The global mobile application market size is anticipated to reach US$366.34 billion by 2027, expanding at a compound annual growth rate of 11.5% from 2020 to 2027, according to a new report by Grand View Research.
The research group says that iIncreasing focus on maintaining a healthier lifestyle and demand for gaining real-time access to health data to assist users with health management, workout, nutrition and diet, and other forms of physical activities are the major factors driving the market growth. In addition, factors including lowering internet cost, smartphone proliferation, rise in discretionary income, and the resulting increase in in-app purchases, especially with respect to gaming apps, are collectively driving the growth.
According to Grand View Research:
- The market is anticipated to witness substantial growth during the forecast period due to smartphone proliferation, internet penetration, and the growing usage of machine learning and artificial intelligence technologies in mobile applications (apps)
- The Apple store segment accounted for the largest revenue share in 2019, owing to a higher monetization rate of iOS apps for revenue gained from premium apps and in-app purchases
- The music and entertainment application segment is projected to exhibit significant growth during the forecast period from 2020 to 2027, owing to an increase in demand for live streaming apps such as Netflix, YouTube, and Instagram
- North America dominated the market and accounted for over 30% revenue share in 2019, owing to rising in-app consumer spending, high smartphone penetration, and the presence of numerous players in the region, such as Apple, Google, HP, Netflix, and Microsoft.