Sunday, April 14, 2024

    Mobile applications market to hit $170.2bn by 2033

    The global mobile application market is anticipated to grow at a CAGR of 8.6% between 2023 and 2033. The market is anticipated to cross a market share of US$ 170.2 billion by 2033, while it holds a revenue of US$ 74.3 billion in 2023.

    Consumers are more likely to spend on a paid mobile app for entertainment, networking, subscriptions, e-commerce, and gaming as their disposable income rises, which could result in higher sales of mobile applications

    Aspiring mobile application service providers are expected to focus mostly on issues related to the existing mobile market. It is expected to open up significant economic opportunities for these firms. Several small-scale enterprises have already emerged as market leaders in the mobile application market.

    With the growing popularity of Wear OS and other smartwatches, the market is likely to rise at a quick pace during the specified time range. The growing use of virtual reality and augmented reality in smartphones is also expected to benefit the global market.

    The increased focus of organizations on developing in-house apps and the device diversity of mobile applications are projected to impede the growth of the global market over the forecast period.

    The lack of high-speed Internet access in underdeveloped nations, as well as firms developing applications to run commercial operations, are some of the constraints limiting the growth of the mobile application market.

    Regional outlook

    • The North American mobile application market is expected to grow rapidly during the forecast period, followed by Europe. With sales during the forecast period, North America retains the second-highest share of the market for mobile applications. The market is being driven by a strong presence of mobile application makers, as well as substantial R&D spending in North America. During the epidemic, the average weekly time spent on mobile apps grew, as did the user base of mobile apps
    • The Asia Pacific mobile application industry is expected to grow at a rapid pace due to the region’s increasing smartphone and Internet adoption. Advances in networking and the availability of low-cost mobile data use packs are projected to drive the market in APAC during the forecast period.
    • China is Asia Pacific’s most appealing market. China has a substantially bigger incremental opportunity because it dominates the mobile application industry. For instance, TikTok generated an estimated revenue of US$ 4.6 Bn during the covid-19 pandemic.

    The U.S. market is expected to increase at 5% CAGR to US$ 18.6 Billion by 2033, while the U.K. market is expected to expand at a CAGR of 5.4% to US$ 5.6 Billion by 2033. The Chinese mobile application market is expected to increase at 5.7% CAGR to US$ 21.3 Billion by 2033. The Japanese market is expected to expand at a CAGR of 5.1% to US$ 4.5 Billion by 2033.

    The India mobile application market is expected to increase at 19.7% CAGR to US$ 59.3 Billion by 2033.

    By store type in the market, the apple store is to grow at a moderate CAGR of 8% during the forecast period. The market for games is expected to grow at a CAGR of 7.8% over the forecast period.

    Competitive landscape

    The global mobile application industry is highly competitive, with established and large market players. In addition, some new players, including Xiaomi and OnePlus, have recently gained a prominent presence.

    The companies are mostly concerned with providing user-friendly applications with increased experiences. In addition, they added sophisticated technologies such as augmented and virtual reality into the new application to meet the needs and expectations of the customers.

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