Super Apps Market is Assessed to Trail at a CAGR of 27.5% from 2023 to 2033 | Future Market Insights, Inc.

The global super apps market is predicted to register a CAGR of 27.5% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 78.16 billion in 2023 to US$ 887.30 billion by 2033 end.

Factors such as the robust development of mobile networks, availability of low-cost smartphones, and affordable data plans are favoring the market growth of super apps. People are also increasingly accessing the internet via mobile phones.  

The limited storage capacity of low-end mobile phones is also shifting users toward the adoption of super apps. This can be attributed to the easy-to-use and effective integration of several services in the super apps.  

Significant percentage of the population is still unbanked, which means they have no access to a bank account. Super apps are usually outfitted with online payment and e-wallet features, merging offline and online services. As a result, the financial convenience offered by super apps, leading to easy online spending, is expected to generate several users in the coming years.  

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Over the forecast period, the demand for digital services in channels like travel, food delivery, and payment is expected to increase. Several potential opportunities for businesses to unite users’ pain points and needs, expand their operations, and integrate services, are expected to propel the super apps industry. 

Top Highlights from the FMI’s Analysis of the Super Apps Market:   

• China is expected to acquire a significant market share over the projected period. The continuous dominance of China over other markets is grounded in a large number of netizens, and the booming e-commerce sector in the country.
• The Android sector is projected to acquire a large pie of the market in the coming years. Several benefits of Android over iOS, along with its affordability factor, are expected to govern the segment growth.
• The smartphone sector obtained 75.6% in 2022. Increasing usage of smartphones for communication purposes, and growing demand for connectivity, are a couple of factors driving the segment expansion.
• Social media and messaging sector is forecasted to account for 27.3% of the overall market share. Since users employ smartphones chiefly for communication, social media, and gaming, this segment is projected to witness healthy growth.
• Growing demand for financial services like investment, insurance, digital payments, and wallets, is expected to boost the financial services segment. The segment is predicted to expand at 29.6% over the forecast period.
• The consumer section is expected to depict a CAGR of 28.5% during the projected period. Increasing demand for value-added services and transaction services is enlarging the consumer base for super apps. 

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FMI Captures Key Developments by Market Players: 

• In December 2021, Grab revealed that it is foraying into online payments and food delivery channels. With the secured financing of worth US$ 1.46 billion, the company is set to witness robust growth as a super app. 
• In January 2022, PayPal, which is a fintech super app firm, declared its acquisition of Paidy, a Japanese BNPL company for US$ 2.7 billion. With this acquisition, the company established its foothold in the country.