Mobile Application Market is expanding at a compound annual growth rate of 9.1% during the forecast period 2022 to 2029 | Size & Forecast Report

The Mobile Application Market is expected to grow at a CAGR of 9.1% over the forecast period (2022-2029).

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The factors driving growth of the Mobile Application Market includes increasing internet penetration rates around the world, expansion of the e-commerce industry, rising popularity of mobile gaming applications, Government initiatives promoting digitalization, growing demand for smartphones and tablets and improvements in the living standards. For instance, approximately 4.2 billion people were using internet in 2019, this figure is predicted to reach 5.3 billion by the end of 2023, which will accelerate the Mobile Application Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Augmented Reality (AR) and Machine Learning (ML), rise in the number of third-party application developers, and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships, and mergers between enterprises, rising population growth rates and growing disposable incomes, are further contributing to the market growth.

However, growth of the Mobile Application Market is hindered due to increasing focus of organizations on developing in-house apps.

The leading players operating in the market are LG Electronics, Palm Inc, Nokia Corporation, Apple Inc, Google LLC, Microsoft Corporation, Samsung Electronics Co. Ltd., China Mobile Ltd, Spigot Inc, (Getjar), and Handster Inc, among others.

Based on Categories, the Games segment is predicted to capture the largest market share during the forecast period

Increase in number of games downloaded on different platforms such as Android OS and windows, are pushing the segment's growth.

Based on Business Model (store), the Native or on deck segment is projected to expand at a remarkable CAGR over the forecast period

Native mobile applications can directly communicate with the operating systems, and delivers high quality performance, which are propelling growth of the segment.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

As per the Mobile Application Market Forecast Report, presence of the leading players such as Apple Inc, Google LLC, and Microsoft Corporation, strong internet penetration rates, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.

Key Developments

In 2019, Apple Inc, entered into a strategic partnership with Salesforce.com Inc, and introduced a redesigned Salesforce Mobile App and learning app, named as Trailhead Goon Apple iOS and iPadOS.

In 2019, Microsoft Corporation completed the acquisition of Mover, a provider of cloud file migration. Through this acquisition, Mover planned to provide seamless file collaboration across Microsoft 365 apps and services, which includes Microsoft Teams and Office Apps.

In 2020, Incapptic Connect GmbH, completed the acquisition of MobileIron Inc., to establish and deploy safe mobile business apps.

Market Segmentation

Segmentation by Categories

Games
Social Networking
Books
Entertainment
Business and Finance
Lifestyle
Productivity
Travel
Navigation
Utilities
Others

Segmentation by Business model (store):

Native or on deck
Third party or off deck

Segmentation by Participants

OS/handset manufacturers
Application developers
Operators

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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