Mobile Application Market is expected to grow at a high CAGR of 8.6% 2023 to 2033

The global mobile application market is anticipated to thrive at a CAGR of 8.6% between 2023 and 2033. The market is anticipated to cross a market share of US$ 170.2 billion by 2033, while it holds a revenue of US$ 74.3 billion in 2023.

Consumers are more likely to spend on a paid mobile app for entertainment, networking, subscriptions, e-commerce, and gaming as their disposable income rises, which could result in higher sales of mobile applications.

Startups and Government Agencies Launch Innovative Smartphone Apps to Increase Demand

Aspiring mobile application service providers are expected to focus mostly on issues related to the existing mobile market. It is expected to open up significant economic opportunities for these firms. Several small-scale enterprises have already emerged as market leaders in the mobile application market.

With the growing popularity of Wear OS and other smartwatches, the market is likely to rise at a quick pace during the specified time range. The growing use of virtual reality and augmented reality in smartphones is also expected to benefit the global market.

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Key Constraints Facing Market Participants

The increased focus of organisations on developing in-house apps and the device diversity of mobile applications are projected to impede the growth of the global market over the forecast period.

The lack of high-speed Internet access in underdeveloped nations, as well as firms developing applications to run commercial operations, are some of the constraints limiting the growth of the mobile application market.

Regional Outlook

The North America mobile application market is expected to grow rapidly during the forecast period, followed by Europe. With sales during the forecast period, North America retains the second highest share of the market for mobile applications.

The market is being driven by a strong presence of mobile application makers, as well as substantial R&D spending in North America. During the epidemic, the average weekly time spent on mobile apps grew, as did the user base of mobile apps.

The Asia Pacific mobile application industry is expected to grow at a rapid pace due to the region’s increasing smartphone and Internet adoption. Advances in networking and the availability of low-cost mobile data use packs are projected to drive the market in APAC during the forecast period.

China is Asia Pacific’s most appealing market. China has a substantially bigger incremental opportunity because it dominates the mobile application industry. For instance, TikTok generated an estimated revenue of US$ 4.6 Bn during the covid-19 pandemic.

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Key Takeaways

• By store type in the market, the apple store is to grow at a moderate CAGR of 8% during the forecast period.
• The market for games is expected to grow at a CAGR of 7.8% over the forecast period.
• The U.S. market is expected to increase at 5% CAGR to US$ 18.6 Bn by 2033.
• The U.K. market is expected to expand at a CAGR of 5.4% to US$ 5.6 Bn by 2033.
• The China mobile application market is expected to increase at 5.7% CAGR to US$ 21.3 Bn by 2033.
• The Japanese market is expected to expand at a CAGR of 5.1% to US$ 4.5 Bn by 2033.
• The India mobile application market is expected to increase at 19.7% CAGR to US$ 59.3 Bn by 2033.

Competitive Landscape

The global mobile application industry is highly competitive, with established and large market players. In addition, some new players, including Xiaomi and OnePlus, have recently gained a prominent presence.

The companies are mostly concerned with providing user-friendly applications with increased experiences. In addition, they added sophisticated technologies such as augmented and virtual reality into the new application to meet the needs and expectations of the customers.

Recent Development

·  Acquisition – MobileIron Inc.

In May 2020, MobileIron Inc. acquired encaustic Connect GmbH, a mobile application creator, with the intention of building and implementing secure mobile business apps.

·  Investment – GOQii

Mitsui & Co., Ltd., a Japanese firm and notable healthcare investor, announced funding in GOQii in November 2018. Following the completion of the project, GOQii focused on growing its footprint in India and entering the Japanese market through its health shop.

·   Acquisition – Google LLC

Google LLC acquired AppSheet, a provider of a no-code development platform for application software, in January 2020

·  Investment – Qualcomm Inc.

Qualcomm Inc., a U.S.-based semiconductor and telecom equipment business, invested US$ 150 million in Indian startups in September 2015.

Such expenditures are likely to assist market enterprises by expanding their product portfolios, strengthening their market presence, and gaining a competitive advantage.

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Key Segments

By Store Type:

• Apple App Store
• Google Play
• Others

By End Use:

• Games
• Media & Entertainment
• Healthcare
• Education
• Travel
• Shopping
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan
• Japan
• Middle East & Africa