Mobile Applications Market - Forecasts from 2022 to 2027

The mobile applications market was estimated at US$224.806 billion in 2020.

Mobile applications are those software applications that can be accessed on smartphones and tablets only. These apps have to ability to provide the users with the experience and services to those services that are accessed through PCs. The primary factors that drive the mobile applications market growth include the growing penetration of the internet across the developed economies around the globe, along with the rising internet penetration due to the rising disposable income and growing middle-class population. Furthermore, the growing acceptance of mobile applications for educational and training purposes is also considered one of the prime opportunities for the market to grow in the near future. Also, the rising number of social media users around the globe is one of the key factors bolstering the market's growth during the next five years.

Rising internet penetration

The primary factor significantly driving the market growth during the next five years includes the continuously growing penetration of cheaper and faster internet services in both developed and underdeveloped economies. The internet also plays a crucial role in the growing adoption of mobile applications. As internet users are growing, there is a significant growth in the applications users employ, including online games, video streaming services, and banking services, among others. Additionally, the rapid growth in technology adoption has also led to an increase in the adoption of the internet, such as smart devices and smart homes, which require numerous applications for their operations. The number of internet users has been on the verge of increasing for many years. Also, according to the World Bank Group, the internet population across the globe increased from 20.4% in 2007 to 49.7% by 2017.

The budding investments by internet providers to cater to the growing customer requirements for faster internet services are leading to the deployment of 5G technology by major telecom companies and also providing ample opportunities for the market to surge in the near future. All these factors are anticipated to drive the mobile applications market growth during the next five years.

Growing adoption of mobile games

The penetration of numerous online multiplayer real-time location-based mobile games such as player unknown battleground, Pokémon Go and Free Fire, among others, has been snowballing. With the availability of faster and cheaper internet, the number of mobile game players is increasing, thereby positively impacting the market growth throughout the forecast period. Moreover, the penetration of various PC-based gaming companies is investing heavily in R&D to develop mobile-based games to tap the growing potential of this segment, further showing the potential for the market to grow in the upcoming few years in the projected period. For instance, in October 2019, Activision, a globally leading video game publishing company, announced the launch of its evergreen PC game Call of Duty for smartphones and tablets. Similarly, the increasing penetration of new games based on movies and web series is also considered to be a prime opportunity for the market to grow during the coming years. For instance, Marvel Studios announced the launch of a new game, Marvel Future Revolution, which is projected to be rolled out by the mid of 2020. Also, in March 2020, Behaviour Interactive, a leading Canadian video game publisher, announced the launch of Game of Thrones: Beyond the Wall, based on the award-winning HBO web series, Game of Thrones.

The global mobile applications market has been segmented on the basis of platform, category, and geography. By platform, the market has been classified into iOS, Android, and others. By category, the classification has been done on the basis of gaming, music and audio, business, social, entertainment, and others. Geographically, the mobile applications market has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific, among others.

Social apps to hold a significant share

The social apps segment is projected to hold significant market share owing to the presence of various social media apps throughout the globe, along with a considerably larger population using social media platforms such as Facebook, Instagram, WhatsApp, and Snapchat, among others. The games segment is projected to show robust growth during the next five years due to the availability of numerous games for all age types coupled with the growing launches of new games.

The Asia Pacific to show notable growth

The Asia Pacific region is projected to show robust growth opportunities for the market to grow during the next five years due to the rising internet penetration and the growing number of smartphone users in major developing economies such as India, China, and Vietnam, among others. The North American region is anticipated to hold a significant share in the market owing to the presence of state-of-art infrastructure and key market players in countries like the United States.

Competitive Insights

Prominent key market players in the mobile applications market include Microsoft, Google, Apple Inc., and WillowTree, LLC, among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.

Major players in the mobile applications market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.

Key Developments in the Market

• In June 2022, a global Fintech firm and digital wealth platform, Yield app, forayed into the mobile world with the launch of android and iOS apps. This new development is in line with the firm's ongoing objective to make digital asset-earning opportunities available to everybody at the click of a button.
• In June 2022, Amazon Business launched a new iOS and android app. The new app is customized to enhance the purchasing and procuring experience for business clients. With the introduction of the unique app, business clients can now easily access business-exclusive features on the go instead of waiting to access a desktop or laptop to order the supplies they need to run their company.
• In June 2022, the most comprehensive paediatric teletherapy provider, DotCom Therapy, announced the release of a new mobile app for iOS and Android devices that connects professionals and parents of children with special needs on a single social platform. With the use of the new Wolf+Friends app, parents may communicate with other parents of children with special needs, licensed pediatric therapists, and other professionals to aid them in making decisions about their children's health, education, wellbeing, and future. This app launch is the product of DotCom Therapy's recent acquisition of Wolf+Friends, which possesses the distinct ability to integrate peer help with professional resources.

COVID-19 Impact:

COVID-19 had a positive impact on the mobile applications market. With multiple governments, initiatives like social distancing measures, lockdowns, work from homes, and online education, among others, are significantly boosting the adoption of various apps, including social media, games, educational apps, and video streaming services among others by businesses and institutions. Thereby positively driving impacting the mobile applications market growth during the coming years.

Segmentation

By Platform

• iOS
• Android

By Category

• Gaming
• Music and Audio
• Business
• Social
• Entertainment

By Type

• In app purchases
• In app advertising

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• United Kingdom
• Spain
• Italy
• Middle East and Africa
• Saudi Arabia
• Israel
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Thailand
• Taiwan