The global Mobile Application Market was valued at US$ 183.98 Bn in terms of value in 2023 and is expected to grow at a CAGR of 12.7% during the forecast period (2023-2030). Mobile applications are software programs developed for mobile devices such as smartphones and tablet PCs. These devices enable mobile devices to perform a number of tasks and functions. While some mobile devices are preloaded with mobile applications, such as calendar, clock, notes, search engine,global positioning system and calculator.These apps serve different purposes such as utility, gaming, entertainment, video streaming, sports, fitness, recreational activities, education, and others. Some of these apps are free to download, while some are paid.
Global Mobile Application Market: Drivers
Rapid urbanization around the globe
Urbanization is rapidly increasing across the globe, especially in emerging economies. Urbanization characterized by increased purchase parity, growing adoption of smartphones, competitive behavior, and more.The number of mobile apps used by the urban population is high as compared to the rural population, these factors are expected to propel the global mobile application market growth over the forecast period. For instance, in December 2022, the global smart cities market size was valued at US$ 1,090.64 billion in 2021 and is projected to be valued at US$ 6,965.02 billion by 2030, showcasing a CAGR of 24.2% from 2022 to 2030. Rapidly growing urbanization, the need for effective infrastructure management, and asset management are some of the many factors encouraging governments to make notable investments toward the development of smart cities.
Global Mobile Application Market: Opportunities
Rising acceptance of mobile-connected smart objects and Internet of Things technology are expected to present lucrative business growth opportunities
Consumers are increasingly shifting towards mobile-connected smart objects such as smartphone-controlled Air Condition, TV, vacuum cleaners, projectors, and others. Moreover, the increasing adoption of Internet of Things technology that can integrate computing devices, mechanical and digital machines, objects, and animals with Unique Identifiers (UIDs) has presented significant market growth opportunities for market players to capitalize on an untapped market. For instance, in 2023, IoT Analytics is a leading global provider of market insights and strategic business intelligence for IoT, AI, Cloud, Edge and Industry 4.0 expects the global number of connected IoT devices to grow another 16%, to 16.70 billion active endpoints. While 2023 growth is forecasted to be slightly lower than it was in 2022, IoT device connections are expected to continue to grow for many years to come.
Global Mobile Application Market: Restraints
Lack of high-quality mobile applications
There is a significant demand for high-quality mobile applications that can support all types of operating systems such as Windows, Android, and iOS with high speed and fewer errors. Currently, the global mobile application market is comprised of many low-quality applications. Moreover, mobile applications supporting all operating systems have a good opportunity in the global smart devices market as compared to applications supporting a single operating system. Hence, these factors are expected to restrain the growth of the global mobile application market in the near future.
Global Mobile Application Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has had a profound impact on the mobile application market, reshaping user behaviors and accelerating digital transformation across various industries. With lockdowns and social distancing measures in place, people turned to their smartphones and mobile apps for entertainment, communication, and essential services. As a result, there was a significant surge in mobile app downloads and usage during the pandemic. On the other hand, certain app categories faced challenges due to the pandemic. Travel and hospitality apps suffered due to travel restrictions and reduced tourism. Similarly, ride-hailing and transportation apps experienced a decline in demand as people stayed home to minimize exposure.
Overall, the pandemic acted as a catalyst for mobile app adoption, creating new opportunities for app developers and businesses to cater to changing consumer needs. As the world gradually recovers, the mobile application market is likely to continue evolving, with some pandemic-induced trends becoming permanent fixtures in the post-COVID-19 era. App developers and businesses need to remain agile and adaptive to capitalize on the emerging opportunities in this dynamic landscape.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mobile-application-market-3403
Key Takeaways:
The global mobile application market was valued at US$ 183.98 Bn in 2023 and is forecast to reach US$ 424.86 Bn by 2030, growing at a CAGR of 12.7% between 2023 and 2030.
The Google Play Store segment held a dominant position in the market.Google play was accounted for 48.6% market share in 2022 and is expected to grow at a CAGR of 12.7% between 2023 and 2030.
Global Mobile Application Market Trends:
Rampantly growing digital advertisement market
The digital advertisement market for mobile applications has experienced a rampant surge in recent years, becoming one of the fastest-growing sectors in the tech industry. This remarkable expansion can be attributed to several key factors that have converged to create a perfect environment for advertisers and app developers alike. advancements in data analytics and user profiling have revolutionized the way advertisements are targeted. Advertisers can now collect and analyze user data, such as app usage patterns, preferences, and location, to deliver personalized and relevant ads. This level of customization not only enhances the user experience but also significantly increases the effectiveness of advertising campaigns.Additionally, the rise of social media platforms and mobile-friendly websites has contributed to the growth of the mobile app advertisement market. Social media channels offer a highly engaging environment for ads, enabling advertisers to interact directly with potential customers and create a strong brand presence. As a result of these developments, the mobile app advertisement market has become fiercely competitive. Advertisers are continually seeking new ways to stand out from the crowd and engage their target audience effectively. This competition, while challenging, drives innovation, leading to even more engaging and creative ad campaigns.
High growth of the e-commerce industry
The e-commerce industry in the mobile application market has experienced a phenomenal surge in growth over the past few years. The high growth trajectory of the e-commerce industry in the mobile application market is expected to continue. As technology advances further, integrating AI-driven chatbots for customer support, improving delivery logistics, and enhancing personalization capabilities will likely drive even more significant growth. Additionally, the expansion of e-commerce into emerging markets and the growing adoption of mobile payment solutions will unlock new opportunities and further boost the industry's expansion. All in all, the e-commerce mobile application market shows no signs of slowing down, and its growth is set to reshape the future of retail and consumer behavior.For instance, in October 2022, the India e-commerce industry was driven by the increasing mobile phone adoption.
Global Mobile Application Market: Competitive Landscape
The Major Keyplayers of global mobile application market are SAP SE, Google Inc., Opera Software, Microsoft Corporation, Apple Inc., CA Technologies, Samsung Electronics Co., Ltd., Cognizant, China Mobile Limited, and Hewlett Packard Enterprise Development LP
