The mobile applications market is estimated at US$129.806 billion for the year 2019. Mobile Applications are referred to as those software applications that can be accessed on smartphones and tablets only. These apps have to ability to provide the users with the experience and services to those services that are accessed through PCs. The primary factors that drive the mobile applications market growth include the growing penetration of the internet across the developed economies around the globe along with the rising internet penetration due to the rising disposable income and growing middle-class population. Furthermore, the growing acceptance of mobile applications for educational and training purposes is also considered to be one of the prime opportunities for the market to grow in the near future. Also, the rising social media users around the globe is also one of the key factors bolstering the growth of the market during the next five years.
The recent pandemic of the COVID-19 disease is projected to be one of the major factors for the market to boom during the short run as various government initiatives for reducing the spread of this deadly disease such as social distancing measures, lockdowns and work from homes and online education among others are significantly boosting the adoption of various apps including social media, games, educational apps, and video streaming services among others. Thereby, positively driving the mobile applications market growth during the coming years.
Rising internet penetration
The major factor that is significantly driving the market growth during the next five years includes the continuously growing penetration of cheaper and faster internet services in both developed and underdeveloped economies of the world. The Internet also plays a crucial role in the growing adoption of mobile applications as the number of internet users is growing there is a significant growth in the number of applications users that include online games, video streaming services, and banking services among others. Additionally, the rapid growth in technology adoption has also led to an increase in the adoption of the internet such as smart devices, smart homes which further require numerous applications for their operations. The number of internet users has been on the verge of increase for many years. Also, according to the World Bank Group, the percentage of the population using the internet across the globe increased from 20.4% in 2007 to 49.7% by 2017.
The budding investments by internet providers to cater to the growing customer requirements for faster internet services are leading to the deployment of 5G technology by major telecom companies also provide ample of opportunities for the market to surge in the near future. All these factors are anticipated to drive the mobile applications market growth during the next five years.
Growing adoption of mobile games
The penetration of numerous online multiplayer real-time location-based mobile games such as player unknown battleground, Pokémon Go and Free Fire among others has been growing at a rapid pace. With the availability of faster and cheaper internet, the number of mobile game players is increasing thereby positively impacting the market growth throughout the forecast period. Moreover, the penetration of various PC-based gaming companies are investing heavily in the R&D for the development of mobile-based games to tap the growing potential of this segment further shows the potential for the market to grow in the coming years. For instance, in October 2019, Activision, a globally leading video game publishing company announced the launch of its evergreen PC game Call of Duty for smartphones and tablets. Similarly, the increasing penetration of new games based out of movies and web series is also considered to be a prime opportunity for the market to grow during the coming years. For instance, Marvel Studios announced the launch of a new game, Marvel Future Revolution, which is projected to be rolled out by the mid of 2020. Also, recently in March 2020, Behaviour Interactive, a leading Canadian video game publisher announced the launch of Game of Thrones: Beyond the Wall based on the award-winning HBO web series, Game of Thrones.
The global mobile applications market has been segmented on the basis of platform, category, and geography. By platform, the market has been classified into iOS, Android, and others. By category, the classification has been done on the basis of gaming, music and audio, business, social, entertainment, and others. Geographically, the mobile applications market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific among others.
Social apps to hold a significant share
The social apps segment is projected to hold significant market share owing to the presence of a variety of social media apps throughout the globe along with the presence of a considerably larger population using social media platforms such as Facebook, Instagram, WhatsApp, and Snapchat among others. The games segment is projected to show robust growth during the next five years due to the availability of numerous games for all the age types coupled with the growing launches of new games.
Asia Pacific to show notable growth
The Asia Pacific region is projected to show robust growth opportunities for the market to grow during the next five years due to the rising internet penetration and the growing number of smartphone users in the major developing economies such as India, China, and Vietnam among others. North American region is anticipated to hold a significant share in the market owing to the presence of state-of-art infrastructure and the presence of key market players in countries like the United States.
Prominent key market players in the mobile applications market include Microsoft, Google, Tencent, and China Mobile Limited among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings.
Major players in the mobile applications market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.