The mobile application market is poised for significant growth, projected to achieve an impressive 8.6% CAGR from 2023 to 2033. By 2033, it is expected to exceed a market share of $170.2 billion, building upon its 2023 revenue of $74.3 billion.
As disposable incomes increase, the propensity of consumers to invest in paid mobile applications for various purposes such as entertainment, social networking, subscriptions, e-commerce, and gaming also rises. This upward trend in consumer spending on mobile apps is poised to drive an uptick in sales within the mobile application market.
Start-ups and Government Agencies Launch Innovative Smartphone Apps to Increase Demand
Aspiring mobile application service providers are expected to focus mostly on issues related to the existing mobile market. It is expected to open up significant economic opportunities for these firms. Several small-scale enterprises have already emerged as market leaders in the mobile application market.
With the growing popularity of Wear OS and other smartwatches, the market is likely to rise at a quick pace during the specified time range. The growing use of virtual reality and augmented reality in smartphones is also expected to benefit the global market.
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Key Constraints Facing Market Participants
The increased focus of organizations on developing in-house apps and the device diversity of mobile applications are projected to impede the growth of the global market over the forecast period.
The lack of high-speed Internet access in underdeveloped nations, as well as firms developing applications to run commercial operations, are some of the constraints limiting the growth of the mobile application market.
Regional Outlook
The North American mobile application market is expected to grow rapidly during the forecast period, followed by Europe. With sales during the forecast period, North America retains the second-highest share of the market for mobile applications.
The market is being driven by a strong presence of mobile application makers, as well as substantial R&D spending in North America. During the epidemic, the average weekly time spent on mobile apps grew, as did the user base of mobile apps.
The Asia Pacific mobile application industry is expected to grow at a rapid pace due to the region’s increasing smartphone and Internet adoption. Advances in networking and the availability of low-cost mobile data use packs are projected to drive the market in APAC during the forecast period.
China is Asia Pacific’s most appealing market. China has a substantially bigger incremental opportunity because it dominates the mobile application industry. For instance, TikTok generated an estimated revenue of US$ 4.6 Bn during the covid-19 pandemic.
Key Takeaways
- By store type in the market, the Apple store is to grow at a moderate CAGR of 8% during the forecast period.
- The market for games is expected to grow at a CAGR of 7.8% over the forecast period.
- The U.S. market is expected to increase at 5% CAGR to US$ 18.6 Billion by 2033.
- The U.K. market is expected to expand at a CAGR of 5.4% to US$ 5.6 Billion by 2033.
- The China mobile application market is expected to increase at 5.7% CAGR to US$ 21.3 Billion by 2033.
- The Japanese market is expected to expand at a CAGR of 5.1% to US$ 4.5 Billion by 2033.
- The India mobile application market is expected to increase at 19.7% CAGR to US$ 59.3 Billion by 2033.
Competitive Landscape
The global mobile application industry is highly competitive, with established and large market players. In addition, some new players, including Xiaomi and OnePlus, have recently gained a prominent presence.
The companies are mostly concerned with providing user-friendly applications with increased experiences. In addition, they added sophisticated technologies such as augmented and virtual reality into the new application to meet the needs and expectations of the customers.
Key Players:
- Apple Inc.,
- Google LLC
- Microsoft Corporation
- Amazon Inc.
- Gameloft SE
- Netflix Inc.
- Practo
- Cure. fit
- Ubisoft Entertainment
- Xiaomi Corp.
Recent Development
- Acquisition – MobileIron Inc.
In May 2020, MobileIron Inc. acquired incapptic Connect GmbH, a mobile application creator, with the intention of building and implementing secure mobile business apps.
- Investment – GOQii
Mitsui & Co., Ltd., a Japanese firm and notable healthcare investor, announced funding in GOQii in November 2018. Following the completion of the project, GOQii focused on growing its footprint in India and entering the Japanese market through its health shop.
- Acquisition – Google LLC
Google LLC acquired AppSheet, a provider of a no-code development platform for application software, in January 2020
- Investment – Qualcomm Inc.
Qualcomm Inc., a U.S.-based semiconductor and telecom equipment business, invested US$ 150 million in Indian startups in September 2015.
Such expenditures are likely to assist market enterprises by expanding their product portfolios, strengthening their market presence, and gaining a competitive advantage.
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Key Segments
By Store Type:
- Apple App Store
- Google Play
- Others
By End Use:
- Games
- Media & Entertainment
- Healthcare
- Education
- Travel
- Shopping
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ excl. Japan
- Japan
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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