Mobile Application Market Size to Reach US$ 408.13 Bn, Globally, by 2027

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The global mobile application market size is likely to reach USD 408.13 billion by the end of 2027 and is expected to grow at a compound annual growth rate (CAGR) of 18.6% during the forecast period 2020 to 2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, potential challenges, profitability graph and the overall market environment.

Precedence Research announced new research study on "Mobile Application Market (By Marketplace: Google Play Store, Apple IOS Store, And Other Marketplaces; By App Category: Music & Entertainment, Gaming, Health & Fitness, Education & Learning, Retail & E-Commerce, Travel & Hospitality, And Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027".

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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Growth Factors

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.

Report Highlights

  • 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.

Key Market Players and 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 companies to flourish in the market.

Some of the prominent players in the mobile application market include:

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

Market Segmentation

By Marketplace

  • Google Play Store
  • Apple iOS Store
  • Other Marketplaces (Microsoft)

By App Category

  • Music & Entertainment
  • Gaming
  • Health & Fitness
  • Education & Learning
  • Retail & e-Commerce
  • Travel & Hospitality
  • Others (Navigation, Utilities, and News)

Regional Segmentation

  • North America (United States, Canada)
  • Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
  • Latin America (Brazil and Rest of Latin America)
  • The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

Regional Snapshots

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.

Why should you invest in this report?

If you are aiming to enter the global mobile application market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for mobile application are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Data points covered under mobile application market research study:

  • The historic and forecast market estimation from years 2016 to 2027
  • Market estimation and research analysis for the global market by distribution channel
  • Market estimation and research analysis for the global market by region
  • Research analysis on market dynamics including drivers, restraints, opportunities, trends, and market challenges.
  • Competitive scenery and business strategies by key players
  • SWOT Analysis
  • PORTER's five force research analysis
  • PEST Analysis
  • DR impact analysis
  • Heat map analysis
  • Investment feasibility analysis

Key Questions Answered by the Report:

  • What will be the size of the global mobile application market in 2027?
  • What is the expected CAGR for the mobile application market between 2020 and 2027?
  • Which are the top players active in this global market?
  • What are the key drivers of this global market?
  • How will the market situation change in the coming years?
  • Which region held the highest market share in this global market?
  • What are the common business tactics adopted by players?
  • What is the growth outlook of the global mobile application market?

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