In-App Purchase Market to Generate $340.76 Billion by 2027, at 19.8% CAGR: Allied Market Research
Increase in in-app purchase payments in developing countries, rise in data usage & internet penetration are the major factors that propel the growth of the global In-app purchase market
PORTLAND, Ore., Oct. 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "In-App Purchase Market by Operating System (Android, iOS and Others), Type (Consumable, Non-Consumable and Subscription) and App Category (Gaming, Entertainment & Music, Health & Fitness, Travel & Hospitality, Retail & E-Commerce, Education & Learning and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, the global In-app purchase market garnered $76.43 billion in 2019 and is projected to reach $340.76 billion by 2027, growing at a CAGR of 19.8% from 2020 to 2027.
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Prime determinants of the market
Increase in in-app purchase payments in developing countries, rise in data usage & internet penetration, and low data tariffs along with increase in smartphone penetration are the major factors that propel the growth of the global In-app purchase market. Nevertheless, digital illiteracy and limited digital infrastructure impede the market growth. However, surge in expenditure on digital advertisement and rise in demand for fast and hassle-free transaction service are anticipated to usher new opportunities in the near future.
Impact of Covid-19 on In-App Purchase Market: (Pre and Post Pandemic Analysis)
- During covid-19, subscriptions of video streaming, gaming and other health & fitness application among end-users have significantly increased.
- The gaming and non-gaming mobile applications are offering new features and functionality at reasonable price which, in turn, is increasing their demand.
Get detailed COVID-19 impact analysis on the In-app Purchase Market
The iOS segment is anticipated to dominate the market by 2027
Based on operating system, the iOS segment contributed to the largest market share in 2019, accounting for around half of the global In-app purchase market, and is projected to maintain its lead status during the forecast period. This is attributed to growing adoption of iOS based smartphones, tablets and other devices among the developed nation of North America and Europe. However, the android segment is estimated to manifest the highest CAGR of 20.9% from 2020 to 2027.
The subscription segment held the lion's share in 2019
Based on type, the subscription segment accounted for the highest market share, contributing to nearly three-fifths of the global In-app purchase market in 2019, and is expected to maintain its dominant share by 2027. This is owing to various advantages such as flexibility in terms of billing & payment, conversion of fixed cost into variable cost, ease of distribution, and reliability & consistency revenue stream. However, the non-consumable segment is anticipated to grow at the highest CAGR of 22.7% during the forecast period. The non-consumable application provides an ability to the user to remove the advertising which is pooping while the user is using the app. This factor drives the growth of the segment.
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Asia-Pacific, followed by North America, would lead the trail by 2027
Based on region, the Asia-Pacific followed by North America region held the largest share of the global In-app purchase market, contributing to more than two-fourths of the total share in 2019, and will continue its leadership position during the forecast period. In addition, the same region is anticipated to manifest the fastest CAGR of 21.3% from 2020 to 2027. This is attributed to growing in-app purchase among the major Asian countries which include China and Japan and decrease in purchasing cost of mobile apps such as Liftoff, AppsFlyer, Clickky, AppLift. and Aarki.
Leading players of the market
- Netflix Inc
- Rakuten Inc.
- Sony Corporation
- Spotify Technology S.A.
- Tencent Holding Limited
- Apple Inc
- Google LLC.
- King Limited
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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