Mobile Application Market Expected to Reach USD 407.31 billion by 2026|Top Players such as -Apple, Cognizant and Verbat
Mobile Application Market
The ubiquity of smartphones, rising internet usage, and use of technologies like AI & ML in mobile applications growth in demand for mobile applications market.
PORTLAND, PORTLAND, OR, UNITED STATE, March 22, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, "Mobile Application Market Expected to Reach USD 407.31 billion by 2026 | Top Players such as -Apple, Cognizant and Verbat." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global mobile application market size was valued at USD 106.27 billion in 2018, and projected to reach USD 407.31 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.
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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.
The global mobile application market is segmented based on marketplace, app category, and region. Based on marketplace, it is classified into apple iOS store, google play store, and other marketplaces (Microsoft, Huawei, and others). Based on app category, the market is categorized into gaming, entertainment & music, health & fitness, travel & hospitality, retail & e-commerce, education & learning and others (navigation, utilities, and news). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The gaming segment dominated the mobile application market in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in number of mobile gaming application in developing nations such as China and India, which drive the growth of the market. Furthermore, the entertainment and music segment is expected to grow at a significant CAGR during the forecast period, owing to rapid increase in usage of different entertainment applications.
The apple app store segment dominated the mobile application market in 2018 and is projected to maintain its dominance during the forecast period, owing to increase in number of iPhone and iPad users across the globe.
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The global mobile app market is segmented on the basis of regions into North America, Europe, Asia-Pacific, and LAMEA. Based on region, the global mobile application market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to the increasing number of mobile apps downloads.
The report analyzes the profiles of key players operating in the market Apple Inc., CA Technologies, Cognizant, China Mobile Ltd, Hewlett Packard Enterprise, Intellectsoft, Google LLC, International Business Machines Corporation, Microsoft Corporation, and Verbat Technologies.
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Key Findings of the Mobile Application Market :
⁕ Based on marketplace, the apple app store segment led the mobile application market size in terms of revenue in 2018.
⁕ By app category, the entertainment & music accounted for the highest mobile application market share in 2018.
⁕ Based on region, North America generated the highest revenue in 2018.
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