Mobile Applications Market - Expecting an Outstanding Growth Till 2024

The global mobile application market is anticipated to grow at a significantly high rate, attributed mainly to a growing smartphone market. The global mobile application market is estimated to reach a market valuation of US$ 38.29 Bn by 2016 end and this is expected to increase to US$ 94.15 Bn by the end of 2024, registering a CAGR of 11.1% during the forecast period (2016 – 2024).

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Market drivers

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). 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. Growing internet penetration, increasing LTE adoption, and rising subscription in social media are some of the other key factors driving the growth of the global mobile application market.

Trends governing the market

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. 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.

Segment analysis

The global mobile application market is segmented on the basis of Store Type (Apple App Store, Google Play, Others) and End Use (Games, Social Networking, Healthcare, Books, Music, Productivity, Education, Entertainment, News, Photos and Videos, Navigation, Travel, Business, Others).

The Apple App Store segment is expected to witness a CAGR of 11.3% over the forecast period. The Google Play segment is estimated to account for 45.0% value share in 2016 and is expected to increase to 46.2% share by 2024 end.

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The Games end use segment is expected to project a substantially high revenue share during the forecast period and is estimated to reach a market valuation of US$ 43.99 Bn by the end of 2024. The Games segment is expected to contribute around half of the revenue of the global mobile application market between 2016 and 2024.

Regional analysis

The global mobile application market is segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The APAC mobile application market is anticipated to account for a substantial share of the global mobile application market by the end of 2016. APAC is likely to retain its dominance in the global mobile application market over the forecast period. The market in APAC is estimated to account for 41.6% value share in 2016 and this is expected to increase to 44.6% share by the end of 2024. The market in North America is expected register a CAGR of 10.5% over the forecast period. The MEA mobile application market is projected to increase at a significantly high growth rate during the period 2016 – 2024.

Key market players

Google Inc., Microsoft, CA, Cognizant, Hewlett Packard Enterprise Development LP, SAP SE, China Mobile Limited, Samsung Electronics Co. Ltd., Apple Inc., and Opera Software are the main companies dominating the global mobile application market. Of all the market leaders, Google Inc. holds the highest share in the global mobile application market (18.6%) and is currently dominating the global mobile application market in Android-based mobile applications. Apple Inc. holds a market share of 17.8% of the global mobile application market revenue. Top market companies focus on strategic mergers and acquisitions, technology advancements, and competitive pricing to grab a larger share of the global mobile application market.

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