The net worth of the global mobile application store market is anticipated to be around US$ 235,635.8 million in 2024. The sales of mobile application stores are expected to continue to grow at a robust CAGR of 20.4% from 2024 to 2034. The market share of the digital app industry worldwide is projected to be close to US$ 1,504,596.8 million by 2034.
A steep surge in demand for mobile app stores in recent years is closely correlated with rising smartphone usage across the globe. Mobile app distribution is facilitated by such app stores, which provide developers with a platform to connect with a worldwide user base. Increasing opportunities for app monetization through in-app purchases, subscription services, and advertisements are likely to propel the size of the digital app marketplace in the coming days.
Key Takeaways from the Mobile Application Store Market Study Report
- The total market is projected to witness an absolute growth opportunity of US$ US$ 1,265 billion over the next ten years.
- The market in the United States is predicted to expand at a significant CAGR of about 17.2% between 2024 and 2034.
- Germany is predicted to witness a rise in the adoption of mobile application stores at a rate of 15.8% per year till 2034.
- Chinese app store companies are likely to register a CAGR of 20.9% through 2034 on average.
- Australia is anticipated to witness the most lucrative CAGR of 23.9% in the expansion of its mobile application industry over the forecast years.
- The communication application segment is expected to account for 19.3% revenue share in 2024.
Competitive Landscape for the Mobile Application Store Market Participants
Traditionally, Apple and Google acquire more than 95% of the mobile application stores industry share outside of China. A steep rise in the mobile app store marketplace competition in recent years can be attributed to the global increase in smartphone users and digital literacy. With the release of numerous mobile apps and a substantial user base, new market players are expected to emerge soon and intensify the competition.
“Leading companies are using artificial intelligence and machine learning to develop new smartphone applications, which is opening up profitable development prospects for the digital app stores. According to a poll, 200 developers of mobile applications aim to improve features like cameras and security software on smartphones by integrating AI and ML.” – says a lead analyst at FMI
Recent Developments by the Mobile Application Store Industry Players
In February 2024, PhonePe, a division of Walmart Inc., introduced the Indus Appstore, a new Android-based mobile application store, in India. More than 200,000 applications and games are available in 12 Indian languages on the store, and developers won’t have to pay listing fees until 2025. PhonePe, which touts itself as a “game-changer in India’s digital journey,” launched this store in an attempt to take advantage of the country’s booming mobile usage and to take on Google’s Play Store.
In November 2023, Catappult integrated the options for direct-to-consumer monetization and distribution via over ten app stores for Android app developers. They can now reach over 430 million consumers by distributing the application software or game through this one-stop shop to connect with several app stores and other international distribution channels.
Key Segments Covered by Mobile Application Store Industry Survey Report
By Store Type:
- Google Play Store
- Apple Store
- Other Stores
By Application:
- Gaming
- Music & Entertainment
- Health & Fitness
- Productivity
- Communication
- Security
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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