Mobile Application Market to Reach $407.3 Bn, Globally, by 2026 at 18.4% CAGR, Says Allied Market Research
Rise in smartphone users, increase in adoption of wearable devices, and surge in data usage & Internet penetration drive the growth of the global mobile application market
PORTLAND, Oregon, Dec. 10, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Mobile Application Market by Marketplace (Apple iOS Store, Google Play Store, and Other Marketplaces) and App Category (Gaming, Entertainment & Music, Health & Fitness, Travel & Hospitality, Retail & E-Commerce, Education & Learning and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global mobile application industry was pegged at $106.3 billion in 2018 and is estimated to reach $407.3 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.
Prime determinants for market
Increase in smartphone users, rise in adoption of wearable devices, and surge in data usage & Internet penetration have boosted the growth of the global mobile application market. However, lack of high-speed connectivity in developing & underdeveloped regions and uncertainty of enterprises in developing their own applications hamper the market growth. On the contrary, increase in adoption of Internet of things and mobile-connected smart objects and progress in usage of machine learning and artificial intelligence in mobile apps are expected to create lucrative opportunities in the near future.
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The play store segment to portray the fastest growth through 2026
The play store segment is expected to register the fastest CAGR of 19.1% during the study period, owing to the increase of Google play store in various mobile phones and tablets. However, the Apple store segment held the lion's share in 2018, accounting for more than three-fifths of the global mobile application market. This is owing to different features provided by Apple store such as high security, multitasking, switching application, artificial intelligence (AI), and game center.
The entertainment & music segment to register the fastest CAGR by 2026
The entertanment & music segment is anticipated to register the fastest CAGR of 21.8% during the forecast period, owing to the rapid increase in usage of different entertainment applications. However, the gaming segment dominated the global mobile application market in 2018, contributing to nearly three-fifths of the market. This is due to the increase in addition of video games and other gaming consoles.
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Asia-Pacific to dominate the market, North-America to follow:
The global mobile application market across Asia-Pacific is expected to hold the largest share in 2018, contributing to more than two-fifths of the market. This is due to rapid economic growth and high potential for the adoption of mobile application. Moreover, the region is expected to manifest the fastest CAGR of 19.8% during the forecast period. On the other hand, North-America occupied second largest share in terms of revenue in 2018.
Major market players
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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 domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.