According to a new market research report published by Acute Market Reports “Mobile Applications Market (By Store Type (Apple App Store, Google Play Store, Others), By Applications (Games, Social Media, Music, Entertainment, Navigation, e-Commerce, News, others), By Device (Smartphones, Tablets, Smart TV’s, Others)) – Growth, Future Prospects and Competitive Analysis, 2021 - 2029”, the overall mobile applications market worldwide was valued at US$ 143.8 Bn in 2020 and is set to grow with 15.60% CAGR during the forecast period. 

Market Insights

Mobile applications market is expected to witness tremendous growth in the near future due to continuous increase in smartphone users and internet penetration. Popularity of mobile applications have been increased manifold due to increased penetration of internet and smartphones. As of 2018, more than 194 Bn applications have been downloaded from the app stores. Due to increased internet penetration, advancement in telecom network, rise in social media subscriptions and rising content through applications, the market application market will continue to grow. Therefore, on account of these factors we are expecting tremendous growth in the market. 

Based on device, smartphones is the leader in mobile applications market with more than 50% of the market share. In 2018, more than 408.4 Mn smartphones were sold worldwide, resulting in huge potential platform for mobile apps. As smartphones become the need of every individual due to its features such as e-mail, GPS, business and others, smartphone remains the preferred choice for people. Further, smartphones are useless without applications since its interface is designed to work with applications only. Rapid increase in m-commerce industry worldwide is also a major supporting factor in smartphones sales. As a result, the smartphones will lead the segment throughout the forecast period. 

Based on the geography, North America is the leader in mobile applications market. As the smartphone and internet penetration is on the rise in Asia Pacific, we are expecting a huge growth in mobile applications market during the forecast period. India and China are expected to remain the growth engines for mobile applications market in Asia Pacific. Increased disposable income and government initiatives such as ‘Digital India Campaign’ in 2015 to connect rural areas with internet have ensured robust penetration of mobile apps in the country. Rising popularity of mobile commerce in developing countries, especially among young population, is giving boom to the mobile application market. 

Market players are coming with different expansion strategies such as partnerships & collaborations and merger & acquisitions to gain market share. For instance, in 2018, BABB (London’s fintech company) partners with Intellectsoft to deliver BABB’s mobile app and payment cards on time. Some of the major companies profiled in the report include IBM Corporation, Apple, Inc., BlackBerry Ltd., LeewayHertz Technologies Private limited, Burgan National Information Systems Co., Alphabet Inc.(Google), Microsoft Corporation,  Fueled, Adept Business Solutions, Verbat Technologies, BlackBerry Ltd., Willow Tree, Inc, Intellectsoft, Appster , Gameloft SE , Konstant Infosolutions, Adobe Systems, Inc. , Appcelerator , Kony Inc, OutSystems, Inc , Verivo Software Inc., Ubisoft Entertainment SA, EA Sports and others.

Browse the full report at https://www.acutemarketreports.com/report/mobile-applications-market

The Global Mobile Applications Market is Segmented into:

*Complete segmentation list is on report page