The mobile application is one of the fastest-growing industries and will continue to expand at a significant pace due to increased smartphone and internet penetration, according to Valuates Reports.
The global impacts of the COVID-19 pandemic are already starting to be felt, and will affect the mobile application market significantly in 2020, adds the research group The global mobile application market size in 2018 was estimated at US$106 billion and is expected to hit $407 billion by 2026, rising at a compound annual growth rate of 18.4% from 2019 to 2026, according to Valuates Reports. Here are some highlights of the report:
- The demand for mobile applications is increasing at a substantial pace and involves many new entrants in the mobile application development industry. The gaming segment is expected to grow with the rise in advances in AR & VR. Increased application of augmented reality and Virtual Reality is expected to increase the mobile application market size.
- Increasing investments in digitization and increased adoption of the Internet of Things Technology and Mobile Connected Smart Objects are expected to provide substantial opportunities for growth of the mobile application market size during the forecast period.
- Rise in the customer base for the e-commerce industry and increased focus on apps specifically used for health & fitness is expected to increase the mobile application market size. The number of online customers has increased dramatically due to growth in the e-commerce sector, product selection, enticing deals, and numerous discounts that are only available on e-platforms. The advantage of having a mobile application for even a small business is that it improves brand recognition and offers a whole new level of e-commerce user experience, helps create customer loyalty, gathers feedback, and helps stand out from the crowd.