Mobile Application Market forecast | 2022 - 2028

Market Insights

The Mobile Application Market was estimated to grow from USD 183.45 billion in 2021 to USD 434.33 billion by 2028 at a CAGR of 13.1% during the forecast period.

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What is a mobile application?

Mobile applications are different types of software applications that are developed to run on various tablets, smartphones, and computer tablets. These applications commonly serve to provide users with similar services which can be accessed on PCs. The main goal of mobile applications is to enable users to connect to internet services by offering them to use the internet on their portable devices.

COVID-19 Impact Analysis

The COVID-19 pandemic has positively influenced the mobile application sector. During the pandemic, gaming-, social media-, and entertainment-based applications accounted for the highest number of downloads. Also, the demand for healthcare, e-commerce, and educational applications further augments the market growth.

Key Players

The key players operating in the mobile application market are-

• Ubisoft Entertainment (France)
• Microsoft Corporation,
• Apple Inc. (US)
• Google LLC,
• Amazon Inc.,
• Gameloft SE (France)
• Netflix Inc.,
• Practo (India)
• Cure. fit (India)
• Xiaomi Corp (China)

Market Dynamics

The mobile application market is driven by a host of factors, some of which are noted below

• Increasing demand for mobile applications is likely to increase in the following years, mainly owing to smartphone proliferation, growing internet penetration, and rising use of technologies such as artificial intelligence and machine learning in mobile applications (apps).
• The mobile applications are easily downloaded from application distribution platforms such as App Store (iOS) and Google Play Store.
• Increased use of the Internet, especially in developing countries such as Brazil, China, and India.
• The number of mobile application buyers has increased in recent years due to the development of the e-commerce sector, various discounts and offers, as well as a number of products available only on electronic platforms.
• The increasing penetration of the internet and gaming technology continues to improve, resulting in greater accessibility for mobile gaming.
• As a result of the recent outbreak of the coronavirus (COVID-19), social media, gaming, and entertainment apps have received the most downloads compared to other apps.
• Demand for e-commerce, health, and education apps has also grown significantly. In educational applications, the shift to distance learning has provided lucrative growth opportunities for several online portals and technology companies such as Google Classroom, Zoom, and Microsoft Teams.

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Segment Analysis

Store Type

The market has been classified into google store, apple store, and others. Under these, the Apple store segment held a significant market share of more than 60% in 2021. This is mainly attributed to the comparatively higher monetization rate of iOS apps for revenue gained from in-app purchases & premium apps, thereby boosting the segment growth in the coming years.

Application Type

The market has been classified as Gaming, Music & Entertainment, Health & Fitness, Social Networking, Retail & e-Commerce, and Others. Under these, the gaming segment held a significant market share of more than 40% in 2021. and is projected to grow at a robust CAGR in the coming years.

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Regional Analysis

The North American market held the highest market share of more than 30% in 2021 and is projected to grow at a healthy CAGR in the coming years. The presence of key market players in the region, increasing smartphone penetration, strong in-app consumer expenditure, and a relatively higher number of mobile application downloads, further bolsters the regional market growth during the review period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

 By Store Type

• Google Store
• Apple Store

By Application Type

• Gaming
• Music & Entertainment
•  Health & Fitness
•  Social Networking
• Retail & e-Commerce

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia and Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others).

Target Audience

The target audience of mobile application market includes-

• Mobile Application companies
• Mobile Application distributors
• Gaming companies
• Government organizations

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the companies across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market. 

What Deliverables Will You Get in this Report?

Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Technology portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and  others, please send your inquiry at sales@stratviewresearch.com.

Recent Developments

In December 2022, Amazon unveiled a new short-form video and photo feed app named Inspire. It would enable consumers to explore ideas & products and shop from content created by other customers, brands, and influencers. The feature is mainly developed to attract consumers' attention away from apps like TikTok to push sales on Amazon.com.

In December 2022, renowned fast food company McDonald's launched a new holiday promotion centered around a mobile app offering everything from discounted menu items to free groceries for life and extravagant McDonald's merchandise. Customers who place orders through the company's app between December 5th and December 25th have a chance to win an entry in the McGold Card contest.