Mobile Applications Market Sales Revenue To Cross US$ 300 Bn By 2031

The global mobile applications market is currently valued at US$ 112.6 Bn, and is predicted to reach a worth of over US$ 307 Bn by the end of the forecast period (2021 - 2031). The market is projected to rise at a CAGR of 12.4% over the next ten years. Leading players operating in the global mobile applications market are Apple Inc., Google LLC, Samsung Electronics Co. Ltd., China Mobile Limited, Opera Software, SAP SE, Hewlett Packard Enterprise Development LP, and Microsoft, notes Persistence Market Research.

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Of these, Google accounted for the major share of 41% in 2021 and led the Android-based mobile applications segment, while Apple Inc. accounted for the substantial share of 21% in the global market in the same year, finds Persistence Market Research.

These leading players are focusing on strategic acquisitions and mergers, and bringing in technology advancements in their offerings, in order to consolidate their shares in various regions.

A number of prominent players are adopting competitive pricing strategy, in a move to get a better foothold in the market. Of all the various end-use segments, the games segment is anticipated to hold a significant share during the assessment period and is estimated to contribute almost 1/2 share in the global market.

The various regional markets for mobile application are North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Of these, presently, APAC dominates the global market and is expected to retain its lead throughout the assessment period. This regional market accounts for a global share of 33.5% in 2021.

Next-Generation Telecommunication Technologies to Boost Market

Rising disposal incomes in several developing nations and the constant advancements in telecommunication technology are key factors driving the market. The rising spending of urban populations on mobile applications in various developed economies and the substantial demand for mobile devices are key factors fueling the mobile applications market in these regions.

A burgeoning m-commerce industry in various developing and developed regions are key factors accentuating the market. The rising internet penetration and the vast increase in social media subscriptions worldwide are notable trends bolstering the demand for mobile applications.

The rising adoption of next-generation telecommunication technologies such as long-term evolution (LTE) and 5G is a key factor expected to open up promising avenues for market players. The vast rise in electronics manufacturing sector in a number of emerging economies is a notable trend anticipated to stoke the demand for mobile applications.

Furthermore, the demand for more automated application in the area of gaming world over is a key factor expected to catalyze the growth of the market.

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Integrated and Smarter Mobile Apps to Create Lucrative Avenues

In recent years, the market has witnessed a surge in strategic investments by prominent technology players and electronics companies for expanding the in-house production of their application processors. This is on account for the strategy for differentiating their offerings from their competitors and is motivated by the move to maintain a sustained market share.

For instance, native ecommerce apps offer the benefits of personalized shopping experience. Advancements in payments making them more secure and reliable are key trends expected to boost the adoption of m-commerce.

The rising popularity of mobile commerce in various developing and developed regions, especially among working populations, is bolstering the demand for mobile applications. Furthermore, this significant factor is likely to accentuate the market in the coming years.

The launch of integrated and smarter mobile apps is expected to create lucrative avenues for market players. The advent of augmented reality mobile apps bodes well for the market.

The study presented here is based on a report by Persistence Market Research titled "Global Mobile applications market: Industry Analysis and Forecast, 2021-2031".

Market Categorization:

Store Type
Apple App Store
Google Play
Others
End Use
Games
Social Networking
Healthcare
Books
Music
Productivity
Education
Entertainment
News
Photos and Videos
Navigation
Travel
Business
Others
Region
North America
Latin America
Europe
APAC
MEA

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This release was published on openPR.