According to a new report Global Mobile Application Market, published by KBV research, The Global Mobile Application Market size is expected to reach $278 billion by 2026, rising at a market growth of 8.9% CAGR during the forecast period. The demand for mobile applications is anticipated to rise in the coming years, mainly due to increased smartphone proliferation, the rise of internet penetration, and increasing use of technologies like artificial intelligence and machine learning in mobile applications (apps). Moreover, the above-mentioned mobile applications are commonly downloaded from distribution platforms of applications like Google Play Store, and App Store (iOS).
In the year 2019, the Apple store segment has led the market. The higher share of the segment is mainly accredited to the greater monetization rate of iOS apps for the revenue gained from in-app purchases, and premium apps.
In the mobile application market, the gaming segment has held the largest share of revenue in the year 2019. Moreover, the segment is expected to show its dominance in the coming years due to an extraordinary increase anticipated in the gaming population and as a result of which the number of mobile gaming applications in developing economies like China and India. The entertainment and music application segment is expected to show a substantial CAGR from the year 2020 to 2026.
North America has led the market in the year 2019. The higher share is accredited to the existence of several key players in the region, like Google LLC; Apple Inc.; Netflix Inc.; Hewlett Packard Enterprise; and Microsoft Corporation. The Asia Pacific is likely to appear as one of the fastest-growing regional markets. This region has the potential to have an increased in internet penetration and a rise in smartphone adoption. India and China are expected to have the major markets, present a stronger growth opportunity to every participant in the mobile application ecosystem.
Structural Insights: https://www.kbvresearch.com/mobile-application-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Google, Inc., Apple, Inc., Hewlett Packard Enterprise Company, IBM Corporation, Microsoft Corporation, Cognizant Technology Solutions Corporation, Netflix, Inc., Broadcom, Inc. (CA Technologies, Inc.), Intellectsoft LLC, and Verbat Technologies LLC.
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