According to a recent report by Future Market Insights (FMI), the market for super apps is expected to reach $887.30 billion by 2033. The market is expected to grow at a CAGR of 27.5% over the forecast period. FMI estimates the market to be worth US$ 78.16 billion in 2023.
Super applications are becoming more popular as a result of factors such as the rapid development of mobile networks, the availability of low-cost devices, and the affordability of data plans. People are increasingly using mobile phones to access the internet.
Due to the limited storage capacity of low-end mobile phones, users are increasingly adopting super applications. This is due to the super applications’ efficient and user-friendly integration of numerous services.
A sizable portion of the population is still unbanked, which means they do not have access to a bank account. By integrating online payment and e-wallet functionality, super applications typically combine offline and online services. As a result, it is expected that many users will use super applications in the coming years due to the financial convenience they provide, which makes it simple to make online purchases.
During the projection period, demand for digital services in channels such as travel, food delivery, and payment is expected to rise. The development of super applications is expected to open up a number of commercial opportunities, including the ability to expand operations and combine services while addressing customers’ needs and pain points.
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.
- The 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.
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.
Super Apps Market by Category
By Platform, the Super Apps Industry is Segmented as:
- Super Apps for iOS
- Super Apps for Android
- Super Apps for Other Platforms
By Device, the Super Apps Industry is Categorized as:
- Super Apps on Smartphones
- Super Apps on Tablets
- Super Apps on Other Devices
By Application, the Super Apps Market is Segregated as:
- Super Apps for Financial Services
- Super Apps for Transportation & Logistics Services
- Super Apps for E-commerce
- Super Apps for Social Media & Messaging
- Super Apps for Other Applications
By End User, the Super Apps Industry is Bifurcated as:
- Super Apps for Businesses
- Super Apps for Consumers
By Region, the Industry of Super Apps is Segmented as:
- Super Apps in North America Market
- Super Apps in Europe Market
- Super Apps in Asia Pacific Market
- Super Apps in Latin America Market
- Super Apps in the Middle East and Africa Market
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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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