Mobile Application Market Worth $366.34 Billion By 2027 | CAGR: 11.5%

Posted October 16, 2020 by sitakant

The global mobile application market size is anticipated to reach USD 366.34 billion by 2027, expanding at a CAGR of 11.5% from 2020 to 2027

The global mobile application market size is anticipated to reach USD 366.34 billion by 2027, expanding at a CAGR of 11.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing focus on maintaining a healthier lifestyle and demand for gaining real-time access to health data to assist users with health management, workout, nutrition and diet, and other forms of physical activities are the major factors driving the market growth. In addition, factors including lowering internet cost, smartphone proliferation, rise in discretionary income, and the resulting increase in in-app purchases, especially with respect to gaming apps, are collectively driving the growth.
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Moreover, on-demand live video consultation apps have witnessed increased downloads during the COVID-19 pandemic across the globe. Although remote consultation services showed growth over the past years, there has been a sudden increase in the on-demand live video consultations amidst the prevailing lockdowns. In addition, the negative impact of the COVID-19 pandemic on individuals' mental health and anxiety levels due to restrictions imposed on the human movement and the fear of getting infected on-premise visit has paved the way for growth in online consultation services. The benefits offered by mobile applications in form of easy user-interface and remote health monitoring have increased healthcare application downloads for health consultations.
In addition to the gaming and healthcare apps, music and entertainment apps also hold lucrative opportunities to generate business revenues. Escalating demand for live streaming apps is expected to be one of the key factors boosting the music & entertainment apps market growth. Live streaming apps such as Netflix, YouTube, and Instagram enable users to broadcast live videos to a broader audience. Also, these apps have become popular among content creators and social media influencers, engaging audiences on a daily basis, and improving the ranking of their channels and accounts. Furthermore, lockdowns imposed worldwide in the wake of the COVID-19 outbreak have positively impacted the growth of OTT applications as people continue to engage in leisure activities. As a result, the average amount of time spent on OTT applications has increased drastically during the pandemic. Therefore, entertainment applications have witnessed a sudden boost in demand. However, the re-opening of economies by governments post the pandemic containment is expected to bring the year-on-year growth in the entertainment app segment to normal levels.
Mobile Application Market Report Highlights
• The market is anticipated to witness substantial growth during the forecast period due to smartphone proliferation, internet penetration, and the growing usage of machine learning and artificial intelligence technologies in mobile applications (apps)
• The Apple store segment accounted for the largest revenue share in 2019, owing to a higher monetization rate of iOS apps for revenue gained from premium apps and in-app purchases
• The music and entertainment application segment is projected to exhibit significant growth during the forecast period from 2020 to 2027, owing to an increase in demand for live streaming apps such as Netflix, YouTube, and Instagram
• North America dominated the market and accounted for over 30% revenue share in 2019, owing to rising in-app consumer spending, high smartphone penetration, and the presence of numerous players in the region, such as Apple Inc.; Google LLC; Hewlett Packard Enterprise; Netflix Inc.; and Microsoft Corporation
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Mobile Application Market Segmentation
Grand View Research has segmented the global mobile application market based on the store type, application, and region:
Mobile Application Store Type Outlook (Revenue, USD Million, 2016 - 2027)
• Google Store
• Apple Store
• Others
Mobile Application Outlook (Revenue, USD Million, 2016 - 2027)
• Gaming
• Music & Entertainment
• Health & Fitness
• Social Networking
• Retail & e-commerce
• Others
Mobile Application Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
o France
o Russia
• Asia Pacific
o China
o India
o Japan
o Singapore
o South Korea
• Latin America
o Brazil
o Mexico
• The Middle East & Africa
List of Key Players of Mobile Application Market
• Apple Inc.
• Google LLC
• Microsoft Corporation
• Amazon Inc.
• Gameloft SE
• Netflix Inc.
• Practo
• Ubisoft Entertainment
• Xiaomi Corp.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Issued By sitakant
Country United States
Categories Business , Technology
Tags mobile application market size
Last Updated October 16, 2020