Mobile App Market Expected to Reach USD 407.31 billion by 2026 | Top Players such as – Apple, Cognizant and China Mobile

Growing adoption of smartphones and high-speed networks is expected to drive the mobile app market.

PORTLAND, PORTLAND, OR, UNITED STATE, June 27, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Mobile App Market Expected to Reach USD 407.31 billion by 2026 | Top Players such as – Apple, Cognizant and China Mobile.” 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. On the contrary, growing investments in telecommunication, m-commerce, and electronics industries along with rise in subscription of several social media platforms are expected to create lucrative opportunities for the market players in the near future.

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 Apple Store segment held lion’s share in 2017, contributing nearly half of the total market, as Apple users tend to purchase several applications. This segment will maintain its dominance by 2023. However, the Play Store segment is expected to manifest the fastest CAGR of 23.0% during the study period, as Android has been gaining a large global consumer base. Other marketplaces are also analyzed in the report.

The entertainment & music segment is projected to register the fastest CAGR of 29.5% through 2023, owing to rise in adoption of several social media and music- & video-related mobile application. However, the gaming segment held the largest share in 2017, contributing more than three-fourths of the market share, owing to increase in marketing of several online games, rise in launch of games that offer premium and immersive gaming experience, and increase in number of in-app purchases.

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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. The major factors driving the growth of the market in this region include increase in usage of smartphones for day-to-day activities. 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 mobile apps market 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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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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