Mobile Application Market Analysis Report By Store Type, By Application, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global mobile application market size was accounted for USD 154.05 billion in 2019. It is also estimated to witness an 11.5% CAGR over the forecasted period, 2020 to 2027. The rising popularity of smartphones, internet proliferation, and the development of user-friendly platforms is expected to propel market growth.

Mobile applications serving various purposes like gaming, music & entertainment, health& fitness, retail & e-commerce, and social networking are gaining wide popularity across the globe. Thus, the majority of the mobile applications developers have started leveraging advanced technologies like big data, AI (artificial intelligence), and ML (machine learning) for widening their product reach and usage.

Apart from communication, smartphones are also being designed to severe many purposes. Several telecom operators have thus launched low-cost internet data plans are per the customized need of the users. Also, offers and discounts provided by product and service providers on downloading their applications have upsurges the market growth.

Store Type Insights

The segment of Apple Store held the highest share of around 60.0% in terms of revenue across the global mobile application market in 2019. The higher monetization rate of the apps obtained from in-app and premium app purchases is expected to augment the market growth for this segment. Also, the surging popularity of iPad and iPhone is estimated to further fuel up the market growth.

The segment of Google Store is expected to witness significant growth in the upcoming years. The surging sales of android smartphones by new entrants such as Xiaomi Corp. and OnePlus along with established players like the iPhone and Samsung are expected to boost the market growth for this segment.

Application Insights

In 2019, the gaming application segment accounted for the largest share of around 40.0% across the global market. It is also expected to register the highest growth in the upcoming years. This can be associated with the exponentially growing popularity of gaming applications across countries like India and China.

The music & entertainment segment registered significant growth with 12.0% CAGR over the forecasted period. The emergence of several mobile music & entertainment applications like Netflix, Spotify, Tinder, YouTube, and Amazon Prime is expected to contribute majorly towards this growth. For example, Netflix gained the highest revenue in 2018 which is followed by YouTube.

Regional Insights

North America accounted for a dominant share of more than 30.0% across the global mobile application market in 2019. This can be associated with the surging presence of key players like Google LLC, Netflix Inc., Apple Inc., and Microsoft Corporation. Moreover, external factors like increased consumer spending, surging penetration of smartphones, and the internet among the millennial population, and rising number of application downloads in smartphones across this region are expected to augment the market growth.

The Asia Pacific is expected to witness the fastest growth across the global market from 2020 to 2027. This growth can be attributed to the increasing popularity of smartphones among individuals. Moreover, initiatives undertaken by several governments like Digital India for promoting digitalization are projected to drive market growth in the upcoming years.

COVID-19 Impact Insights

The market has been positively impacted due to the ongoing COVID-19 pandemic. Lockdown imposition across several countries has resulted in the imposition of online education and work-from-home policies. Thus, applications such as Zoom, Microsoft Teams, and Google Classrooms have found their way to penetrate deeper into the market. Also, traveling restrictions have forced individuals to adopt in-house entertainment mediums, which has propelled the number of downloads of applications like Netflix and HBO. Moreover, initiatives undertaken by governing authorities for curbing the spread of a virus such as the development of the AarogyaSetu mobile application by the Government of India have triggered the market growth for mobile applications.

Mobile Application Market Share Insights

The key players operating in the market are Apple Inc., Microsoft Corporation, Google LLC, Gameloft SE, Practo, Netflix Inc., Gameloft SE, and Amazon Inc. They are investing hugely to carry out R&D activities for developing user-friendly interfaces.

Strategies such as partnerships and acquisitions are undertaken by the key players for widening their product portfolio and geographical reach. For example, in 2018, GOQii had announced that the funding for the company was raised by a Japanese healthcare investor named Mitsui & Co., Ltd.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub-segments. For this study, Million Insights has segmented the global mobile application market on the basis of store type, application, and region:

• Store Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Google Store
    • Apple Store
    • Others

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Gaming
    • Music & Entertainment
    • Health & Fitness
    • Social Networking
    • Retail & e-commerce
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
    • Europe
        • The U.K.
        • Germany
        • France
        • Russia
    • The Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Singapore
    • Latin America
        • Brazil
        • Mexico
    • The Middle East & Africa