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Global Mobile Application Market is probable to observer an absolute dollar opportunity of US$ 50.47 Bn between 2016 and 2024
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Market dynamics
Rising disposable income increases the probability of consumer spending on media, entertainment, networking, and mobile communication; leading to higher potential sales of mobile applications. The instances of mobile application adoption are very high among the urban population as compared to the rural population – and hence there is high demand for mobile applications in developed regions (where the urban to rural population ratio is higher than developing regions). These factors have led to a rapid growth of the global mobile application market over the last few years and this trend is likely to continue in the coming eight years.
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The global mobile application market is expected to witness substantial growth over the forecast period owing to advancements in the electronic, telecommunication, and m-commerce industries. Leading global smartphone manufacturers such as Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Lenovo Group Limited, LG Electronics Inc., Microsoft, etc. are making strategic investments in the development and production of their own application processor (AP) to differentiate their offerings and maintain increased market share and margins. There is also a rising trend of m-commerce particularly among the working population, and this has increased the demand for mobile applications. Growing internet penetration and rising subscription in social media are some of the other key factors driving the growth of the global mobile application market.
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