The mobile app market is still growing to hit 571 billion by 2030
Monday, October 16, 2023
A report by The Insight Partners says the mobile application market will be worth $571.62B by 2030. Key trends include the growth of mobile gaming, the increasing popularity of mobile health and fitness apps, the rise of mobile commerce, and the rise in the use of AI, ML, AR, and VR in mobile apps.
The increasing status of other mobile devices and smartphones, the rising demand for mobile apps in various industries, such as healthcare, gaming, education, and retail, the growing adoption of mobile payment and other mobile commerce solutions, the increasing use of machine learning and artificial intelligence in mobile apps. The mobile app market is also expected to grow significantly in the coming years. The growth is driven by the rising demand for mobile apps and the need for businesses to spread to their target audience through mobile channels.
Mobile app Market in terms of revenue was estimated to be worth $207.31 billion in 2022 and is poised to reach $571.62 billion by 2030, growing at a CAGR of 13.5% from 2022 to 2030 according to a new report published by The Insight Partners.
The mobile app market is growing rapidly and is expected to be worth $571.62 Billion by 2030
The growth of the mobile application market is driven by increase in the adoption of variable devices and a rise in customer base for the e-commerce industry. The Google Play store segment held the largest market share in 2022 and is further anticipated to register the highest CAGR during 2022 to 2030.
Browse Comprehensive TOC on "Mobile Application Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis– Store Type (Apple iOS Store, Google Play Store, Others); Application (Gaming, Music and Entertainment, Health and Fitness, Social Networking, Retail and E-commerce, Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)"
The mobile application market includes several key trends, including the growth of mobile gaming, the increasing popularity of mobile health and fitness apps, the rise of mobile commerce, the adoption of augmented reality and virtual reality in mobile apps, the rise in the use of artificial intelligence and machine learning in mobile apps. These trends create new opportunities for businesses to develop and market mobile apps. Businesses that capitalize on these trends will be well-positioned to succeed in the growing mobile application market.
The mobile application market is growing rapidly because of the increasing penetration of smartphones and other mobile devices. In 2022, there were over 6.6 billion smartphone users globally, which is expected to grow to 8.4 billion by 2025. This means that more and more people have access to mobile devices, which makes them a valuable platform for companies to reach their target audience. Moreover, there is a growing demand for mobile apps in various industries. Mobile apps are used in various industries, including gaming, healthcare, education, retail, and transportation. This is because mobile apps offer several advantages over traditional desktop applications, such as convenience, portability, and interactivity.
The rising adoption of mobile payment and other mobile commerce solutions. Mobile payments are getting popular as they offer a convenient and secure way to pay for goods and services. This is driving the demand for mobile apps that offer payment functionality. The increasing use of artificial intelligence and machine learning in mobile apps is fueling the growth of the mobile application market. Machine learning and artificial intelligence are being used to develop mobile apps that are more intelligent and personalized. This is leading to the development of new and innovative mobile apps, transforming how we live and work. The mobile application market is a rapidly growing and evolving market. Businesses that can understand the latest trends and develop innovative mobile apps will be well-positioned to succeed in this market.
Rising smartphone penetration and a high adoption rate of advanced technologies such as IoT, augmented & virtual reality (A.R. & V.R.), and artificial intelligence have significantly triggered the Asia Pacific market at a rapid pace. The region was the most lucrative and predicted to witness the highest growth rate during the forecast period. Based on the revenue share, the Asia Pacific is expected to dominate the global mobile application market during the analysis period. Among Asian countries, China was the leading destination for mobile application downloads in 2022. However, India recorded the highest daily use of approximately 27%. In the future, rising disposable income combined with government initiatives will likely boost regional market growth. Additionally, the accessibility of low-price mobile information ingesting packs and networking developments are two significant growth drivers in the region. In addition, the adoption of smartphone and internet penetration is also driving the expansion of the mobile application market in the Asia-Pacific region.
On the other hand, being technologically forward and developed economies, North America and Europe held a prominent position in the global mobile application market in 2021, with more than 60% revenue share collectively. The presence of magnificent players in North America, such as Apple Inc., IBM Corp., Microsoft Corp., Google LLC, Cognizant, and many others, has led the region to the dominant position. In addition, early adoption of technologies in the region and significant investment in mobile applications to fully digitize the world are other prime factors driving the market growth.
The U.S. is dominating the mobile application market in the North American region. In standings of in-app compensation, rewarded mobile games, and a fast-increasing user base of mobile applications in the country, the U.S. is projected to become a profitable market for mobile gaming applications. The growth of the North American mobile application market is attributed to major market players' existence.
|Market Size Value in||USD 207.31 Billion in 2022|
|Market Size Value by||USD 571.62 Billion by 2030|
|Growth rate||CAGR of 13.5% from 2022 to 2030|
|Segments covered||Store Type, Application, and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
Global mobile application market: Segmental overview
Based on the application, the market is segmented into gaming, music and entertainment, health and fitness, social networking, retail and e-commerce, and others. The gaming segment occupied the largest share of the market in 2022. For instance, in 2022, the download of mobile game applications increased by 0.5% in 2022 up to 55.6 billion. The music and entertainment, health and fitness, social networking, retail, and e-commerce industries also contribute to the market generously.
The shift in consumer pattern lifestyle increased demand for wearable device products, providing lucrative opportunities for the mobile application market. Due to smartphone proliferation, machine learning and artificial intelligence technologies, internet penetration, and the rise in mobile applications, the market is expected to boost significantly during the forecast period (apps). Moreover, the Apple store segment reported a significant growth rate during the forecast period due to iOS apps' relatively higher monetization rate for revenue produced by in-app purchases and premium apps.
The music & entertainment application segment is projected to demonstrate significant progress during the forecast period from 2022 to 2030 because of the rise in demand for live-streaming apps such as Instagram, YouTube, and Netflix. Technology plays a critical role in the mobile sector. Mobile manufacturing companies are focusing on launching new advanced mobile devices with updated features such as processing speed, software capability, storage, and display quality due to increasing demand for smartphones among users. Different models and operating systems in mobile devices require suitable mobile applications to perform tasks and processes.
Global mobile application market: Competitive landscape
Apple Inc., CA Technologies, Cognizant, Google LLC, Netflix Inc., Microsoft Corporation, Amazon Inc., Gameloft S.E., Intellect soft U.S., and China Mobile Limited are some key organizations operating in the mobile application market. The market players' leaders focus on new product launches, expansion and diversification and acquisition strategies allow them to access existing business opportunities.
Global mobile application market - Key industry dynamics:
Increase in virtual reality in the mobile application drives its demand.
The dominance of the internet of things in the development of smartphones.
Lack of high-speed internet.
Acquiring proficiency in the development of gaming apps.
Launch of innovative smartphone apps by startup and government agencies to boost demand.
In May 2020: Mobilelron Inc. acquired incapptic Connect GmbH, a mobile app developer, to deploy and develop secure mobile business app.
In January 2020: A provider of a no-code development platform for application software was acquired by Google LLC and obtained AppSheet.
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