Mobile Application Market Expected to Grow 18.6% by 2027 – GlobeNewswire

OTTAWA, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The global mobile application market size was valued at US$ 126.04 billion in 2019 and expanding at US$ 408.13 billion by 2027. Get more information@ https://www.precedenceresearch.com/mobile-application-market

Precedence Research announced new research study on Mobile Application Market (By Marketplace: Google Play Store, Apple IOS Store, And Other Marketplaces; By App Category: Music & Entertainment, Gaming, Health & Fitness, Education & Learning, Retail & E-Commerce, Travel & Hospitality, And Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027.

Mobile applications are various types of software applications that are developed to run on tablets, smartphones, and computer tablets. They provide similar service as personal computer to the users. The prime aim of mobile applications is to provide internet services to the users on their mobile phone by accessing the internet. Today, various types of mobile application are present in the market that connect users to various sectors such as banking, entertainment, healthcare, hotels & restaurants, tour & travel, and many other. Necessity is the mother of any invention, thus rising need for globalization and IoT-connected world is driving the mobile applications market prominently.

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Growth Factors

Increasing penetration of smartphone devices along with rapid spread of concept of connected world fuels the demand for various mobile applications. Introduction of mobile control devices for smart home projected to be a dream-changer for the mobile application market. As per a survey statistics, control and connectivity solutions penetration for smart homes has hit 27% in 2019. Similarly, other regions also encountered rapid growth in connectivity & control solutions for smart home. Additionally, the IoT penetration in smart homes helps to control the lighting, security, music, temperature, air conditioning, and other mobile control appliances.

Besides this, mobile applications are largely useful for online banking, health monitoring, and entertainment businesses. Fitness applications and several gaming applications that are developer-trusted or native application have now became companion for any smartphone user. To enhance the user experience using interactive and better user interface third party application developers are trying to grab the maximum market opportunity. Thus, rising competition for the better and enhanced mobile application projected to fuel the market growth during the forecast period. However, lack of internet penetration in some of the rural and under-developed areas may restrict the market growth.

Report Highlights

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Regional Snapshots

The Asia Pacific exhibits the fastest growth rate during the forecast period and expected to hold the dominant position in the coming years. Prime factors attributed to this are explosive growth in smartphone sales in the past few years, with several new competitors capturing the market for example OnePlus, Xiaomi, Nokia, & Vivo and challenging the established players such as iPhone and Samsung. In addition, rising internet penetration in the under-developed and developing Asian countries also contribute significantly in the market growth during the coming years.

However, North America led the global mobile application market with approximately 40% of the revenue share in 2019. This is majorly due to the presence of some of the major market players in the region such as Apple Inc., Cognizant, CA Technologies, Hewlett Packard Enterprise, Google LLC, Microsoft Corporation, IBM Corp., and many more. Furthermore, increased competition in the market has triggered the application development speed along with enhanced user experience.

Key Players & Strategies

The global mobile application market is dominated by the well-established market players such as IBM Corp., Google LLC, Microsoft Corp., HP Enterprises, Apple Inc., and Cognizant. Besides this, the market offers significant opportunities for the startup companies to establish their footprint, thereby increasing the market competition. However, rising demand for mobile applications in various sectors has offered significant opportunities of the companies to flourish in the market.

Some of the key players of the market are Apple Inc., Cognizant, CA Technologies, Hewlett Packard Enterprise, China Mobile Ltd, Google LLC, Intellectsoft, Microsoft Corporation, International Business Machines Corporation, and Verbat Technologies among others.

Market Segmentation

By Marketplace

By App Category

By Regional Outlook

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Mobile Application Market Expected to Grow 18.6% by 2027 - GlobeNewswire