The global mobile application market size is anticipated to reach USD 366.34 billion by 2027, expanding at a CAGR of 11.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing focus on maintaining a healthier lifestyle and demand for gaining real-time access to health data to assist users with health management, workout, nutrition and diet, and other forms of physical activities are the major factors driving the market growth. In addition, factors including lowering internet cost, smartphone proliferation, rise in discretionary income, and the resulting increase in in-app purchases, especially with respect to gaming apps, are collectively driving the growth.
Moreover,
on-demand live video consultation apps have witnessed increased downloads
during the COVID-19 pandemic across the globe. Although remote consultation
services showed growth over the past years, there has been a sudden increase in
the on-demand live video consultations amidst the prevailing lockdowns. In
addition, the negative impact of the COVID-19 pandemic on individuals' mental
health and anxiety levels due to restrictions imposed on the human movement and
the fear of getting infected on-premise visit has paved the way for growth in
online consultation services. The benefits offered by mobile applications in
form of easy user-interface and remote health monitoring have increased
healthcare application downloads for health consultations.
In
addition to the gaming and healthcare apps, music and entertainment apps also
hold lucrative opportunities to generate business revenues. Escalating demand
for live streaming apps is expected to be one of the key factors boosting the
music & entertainment apps market growth. Live streaming apps such as
Netflix, YouTube, and Instagram enable users to broadcast live videos to a
broader audience. Also, these apps have become popular among content creators
and social media influencers, engaging audiences on a daily basis, and
improving the ranking of their channels and accounts. Furthermore, lockdowns
imposed worldwide in the wake of the COVID-19 outbreak have positively impacted
the growth of OTT applications as people continue to engage in leisure
activities. As a result, the average amount of time spent on OTT applications
has increased drastically during the pandemic. Therefore, entertainment
applications have witnessed a sudden boost in demand. However, the re-opening
of economies by governments post the pandemic containment is expected to bring
the year-on-year growth in the entertainment app segment to normal levels.
Full Research Report On Mobile Application Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/mobile-application-market
Mobile Application
Market Report Highlights
- The market is anticipated to
witness substantial growth during the forecast period due to smartphone
proliferation, internet penetration, and the growing usage of machine
learning and artificial intelligence technologies in mobile
applications (apps)
- The Apple store segment
accounted for the largest revenue share in 2019, owing to a higher
monetization rate of iOS apps for revenue gained from premium apps and
in-app purchases
- The music and entertainment
application segment is projected to exhibit significant growth during the
forecast period from 2020 to 2027, owing to an increase in demand for live
streaming apps such as Netflix, YouTube, and Instagram
- North America dominated the
market and accounted for over 30% revenue share in 2019, owing to rising in-app
consumer spending, high smartphone penetration, and the presence of
numerous players in the region, such as Apple Inc.; Google LLC; Hewlett
Packard Enterprise; Netflix Inc.; and Microsoft Corporation
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/mobile-application-market/request/rs1
Mobile Application
Market Segmentation
Grand View Research has segmented
the global mobile application market based on the store type, application, and
region:
Mobile
Application Store Type Outlook (Revenue, USD Million, 2016 - 2027)
- Google Store
- Apple Store
- Others
Mobile Application
Outlook (Revenue, USD Million, 2016 - 2027)
- Gaming
- Music & Entertainment
- Health & Fitness
- Social Networking
- Retail & e-commerce
- Others
Mobile
Application Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Russia
- Asia Pacific
- China
- India
- Japan
- Singapore
- South Korea
- Latin America
- Brazil
- Mexico
- The Middle East & Africa
List of Key Players
of Mobile Application Market
- Apple Inc.
- Google LLC
- Microsoft Corporation
- Amazon Inc.
- Gameloft SE
- Netflix Inc.
- Practo
- Cure.fit
- Ubisoft Entertainment
- Xiaomi Corp.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment