Market Overview
The increase in penetration of the internet and smartphone from the past few years resulted in the high growth of the mobile application market in the global market. An increase in the application of virtual reality and augmented reality are the major factors that boost the growth of the mobile application market. The recent developments in smartphones enable users to have sensor features like motion sensors, accelerometers, and gyroscopes. The invention of various games like Pokémon Go resulted in an increase of gaming users many folds. The use of varied mobile applications has made the lives of people interacting.
Moreover, the mobile application industry is expected to grow at a higher CAGR of 19.30% to account for a higher market value of approximately USD 620.3 billion by the end of the forecasted period in the global market.
COVID 19 Analysis
With the growing outbreak of the global pandemic of COVID 19 businesses have pushed the economies towards forced recession. The growing outbreak of the global pandemic has trapped the individual to fight between the financial crises along with health concerns. But in the case of the mobile application market, this situation has been observed to be a boom period. There has been a drastic increase in downloads of various gaming and non-gaming applications by users. This results in increased revenue.
Moreover, it is expected that the market will grow more from this global pandemic. The use of educational applications like Google Classroom, Microsoft Team, and Zoom classes result in witness higher growth during the forecasted period.
Market Dynamics
Drivers
Increases application of virtual reality and augmented reality in the mobile application drives its demand. The dominance of the internet of thing in the development of smartphones also boost its demand. The entrance of various third-party application developers also drives the demand for the mobile application market in the global market. The increase in downloads of various gaming applications is the major driving force in the growth of the mobile application market.
Opportunities
The rise in demand for smartphones and tablets leads to the growth of the mobile application market. The use of the mobile application in various industries like the hotel & restaurant sector, government sector, retail sector, education sector, and various other sectors provides growth opportunities in the mobile application industry during the forecasted period. The increasing penetration of augmented reality and virtual reality creates growth opportunities for the mobile application market.
Restraints
Although the mobile application market is growing tremendously some factors restrict its growth. Various companies launch their applications which require a higher cost. Moreover, applications require an update for smooth functioning which also results in higher cost. The update in these applications is time-consuming as well which hinders the growth of the market.
Value Chain Analysis
The mobile application market has been increasing tremendously in the global market owing to various benefits. The entertaining applications help in widening the minds. Various education-related applications help students in online learning during this pandemic situation. Various social media and connecting applications help in connecting people and help in maintaining low-touch transactions.
Market Segmentation
The market for mobile application has been divided based on categories, platforms, and end-users in the global market.
Based on Categories
The mobile application industry has been divided based on categories into gaming and non-gaming in the global market. The non-gaming applications have further sub-divided into the browser, social media, entertainment, productivity, and others. The largest market share in the mobile application market is held by gaming dividends in the global market.
Based on Platform
The market for mobile application has been divided based on the platform into iOS, Windows, Android, and many others. The largest market share in the mobile application market is held by the Android dividend followed by the iOS dividend.
Based on End-Users
The market has been divided based on end-users into government, hotel & restaurant, transport, education, media, airlines, retail, banking, and others.
Regional Analysis
The mobile application market in the global market has been divided based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the mobile application market in the global market is held by the North American region owing to the presence of the US and Canada. The number of mobile base users is continuously increasing in this region which drives the demand for mobile applications.
The second-largest market share in the mobile application market is held by the Asia-Pacific region. This region is the fastest-growing region owing to the presence of highly populous countries like India and China. The use of smartphones has increased tremendously in this region resulting in high demand for the mobile application market.
The third-largest market share in the this market is held by the European market owing to the presence of various powerful countries like Germany, France, the UK, and Italy. The government of various European countries is investing a huge amount in digital infrastructure development which boosts the demand for mobile applications in the global market.
The Latin American region and the Middle East and African region show bleak growth in the mobile application market. The demand for mobile applications is comparatively low in these two regions owing to the slow growth of digital infrastructure in these regions.
Competitive Landscape
The most prominent major key players in the mobile application market are mentioned below:
These major key players use various strategies to sustain their market position in the mobile application market in the global market by collaborating, by going for mergers, and acquisitions, establishing a partnership, setting up a new joint venture, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the mobile application all across the globe.
Various third-party application developers are entering the global market. They are investing huge sums in research and development for innovating new technology. The use of mobile applications in media, government, retailing, and banking drives the mobile application market in the global market.
Recent Developments
- In May 2020, a mobile app development company, Incapptic Connect GmbH has been acquired by Mobilelron Inc. It will help in deploying and developing a secure base for application development.
- In January 2020, a provider of a no-code development platform, AppSheet had been acquired by Google LLC. It will help in developing software for applications.
- Various companies like EA Sports, Ubisoft, and Gameloft are investing huge sums for the development of high graphic games that will be playable on smartphones as well.
- The development in the mobile application market has resulted in the growing usage of applications in various sectors like the banking sector, government sector, retail sector, hotel & restaurant sector, education sector, and airlines sector.
- The largest market share in the global mobile application in the global market is held by the North American region owing to the presence of a large number of mobile users.
Report Overview
The global mobile application market research report consists of the following elements mentioned below:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Landscape
- Recent Developments
This global mobile application market research report contains factors that drive the growth of the mobile application market in the global market along with the factors that restrict its growth in the global market. The opportunities available for the growth of the mobile application market during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the mobile application market all across the globe is mentioned. The future growth during the forecasted period is estimated and mentioned.
Intended Audience
Government Agencies, IT enablers, Software Developers, Software investors, a research firm, mobile app developers, mobile phone distributors, games developers, app store providers, device manufacturers, and many others.
