Market overview
According to the mobile application market report,the global market is projected to grow at a CAGR of 14% during the analysis period. Further, the same market has anticipated accounting for approximately USD 165 billion of market value during the review period.
The worldwide mobile application marketgrowthis driving on a large scale due to the rising application of augmented reality and virtual reality in mobile applications. Moreover, the growing demand of the global market is relying on the dominance of the internet of things in smartphone development.
Additionally, the rising downloads of different gaming applications are thriving the global market growth during the forecast period.However, the mobile application market might get affected due to the time-consuming updates of the applications.
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Market segmentation
The global mobile application market has been classified on the basis of platforms, categories, and end-users.
The worldwide market has been classified on the basis of platforms such as Windows,iOS, Android, and others. Here, the android segment is anticipated to hold the largest market share during the review period. Moreover, the iOS segment is projected to hold the second-largest market share over the forecast period.
On the basis of categories segment, the current market has been segregated into non-gaming and gaming. Here, the gaming segment is projected to generate the largest market share throughout the forecast period. On the other hand, the non-gaming category has further sub-segregated into social media,productivity,browser, entertainment, and others. The present market has been categorized into media, airlines,government, transport,hotel & restaurant, education, banking, retail, and others in terms of the end-user segment.
Regional analysis
As per the global mobile application marketreport, the market has spread across various geographical locations such as North America, Europe, Asia-Pacific, the Middle East, Africa, Latin America, and the rest of the world.
Of these, the North American regional market is registered to acquire the largest market share during the research period. This region is growing due to the presence of Canada and the US. Moreover, the demand for mobile applications is growing in this region because of the increasing number of mobile users. For instance, the Asia Pacific region has acquired the second largest market share and is considered the fastest-growing market in the research timeframe. The high demand for mobile applications has been witnessed in this region due to the rising use of smartphones among the countries of China and India.
Furthermore, the European market has held the third-largest market share during the analysis period due to the presence of powerful countries like France, Germany, Italy, and the UK. This region is fueling the demand for mobile applications because of the rising investment in digital infrastructure development by various governments of these countries. Additionally, the regions like the Middle East, Africa, and Latin America are also showing slow growth in the assessment timeframe due to the slow growth of digital infrastructure development in the regions.
Industry news
In May 2020, Mobilelron Inc. was acquired by Incapptic Connect GmbH, a mobile app development company. This partnership is helpful to develop and deploy a secure base for the development of the application.
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