The global mobile application market size is anticipated to value USD 366.34 billion until 2027. It is also expected to register a CAGR of 11.5% over the forecasted years, 2020 to 2027. The rising adoption of the internet and smartphones to carry out daily activities is projected to propel the market growth for mobile applications.
In 2019, the Apple Store segment dominated the global market with a share of around 60.0% due to the increasing popularity of iPad and iPhones coupled with their user-friendly interface. While the Google Store is anticipated to register significant growth owing to low-cost and easily accessible features.
In 2019, the application segment of gaming dominated the global market on account of the exponentially growing popularity of gaming applications among children and teenagers. On the other hand, the music & entertainment segment is estimated to witness a significant CAGR of 12.0% over the forecasted period, 2020 to 2027 on account of the increasing popularity of applications like Netflix, Spotify and YouTube.
North America accounted for the highest share of around 30.0% across the global mobile application market in 2019 due to the presence of players like Netflix Inc., Apple Inc., Microsoft Corporation, and Google LLC across this region. The Asia Pacific is anticipated to register the highest growth in the upcoming years due to the rising popularity of smartphones among individuals across countries like India and China.
The market across the globe includes key players such as Gameloft SE, Microsoft Corporation, Apple Inc., Google LLC, Netflix Inc., Amazon Inc, and Practo. They are developing strategies like acquisitions and partnerships for enhancing downloads and usage of their applications.
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Further key findings from the report suggest:
• In 2019, the Apple Store segment dominated the global market.
• The music & entertainment application segment accounted for the significant CAGR of 12.0% from 2020 to 2027.
• North America accounted for the highest share of around 30.0% across the global market in 2019.
• The key players operating in this market are Gameloft SE, Microsoft Corporation, Apple Inc., Google LLC, Netflix Inc., Amazon Inc, and Practo.
Million Insights has segmented the global mobile application market on the basis of store type, application and region:
Mobile Application Store Type Outlook (Revenue, USD Million, 2016 - 2027)
• Google Store
• Apple Store
Mobile Application Outlook (Revenue, USD Million, 2016 - 2027)
• Music & Entertainment
• Health & Fitness
• Social Networking
• Retail & e-commerce
Mobile Application Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Latin America
• The Middle East & Africa