The mobile app development market is worth $366.34 billion per
New York, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “mobile application development marketBy Platform, By Application – 2030 Forecast,” the market is expected to acquire a valuation of approximately USD 366.34 billion by the end of 2030. The reports further predict that the market will thrive at a robust CAGR of over 23.80% during the evaluation period. .
Mobile Application Development Market Key Players
Prominent industry players profiled in the Global Mobile Application Development Market report include-
- Google, Inc. (USA)
- IBM Corporation (USA)
- Microsoft Corporation (USA)
- Facebook, Inc. (USA)
- Amazon, Inc. (USA)
- Verivo Software, Inc. (USA)
- Kony, Inc. (USA)
- infosys, ltd. (India)
- Apple, Inc. (USA)
- Wipro Corporation (India)
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Scope of Mobile Application Development Market Report:
|Market size||$366.34 billion|
|Rate of growth:||CAGR of 23.80% from 2022 to 2030|
|Key market opportunities||Growing reliance on global IT infrastructure|
|Key Market Drivers||Encouraging the mobile application market are the raised application of different augmented reality and virtual reality.|
mobile application development market Drivers
Growing Penetration of Smartphones to Drive Market Growth
The expansion of the mobile application development market is driven by the growing use of smartphones. New smartphones are released by smartphone makers with improved features, such as faster processing times, more storage, longer battery lives, better displays, and stronger software capabilities. Moreover, new features for display, memory, camera, processors and other technological features are added to smartphones.
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Developing the e-commerce sector to provide strong opportunities
Many retailers are looking for strategies to increase their market without physically expanding. Customers prefer buying goods online rather than in person, especially when it comes to mobile phones. This demonstrates that e-commerce and mobile app businesses have a global opportunity. Many investors have also shown interest in e-commerce platforms recently. This will provide strong opportunities for the market during the forecast period.
Constraints and challenges
Lack of high-speed connectivity to hold back the market
Lack of broadband connectivity in developing and underdeveloped countries and large financial investments for application development may act as restraints for the market during the forecast period.
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Segmentation of the mobile application development market
The global mobile application development market is divided based on application and platform.
By platform, iOs will lead the market during the forecast period.
By application, games will dominate the market over the forecast period.
The COVID-19 outbreak has had a huge impact on the mobile app market, and this good trend is expected to last for the foreseeable future. The creation of applications in the fields of health, remote work and education has increased considerably. The number of app installs also saw a significant increase in the first and second quarters of 2020, and this trend is expected to continue throughout the year. Additionally, more and more people are downloading apps for cloud meetings, food delivery, gaming, education, business, social media, health and fitness. Apps are being created by the government sector to locate positive corona patients and alert people around to their presence. Additionally, the apps provide users with information on COVID-19 containment risks, recommended practices and relevant warnings.
Regional Analysis of Mobile Application Development Market
North America to Dominate the Mobile Application Development Market
In 2021, North America dominated the market and won more than 31.83% of revenue. A number of companies operating in the region, including Apple Inc., Google LLC, Hewlett Packard Enterprise, Netflix Inc., and Microsoft Corporation, are assigned a large market share. Significant market share has been achieved through the widespread use of smartphones, increased consumer spending on apps, and a disproportionately higher number of smartphone app downloads. The United States is expected to become a highly lucrative market for mobile game apps in terms of paid mobile games, in-app payment, and a rapidly expanding mobile app user base. Possessing advanced technologies and developed economies with a combined revenue share of over 60% in the global mobile application market in 2021, North America has maintained a dominant position. The region has taken the lead thanks to the presence of exceptional players like in North America. Furthermore, early adoption of technology in the region and heavy investment in mobile applications to fully digitize the world are additional key drivers for the market expansion. According to the World Investment Report 2017, the media and entertainment sector is expected to experience an impact of digitalization of almost 62%. In North America, the United States dominates the mobile application market. The United States is expected to become a lucrative market for mobile gaming apps due to in-app payments, incentivized mobile games, and a rapidly growing mobile app user base in the country. The existence of prominent industry players is considered as a contributing factor for the growth of the North American mobile application market.
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APAC to See Favorable Growth in Mobile Application Development Market
Given the promise the region holds in terms of internet penetration and smartphone usage, Asia-Pacific is expected to become the fastest growing regional market. It is expected that China and India will remain the two largest markets, offering excellent development prospects for all players in the mobile application ecosystem. Moreover, the increase in disposable income combined with government programs like Digital India is expected to have a positive effect on the expansion of the regional market in the coming years. Additionally, the availability of inexpensive data usage packs and network developments are significant additional growth drivers for regional expansion. The Asia-Pacific market has been greatly boosted at a rapid pace by the growing penetration of smartphones and a high acceptance rate of advanced technologies such as IoT, artificial intelligence, and augmented and virtual reality ( AR & VR). The area is considered the most lucrative and is expected to grow at the highest rate over the projection period. During the analysis period, the Asia-Pacific region is expected to lead the global mobile application market in terms of revenue share. China became the top location for downloading mobile apps among Asian countries in 2016. The highest percentage of daily usage, at around 27%, was seen in India. Rising disposable income and government initiatives are expected to support the expansion of the regional market in the coming years. Additionally, advancements in networking play a key role in the prosperity of the region. The growth of the mobile application market in the Asia-Pacific region is also driven by smartphone adoption and internet usage.
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