Mobile Application Market to Reach USD 750.41 Billion by 2032; In-App Purchases & In-App

Newark, Jan. 01, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global Mobile Application market is expected to grow from USD 206.73 Billion in 2022 to USD 750.41 Billion by 2032, at a CAGR of 13.76% during the forecast period 2023-2032.

This market growth is attributed to the growing mobile developer population. It has led to an increase in the number of apps in the market. The mobile app industry is big and is growing significantly. Also, the mobile app industries are generating good revenue, and it is further skyrocketing.

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Competitive Strategy

To enhance their market position in the global Mobile Application market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In May 2023: Amazon.com Inc. is planning to bring its online store to mobile apps and video games developed by other organizations. It helps people as they don’t have to leave their experience of gaming, web and augmented reality applications, etc., to buy real-world items. All these factors help the organization gain market share in the Mobile Application market.

Market Growth & Trends

Mobile is overpowering the position of the desktop. Based on one of the articles of 2022, the surge in the number of digital users has led mobile apps to capture around 65% of the digital media time. It is eventually driving the mobile application market. Based on another study of 2018, the number of users in 2018 was 4.021 billion globally, which was a 7% increase compared to the previous year. Similarly, the number of social media users in 2018 was 3.196 billion globally, which was an increase of 13% in comparison to the previous year. Similarly, mobile phone users were 5.135 billion globally in 2018, which is a 4% increase compared to 2017. Also, another source suggests that global smartphone users downloaded around 60% more apps in 2017 compared to 2015, which means around two apps were downloaded monthly by one human being on Earth. These sources easily suggest that mobile application apps are growing quickly. The growing adoption of digital-first business mobility solutions is driving tech leaders to bring advancement in mobile technologies. Presently, people prefer to use mobile devices in comparison to traditional systems, and hence, businesses are transitioning to mobile-first software solutions. Augmented and virtual reality will also be the trend in the future. Hence, new AV and AR apps will reach the market. The trend suggests that AI is enhancing the experience of mobile users for apps and making the smartphone smarter. The Internet of Things (IoT) is also improving with the advancement in technology, and people are using apps on their phones to switch on or off some appliances, the function of security cams in their homes, etc. IoT is also being used in transportation, healthcare, security, e-commerce, etc., and hence, there is a need for quality apps in these fields.

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Key Findings

• In 2022, the apple store segment dominated the market with the largest market share of 64.11% and market revenue of USD 132.53 Billion.

The store type segment is divided into google store, apple store and others. In 2022, the apple store segment dominated the market with the largest market share of 64.11% and market revenue of USD 132.53 Billion. The number of users of Apple smartphones is increasing globally, contributing to the segment growth.

• In 2022, the gaming segment dominated the market with the largest market share of 45.22% and market revenue of USD 93.48 Billion.

The application segment is divided into gaming, music & entertainment, social networking, health & fitness, retail & e-commerce and others. In 2022, the gaming segment dominated the market with the largest market share of 45.22% and market revenue of USD 93.48 Billion. This market share is attributed to the surge in the gaming population, which eventually increased the download and use of mobile gaming applications, especially in emerging economies like India and China.

Regional Segment Analysis of the Mobile Application Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The Asia Pacific region occurred as the largest market for the global Mobile Application industry, with a market share of 33.13% and a market value of around USD 68.49 Billion in 2022. This lion’s share is attributed to the growing use of mobile apps in the Asia Pacific. There is a surge in the penetration of smartphones and accessibility of the Internet. The leading mobile app market download-wise was China, with more than 110 billion downloads in 2022, and the second is India, with around 28 billion downloads. This factor is due to the growing middle-class population, which drives the use of mobile apps in the region.

Report Scope

Base Year 2022
Forecast period 2023-2032
Report Coverage     Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope Asia Pacific, Europe, South America, North America, and Middle East & Africa
Market Size(unit) USD 750.41 Billion
Mobile Application Market CAGR 13.76%
Segments Covered Store Type and Application

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Key players operating in the global Mobile Application market are:

• Practo
• Gameloft SE
• Microsoft Corporation
• Google LLC
• Amazon Inc.
• Xiaomi Corp.
• Netflix Inc.
• Cure.fit
• Apple Inc.
• Ubisoft Entertainment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Mobile Application market based on below mentioned segments:

Global Mobile Application Market by Store Type:

• Google Store
• Apple Store
• Others

Global Mobile Application Market by Application:

• Gaming
• Music & Entertainment
• Social Networking
• Health & Fitness
• Retail & E-commerce
• Others

About the report:

The global Mobile Application market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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