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  • 23 September 2019 22:12

Mobile Application Market Growing Faster

Increasing data usage and internet penetration, the rise in the number of smartphone users and growing standards of living in developing countries have driven the growth of the global mobile application market.

On the other hand, Lack of high-speed connectivity in developing and underdeveloped regions and Uncertainty of enterprises in developing their own applications have happened to curb the growth to a certain extent. Nevertheless, high investment on digitalization has created multiple opportunities in the segment.

Increased application of virtual reality & augmented reality, incorporation of smart sensors such as gyroscope, motion sensors, and accelerometers into smartphones, and surge in internet penetration in developing regions have boosted the growth of the global mobile application market. However, lack of high-speed connectivity in developing & underdeveloped regions. On the contrary, growing investments in telecommunication, m-commerce, and electronics industries along with rise in subscription of several social media platforms are expected to create lucrative opportunities for the market players in the near future.

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Leading market players in the research include:

• Google, Inc. • Apple, Inc. • Microsoft Corporation • IBM Corporation • Verbat Technologies • Fueled • LeewayHertz • Adept Business Solutions • Verbat Technologies • Burgan National Information Systems Co. • BlackBerry Ltd.

Apple Store segment holds the largest share

The Apple Store segment held lion's share in 2018, contributing nearly half of the total market, as Apple users tend to purchase several applications. This segment will maintain its dominance by 2026. However, the Play Store segment is expected to manifest the fastest CAGR of 25.2% during the study period, as Android has been gaining a large global consumer base. Other marketplaces are also analyzed in the report.

Entertainment & music segment to manifest fastest growth by 2026

The entertainment & music segment is projected to register the fastest CAGR of 31.7% through 2026, owing to rise in adoption of several social media and music- & video-related mobile application. However, the gaming segment held the largest share in 2017, contributing more than three-fourths of the market share, owing to increase in marketing of several online games, rise in launch of games that offer premium and immersive gaming experience, and increase in number of in-app purchases. The report also analyzes health & fitness, travel & hospitality, retail & e-commerce, education & learning, and others.

Asia-Pacific region to portray high demand for the market through 2026

Asia-Pacific region is estimated to portray the fastest CAGR of 24.7% during the study period, owing to rise in usage of smartphones and increase internet penetration coupled with improved economic growth. However, the North America region dominated the market in terms of revenue, contributing about two-fifths of the total market, owing to huge IT industry base and high number of mobile app developers. Moreover, the consumer-oriented professional culture and presence of major market players drive the growth of the market in the North America region. The other regions included in the report are Europe and Latin America, Middle East and Africa (LAMEA).

Segmentation

Market by Store Type: Native, Third party

Market by Application: Games & entertainment, Productivity, Social & personalization, Music & lifestyle, Travel & navigation, Business & finances

Market by Geography North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

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