The global mobile application market is expected to grow at a CAGR of 11.1% in a forecast period from 2016 to 2024. The market will witness an annual growth of US$ 50.47 Bn during forecast period from 2016 to 2024.
The factors that are increasing the potential sales of mobile applications to a greater extent include entertainment, mobile communication and high income as it increases the probability of customers’ expenditure on media. The demand for mobile applications is high in developed regions because urban population is adapting the mobile application very quickly. Also advancements in the telecommunication, m-commerce and electronic industries will globally witness a substantial market growth of mobile application during the forecast period.
The major factors that are increasing the market growth of mobile application include increasing subscription in social media, increasing internet penetration and rising LTE adoption. The global leaders of smartphone manufacturers including Samsung Electronics Co. Ltd., Lenovo Group Limited, Apple Inc., Huawei Technologies Co. Ltd., Microsoft and LG Electronics Inc. are governing the market trend by making deliberate investments in the development and production of application processor to distinguish their offerings so that the margins and market shares are maintained. Additionally, the growing trend of m-commerce between the working people has augmented the demand for mobile applications.
The segmentation of global market of mobile application is done based on the Store type (Apple App Store, Google Play), End Use type (Healthcare, Navigation, Games, Books, Social Networking, Music, Business, Productivity, Entertainment, Travel, News, Photos and Videos, Education) and Region type (Europe, North America, Middle East & Africa, Latin America, and Asia Pacific).
The segment of Apple App store is projected to generate revenue share of 47.2% in 2016. While the segment of Google Play is anticipated to reach around US$ 17.22 Bn by 2016 end. By 20204, it is expected to account for US$ 43.53 Bn, generating a healthy CAGR of 10.8%. On the other hand, the Games end use segment is estimated to account for US$ 18.45 Bn, generating a CAGR of 11.7% and is anticipated to exhibit a relatively high attractive index during the forecast period.
On the basis of region, throughout the forecast period, APAC will be the largest market and will register a healthy CAGR of 10.6%.Though, by end of 2016, the market valuation will be US$ 15.94 Bn but by 2024, the market is expected to reach US$ 41.97 Bn. While the market of mobile application of the North America will account for a revenue share of 21% in 2016.
The key players in the market of mobile application are Apple Inc., Microsoft, Google Inc., China Mobile Limited, CA, SAP SE, Cognizant, Opera Software, Hewlett Packard Enterprise Development LP, and Samsung Electronics Co. Ltd.
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Long-term Outlook: The global mobile application market is expected to grow at a CAGR of 11.1% in a forecast period from 2016 to 2024.