Mobile Application Market: Introduction
The global mobile application market is anticipated to reach ~US$ 717 Bn by 2030. The mobile application market is projected to expand at a CAGR of ~20% from 2020 to 2030 based on revenue. According to the report, Asia Pacific was a significant contributor to the mobile application market in terms of revenue in 2019. The prominent market share of the region is due to high adoption of smartphone and mobile applications, especially in China, India, and Japan. The mobile application market in Asia Pacific is expected to expand at a high CAGR during the forecast period.
Increasing Adoption of Smartphones and Penetration of Internet Driving Mobile Application Market
Internet has revolutionized the world benefiting enterprises, industries, and end users. Increasing use of mobile internet is the reason for the rapid growth of the mobile application market across all regions, creating huge demand for mobile apps in different categories. Mobile manufacturing companies are focusing on launching new advanced mobile devices with updated features such as processing speed, software capability, storage, and display quality due to increasing demand for smartphones among users. Different models and operating systems in mobile devices require suitable mobile applications to perform tasks and processes. These updated features allow users to perform multiple tasks over different mobile apps at the same time. Thus, the growing adoption of smartphones and high speed networks is expected to drive the mobile application market during the forecast period.
Mobile Application: Market Segmentation
The global mobile application market has been segmented in terms of operating system, type, and region. Based on operating system, the mobile application market has been classified into iOS, Android, and others (Windows and BlackBerry). The Android segment dominated the global mobile application market in 2019 and is expected to maintain its dominance during the forecast period.
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Based on type, the mobile application market has been categorized into gaming and non-gaming. The gaming segment is expected to account for leading share in the global mobile application market. The segment is expected to continue its dominance in the coming years. The non-gaming segment has been further sub-classified into business & enterprise, social networking, entertainment & music, edutainment, health & fitness, retail & e-Commerce, video & photo, travel & hospitality, and others (news, sports). In the non-gaming segment, social networking holds major share of the global market.
Mobile Application Market: Regional Outlook
In terms of region, the global mobile application market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the mobile application market during the forecast period. China is expected to lead the Asia Pacific mobile application market. The market in India is expected to expand at a high CAGR during the forecast period. North America is projected to hold the second largest market share in terms of revenue during the forecast period.
The U.S. is expected to lead the North America mobile application market. This is primarily due to the presence of well-established and technologically advanced players in the region. During the COVID-19 pandemic, user base or install base of video conferencing apps, and fitness and medical apps is increasing significantly in the U.S. The mobile application market in Europe is expected to expand at a significant CAGR during the forecast period. The market in Middle East & Africa and South America is also projected to expand moderately over the forecast period.