network has increased the internet speed that provides ease in accessing complex and large size applications. Similarly, users are also attracted towards the smart gadgets and appliances that has inbuilt wifi, Bluetooth, and sensors to make it controllable from mobile.
- North America held the dominant position in the global mobile application market in 2019 owing to early technology adoption coupled with presence of dominant market players such as IBM Corp., Microsoft Corp., Google LLC, and many others.
- Apple iOS store led the global mobile application market in 2019 with approximately half of the global market revenue share. The dominance of the segment is mainly due to rising demand of apple and iPhones in the market. On the other hand, Google Play Store exhibits the fastest growth rate over the forecast period.
- By app category, gaming segment has its proliferated revenue share in the past few years owing to gaming companies have tilted their focus towards incorporation of graphics and 3D animation to enhance the user experience.
The Asia Pacific exhibits the fastest growth rate during the forecast period and expected to hold the dominant position in the coming years. Prime factors attributed to this are explosive growth in smartphone sales in the past few years, with several new competitors capturing the market for example OnePlus, Xiaomi, Nokia, & Vivo and challenging the established players such as iPhone and Samsung. In addition, rising internet penetration in the under-developed and developing Asian countries also contribute significantly in the market growth during the coming years.
However, North America led the global mobile application market with approximately 40% of the revenue share in 2019. This is majorly due to the presence of some of the major market players in the region such as Apple Inc., Cognizant, CA Technologies, Hewlett Packard Enterprise, Google LLC, Microsoft Corporation, IBM Corp., and many more. Furthermore, increased competition in the market has triggered the application development speed along with enhanced user experience.
Key Players & Strategies
The global mobile application market is dominated by the well-established market players such as IBM Corp., Google LLC, Microsoft Corp., HP Enterprises, Apple Inc., and Cognizant. Besides this, the market offers significant opportunities for the startup companies to establish their footprint, thereby increasing the market competition. However, rising demand for mobile applications in various sectors has offered significant opportunities of the companies to flourish in the market.
Some of the key players of the market are Apple Inc., Cognizant, CA Technologies, Hewlett Packard Enterprise, China Mobile Ltd, Google LLC, Intellectsoft, Microsoft Corporation, International Business Machines Corporation, and Verbat Technologies among others.
- Google Play Store
- Apple iOS Store
- Other Marketplaces (Microsoft)
By App Category
- Music & Entertainment
- Health & Fitness
- Education & Learning
- Retail & e-Commerce
- Travel & Hospitality
- Others (Navigation, Utilities, and News)
By Regional Outlook
- North America
- Asia Pacific
- Rest of the World
This report provides:
- 1)An overview of the global market for Mobile Application and related technologies.
- 2)Identifications of new market opportunities and targeted promotional plans for Mobile Application market.
- 3)Comprehensive company profiles of major players in the industry.
- 4)Discussion of research and development, and the demand for new products and new applications.
- 5)Analyses of global market trends, with data from 2016, estimates for 2016 and 2027, and projections of compound annual growth rates (CAGRs) through 2027.
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
220.127.116.11. List of Suppliers
18.104.22.168. List of Buyers
Chapter 7. Global Mobile Application Market, By Marketplace
7.1. Mobile Application Market, by Marketplace Type, 2020-2027
7.1.1. Google Play Store
22.214.171.124. Market Revenue and Forecast (2016-2027)
7.1.2. Apple iOS Store
126.96.36.199. Market Revenue and Forecast (2016-2027)
7.1.3. Other Marketplaces (Microsoft)
188.8.131.52. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Mobile Application Market, By App Category
8.1. Mobile Application Market, by App Category, 2020-2027
8.1.1. Music & Entertainment
184.108.40.206. Market Revenue and Forecast (2016-2027)
220.127.116.11. Market Revenue and Forecast (2016-2027)
8.1.3. Health & Fitness
18.104.22.168. Market Revenue and Forecast (2016-2027)
8.1.4. Education & Learning
22.214.171.124. Market Revenue and Forecast (2016-2027)
8.1.5. Retail & e-Commerce
126.96.36.199. Market Revenue and Forecast (2016-2027)
8.1.6. Travel & Hospitality
188.8.131.52. Market Revenue and Forecast (2016-2027)
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