Mobile Application Market to Garner $311.25 Billion, Globally, By 2023 at 19.2% CAGR, Says Allied Market Research
PORTLAND, Oregon, Feb. 7, 2019 Allied Market Research recently published a report, titled, "Mobile Application Market by Marketplace (Google Play Store and Apple App. Store) and App Category (Gaming, Entertainment & Music, Health & Fitness, Travel & Hospitality, Retail & E-Commerce, and Education & Learning): Global Opportunity Analysis and Industry Forecast, 2016-2023". The report provides an in-depth analysis of the top winning strategies, drivers & opportunities, market size & estimations, key market segments, and competitive landscape. According to the report, the global mobile application market was pegged at $108.44 billion in 2017 and is expected to reach $311.25 billion by 2023, registering a CAGR of 19.2% from 2017 to 2023.
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Increased application of virtual reality & augmented reality, incorporation of smart sensors such as gyroscope, motion sensors, and accelerometers into smartphones, and surge in internet penetration in developing regions have boosted the growth of the global mobile application market. However, lack of high-speed connectivity in developing & underdeveloped regions. On the contrary, growing investments in telecommunication, m-commerce, and electronics industries along with rise in subscription of several social media platforms are expected to create lucrative opportunities for the market players in the near future.
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Apple Store segment holds the largest share
The Apple Store segment held lion's share in 2017, contributing nearly half of the total market, as Apple users tend to purchase several applications. This segment will maintain its dominance by 2023. However, the Play Store segment is expected to manifest the fastest CAGR of 23.0% during the study period, as Android has been gaining a large global consumer base. Other marketplaces are also analyzed in the report.
Entertainment & music segment to manifest fastest growth by 2023
The entertainment & music segment is projected to register the fastest CAGR of 29.5% through 2023, owing to rise in adoption of several social media and music- & video-related mobile application. However, the gaming segment held the largest share in 2017, contributing more than three-fourths of the market share, owing to increase in marketing of several online games, rise in launch of games that offer premium and immersive gaming experience, and increase in number of in-app purchases. The report also analyzes health & fitness, travel & hospitality, retail & e-commerce, education & learning, and others.
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Asia-Pacific region to portray high demand for the market through 2023
Asia-Pacific region is estimated to portray the fastest CAGR of 22.1% during the study period, owing to rise in usage of smartphones and increase internet penetration coupled with improved economic growth. However, the North America region dominated the market in terms of revenue, contributing about two-fifths of the total market, owing to huge IT industry base and high number of mobile app developers. Moreover, the consumer-oriented professional culture and presence of major market players drive the growth of the market in the North America region. The other regions included in the report are Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The major companies in the market include IBM Corporation, Apple, Inc., BlackBerry Ltd., LeewayHertz, Burgan National Information Systems Co., Google, Inc., Microsoft Corporation, Fueled, Adept Business Solutions, and Verbat Technologies.
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