Mobile applications Market: Global Industry Forecast with Market Size, Market Trends and Growth with analyst insights

The overall market for mobile applications worldwide was estimated at US$ 109.67 billion in 2018 and is set to grow at CAGR 15.60 per cent during the forecast period.

The demand for mobile applications is projected to see an immense growth in the near future due to the ongoing growth of smartphone users and the penetration of the Internet. The popularity of mobile applications has been increased by increasing the penetration of the internet and smartphones. Since 2018, more than 194 Bn applications have been downloaded from app stores. The demand for applications will continue to grow as a result of increased internet penetration, advancements in the telecommunications network, an increase in social media usage and an increase in content via applications. Therefore, on the basis of these factors, we expect an enormous increase in the market.

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Based on device, smartphones is the leader in mobile applications market with more than 50% of the market share. More than 408.4 Mn of smartphones were sold worldwide in 2018, resulting in a huge potential mobile app market. As smartphones become the needs of every individual due to their features such as e-mail, GPS, business and so on, smartphones remain the people's preferred choice. Therefore, smartphones are useless without apps because their interface is designed to work with applications only. Rapid growth in the global m-commerce industry is also a major driver of smartphone sales. As a result, smartphones will be leading the category throughout the forecast period.

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Geographically focused, North America is the market leader in mobile applications. As smartphone and internet penetration is on the rise in Asia Pacific, we expect a strong growth in the mobile app market during the forecast period. India and China are expected to remain the growth engines for the market for mobile applications in Asia Pacific. Increased disposable income and government initiatives such as the' Digital India Campaign' to connect rural areas to the Internet in 2015 have ensured a robust penetration of mobile apps across the country. The increasing popularity of mobile trade in developing countries, especially among young population, is creating a boom in the mobile app market.

Market players come up with a variety of growth strategies, such as partnerships & collaborations and mergers & acquisitions, to gain market share. In 2018, for example, BABB (London's fintech company) is working with Intellectsoft to launch BABB's mobile app and payment cards on schedule.

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