Mobile Application Market Analysis Report, Trends, Size & Forecast 2023-2030

Coverage: Mobile Application Market covers analysis By Store Type (Apple iOS Store, Google Play Store, Other); Application (Gaming, Music and Entertainment, Health and Fitness, Social Networking, Retail and E-commerce, Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00017550
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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The mobile application market is expected to grow from US$ 207.31 billion in 2022 to US$ 571.62 billion by 2030; it is estimated to grow at a CAGR of 13.5 % from 2022 to 2030.

Mobile Application Market Analyst Perspective:

The mobile application market is rapidly evolving. Mobile applications provide customers with various features and services owing to the growing popularity of smartphones and tablets. The demand for personalized and practical user experiences drives the mobile application market growth for mobile applications. Users are actively looking for applications that meet their unique requirements and interests, whether for social networking, gaming, productivity, shopping, or any other purpose. Therefore, developers are producing a wide range of applications to satisfy various preferences and requirements of smartphone users. The potential user base for mobile applications has grown with the increase in smartphone owners.

Smartphones are entering previously untouched sectors, such as developing nations and rural areas, as they become affordable. Developers now have more opportunities to connect with a wider audience and meet these individuals' unique requirements and preferences. However, some difficulties and ambiguities limit the development of mobile applications. The seamless use, access to features, and availability of some types of applications are hampered by the lack of high-speed connectivity in emerging and undeveloped locations. In addition, businesses must deal with risks related to the fast-changing technological landscape, ROI, market demand, and the technical resources and experience required to develop mobile applications. Developers focus on developing and introducing new applications to match user requirements and industry trends in this highly competitive and dynamic sector. Smartphone accessibility and worldwide reach allow developers to target a large and varied customer base.

Mobile Application Market Overview:

The mobile application market trends comprise growth in the adoption of variable devices and an increase in customer base for the e-commerce industry, which are the main factors driving the mobile application market growth. Additionally, constant growth in enterprise apps, increased attention on apps precisely used for health & fitness, high downloads, and app purchases for gaming apps fuel the mobile application market growth.

Mobile applications are software applications that are largely constructed and invented to run on smartphones, computers, and tablets. Mobile applications are created to help consumers connect via internet services by enabling them to access their portable devices. Mobile applications are hassle-free compared to desktop applications developed and designed for desktops.

Web applications used on web browsers are ready to deteriorate in terms of usage with the emergence of progressive mobile applications worldwide. In the coming ten years, mobile applications are estimated to be integrated into cloud computing solutions to make every task smoother than before. Growing demand for wearables such as smartwatches is also estimated to propel the requirement for emerging mobile applications that would allow users to connect their wearables with tablets and smartphones.

Moreover, several software developers are ready to use motion gyroscopes, accelerometers and sensors for developing new mobile applications to provide an enhanced experience of virtual reality (VR) and augmented reality (AR).

The growing focus of consumers on maintaining their wellness and health is also projected to push sales of health-turned-mobile applications.

Several companies are also applying the Internet of Things (IoT) to expand mobile applications. In developing economies, the entry of many start-up mobile application developers is estimated applying the Internet of Things (IoT) to expand mobile applications. In developing economies, the entry of many start-up mobile application developers is estimated to fuel the mobile application market growth. Further, the growing demand for high-quality mobile games among Generation Z and millennials is expected to strengthen sales. In various colleges and schools, teachers have also decided to be provided with unique educational applications that can be used on tablets and smartphones for giving homework and teaching students online. Moreover, renowned clothing brands are coming up with their official mobile applications to maintain zero contact transactions and disturbance-free shopping.

However, certain parameters may disturb sales of mobile applications in the valuation period. These applications need an update for smooth functioning, which can result in high-cost spending. Some apps require in-app purchases to function, which may decline sales. The lack of high-speed internet in emerging countries is another parameter that can hinder the use of mobile applications.

Strategic Insights

Mobile Application Market Driver:

A surge in adoption of wearable devices:

Mobile applications are frequently used by wearable technology to improve functionality. Users can access and manage numerous functions and settings using the connections of devices to smartphones or tablets via specialized programs. For instance, smartwatches enable users to receive notifications, make calls, and interact with applications straight from their wrists. At the same time, fitness trackers sync with smartphone applications to deliver real-time health and fitness data. The expansion of the capabilities of wearable technology through interaction with mobile apps provides a seamless user experience. Mobile application developers have new options due to the explosion in wearable device adoption. Due to the demand for these devices, developers are concentrating on making applications specifically for wearables. Examples of applications only available for fitness trackers include those that monitor heart rate, track sleep patterns and offer guided workouts. Developers can target a specialized market and respond to wearable device users' unique demands and preferences by specializing in wearable applications. As more consumers use wearable devices, developers are looking at new ways to exploit the capabilities and sensors of these gadgets to provide individualized and contextually aware experiences; applications are developed that use features such as GPS, accelerometers, heart rate monitors, and motion sensors. For instance, some apps use a smartwatch's GPS to send location-based reminders, while others use augmented reality glasses to superimpose digital data on the physical world. Developing cutting-edge apps is propelled by the convergence of wearable technology and mobile applications.

Mobile Application Market Segmental Analysis:

The mobile application market is segmented into the Apple iOS Store, Google Play Store, and Other Marketplaces (Microsoft) based on store type. The Apple store segment is expected to witness the fastest growth in the mobile application market in 2022 due to iOS apps' fairly higher monetization rate for revenue generated by in-app purchases and premium apps. Also, global growth in iPhone and iPad users further adds to the segment's development. Moreover, mobile game expenditure accounted for a high revenue share in 2022.

The Google Play store segment dominated the mobile application market in 2022 and is estimated to continue its dominance in the future regarding the number of downloads. Also, Android smartphone sales have seen heavy growth over the coming years, with many new players in the mobile application market, such as Xiaomi Corp and OnePlus, challenging the surviving and leading players such as iPhone and Samsung. The development of new Android smartphone manufacturers has headed to the beginning of a large range of mobile applications on Google's Play Store. The introduction of a wide range of mobile applications and a huge consumer base ensures a strong growth prospect for the Google Play store during the forecast period. This can help the mobile application market grow. The mobile application market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America holds the second-largest share of the market for mobile applications. The strong presence of mobile application vendors, along with high spending in R&D in North America, is a crucial factor driving the market. Additionally, during the COVID-19 pandemic, the average weekly time spent on mobile apps and the user base of mobile apps has increased significantly in the U.S.

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Mobile Application Market Regional Analysis:

Asia Pacific led the mobile application market in 2022. Mobile apps have seen widespread adoption across the Asia Pacific region. Factors such as increasing smartphone penetration, internet access, and a growing middle class have led to a surge in app usage in the region. Countries like China, India, and Southeast Asian nations have seen significant growth in mobile app usage, with a focus on areas such as e-commerce, gaming, and social media. Additionally, the COVID-19 pandemic has further accelerated the adoption of mobile apps as people have turned to digital platforms for work, education, and entertainment.

North America has the presence of numerous players in the region, such as Apple Inc., Google LLC, Hewlett Packard Enterprise, Netflix Inc., and Microsoft Corporation. Strong in-app consumer spending, high smartphone penetration, and greater mobile application downloads have collectively ensured a high mobile application market share. The U.S. is expected to emerge as a lucrative mobile game application market in terms of in-app payment, paid mobile games, and a rapidly increasing user base of mobile apps in the country. This will eventually fuel the mobile application market growth.

Mobile Application Market Key Player Analysis:

The mobile application market analysis includes Apple Inc., CA Technologies, Cognizant, Google LLC, Netflix Inc., Microsoft Corporation, Amazon Inc., Gameloft SE, Intellect soft US, and China Mobile Limited. Among the mobile application market players, Apple Inc. and Microsoft Corporation are the top two players owing to their diversified product portfolio.

Mobile Application Market Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the mobile application market. A few recent key mobile application market developments are listed below: 

  • In December 2022, popular fast food company McDonald's presented its new holiday promotion arranged around its mobile app, providing everything from discounted menu items to free food for lifelong and quirky McDonald's merchandise.
  • In December 2022, Amazon introduced a new short-form photo and video feed app, Inspire. It would allow consumers to explore products and ideas and shop from content created by other influencers, customers, and brands. The feature is essentially developed to attract consumers' attention far from apps like TikTok to push sales on Amazon.com.
REGIONAL FRAMEWORK

Mobile Application Market Report Analysis

Mobile Application Market

  • CAGR (2023 - 2031)
    13.50%
  • Market Size 2023
    US$ 235.30 Billion
  • Market Size 2031
    US$ 648.01 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Apple Inc.
  • CA Technologies
  • Cognizant
  • China Mobile Ltd
  • Hewlett Packard Enterprise
  • Intellectsoft
  • Google LLC
  • International Business Machines Corporation
  • Microsoft Corporation

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Store Type
  • Apple iOS Store
  • Google Play Store
  • Other
By Application
  • Gaming
  • Music and Entertainment
  • Health and Fitness
  • Social Networking
  • Retail and E-commerce
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Mobile Application Market Report Scope

Report Attribute Details
Market size in 2023 US$ 235.30 Billion
Market Size by 2031 US$ 648.01 Billion
Global CAGR (2023 - 2031) 13.50%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Store Type
  • Apple iOS Store
  • Google Play Store
  • Other
By Application
  • Gaming
  • Music and Entertainment
  • Health and Fitness
  • Social Networking
  • Retail and E-commerce
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Apple Inc.
  • CA Technologies
  • Cognizant
  • China Mobile Ltd
  • Hewlett Packard Enterprise
  • Intellectsoft
  • Google LLC
  • International Business Machines Corporation
  • Microsoft Corporation
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Store Type, Application, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The List of Companies

    1. Apple Inc.
    2. CA Technologies
    3. Cognizant
    4. China Mobile Ltd
    5. Hewlett Packard Enterprise
    6. Intellectsoft
    7. Google LLC
    8. International Business Machines Corporation
    9. Microsoft Corporation
    10. Verbat Technologies

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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