The global business app market size was valued at USD 2.53 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.5% from 2021 to 2028. This can be credited to the rising demand for small business management apps in the U.S. and U.K. Rising demand for virtual file management apps in Asia Pacific is also anticipated to boost the market growth. Moreover, the growing demand for cloud-based business apps across the globe is aiding the market growth. Soaring demand for e-commerce platforms is shuffling the demand for business apps across the globe. In addition, the increasing demand for template-based business apps in India is propelling market growth.
However, higher subscription charges of business apps may hamper the market growth. At present, key players are focusing on adopting cloud-based business app methodologies. Hence, the market is expected to witness significant growth during the forecast period. Growing investments from Fresh Lime Soft to provide better optimization service are refueling the market growth. Rapidly growing demand for react-native tools across the globe is boosting the market growth. This tool is majorly used to improve the web development skills to rebuild iOS and Android apps.
The growing demand for cross-platform tools in the U.S. to develop iOS and Android apps using the dart language is driving the industry growth. The Coronavirus pandemic had a negative impact on several industries across the globe. Global shut-down activity had strongly affected offline trading. The global supply chain was disrupted owing to the strict regulations enforced by the central authority. However, the business app market had gained traction during the pandemic era owing to the rising demand for business-oriented app services. The growing demand for digital tax-filing apps from consumers in China had propelled the market growth.
Easy navigation, responsive design for several screen sizes, updated version, and the vast array of the online business app had gained traction during the global pandemic. The rising concern for customized business app products is refueling the market growth. The key players of the market are providing an analytical methodology for the business app with the help of the Android- & iOS-based platforms. Feedback systems of the business applications are improving transparency, which, in turn, will fuel market growth.
The Google Play Store segment accounted for the highest revenue share of more than 54% in 2020. Lower cost, open-source application-based android platform, and easy-to-customize features are fueling the segment growth. Android platform is providing easy integration and cross-promoted functions for several business applications. A larger number of business apps available in the play store will raise its popularity in the coming years.
The Apple iOS Store segment will register the fastest CAGR over the forecast period. This can be credited to the growing demand for a malware-free operating system from consumers in North America. Specialized and incomparable multitasking features are augmenting the segment growth. Special features, such as integration with other Apple products, also reflect the significant growth during the forecast period.
North America accounted for the largest revenue share of over 37% in 2020 due to the growing focus on digital business skills from the consumers in the U.S. and Canada. The rising trend in the U.S. to adopt social networking-based business apps with the feature of in-app purchases is propelling the market growth. The market share of the U.S. is driven by the escalating demand for financial context-based business applications. Ease of accessibility of the business applications with downloadable options will contribute to the market growth. Moreover, the rising demand for inventory management apps in Canada is anticipated to boost market growth.
Asia Pacific is projected to witness the fastest CAGR from 2021 to 2028. This can be attributed to the growing demand for the payment-based applications from retail consumers in China and India. The emerging trend in China to embrace logo editing app to evaluate the business representation coupled with the growing adoption of flight management-based business apps will boost the market growth. Furthermore, the rising demand for business networking apps in China to send information through text message is anticipated to augment the market growth.
Companies’ main focus is to provide powerful integrations for business applications. The key players are offering rapid app development. Multiple companies are providing cloud storage management solutions with other storage services like access box and drop box. A surge in the adoption of Android and Apple iOS-based devices will create lucrative opportunities for the key players. Major companies operating in the global business app market are as follows:
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Report Attribute |
Details |
|
Market size value in 2021 |
USD 2.77 Billion |
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Revenue forecast in 2028 |
USD 7.17 Billion |
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Growth rate |
CAGR of 14.5% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Marketplace and region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; France; China; India; Japan; Brazil; Argentina; Saudi Arabia; South Africa |
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Key companies profiled |
Fresh Lime Soft; MobileCoderz Technologies; Michigan Software Labs; Simform; Mobindusty; App Maisters; RV Technologies; Orangesoft; GeekyAnts; NMG Technologies |
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Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global business app market report on the basis of marketplace and region:
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