Mobile Application Market 2022: Explore top factors that will boost the global market in future

The global mobile application industry was pegged at $106.3 billion in 2018 and is estimated to reach $407.3 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.

Major industry players – Apple Inc., CA Technologies, Cognizant, China Mobile Ltd, Hewlett Packard Enterprise, Intellectsoft, Google LLC, International Business Machines Corporation, Microsoft Corporation, and Verbat Technologies.

Increase in adoption of the Internet of things and mobile-connected smart objects and progress in usage of machine learning and artificial intelligence in mobile apps are expected to create lucrative opportunities in the near future.

The global mobile application market across Asia-Pacific is expected to hold the largest share in 2018, contributing to more than two-fifths of the market. This is due to rapid economic growth and high potential for the adoption of mobile application. Moreover, the region is expected to manifest the fastest CAGR of 19.8% during the forecast period. On the other hand, North-America occupied second largest share in terms of revenue in 2018.

The entertainment & music segment is anticipated to register the fastest CAGR of 21.8% during the forecast period, owing to the rapid increase in usage of different entertainment applications. However, the gaming segment dominated the global mobile application market in 2018, contributing to nearly three-fifths of the market. This is due to the increase in addition of video games and other gaming consoles.

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The play store segment is expected to register the fastest CAGR of 19.1% during the study period, owing to the increase of Google play store in various mobile phones and tablets. However, the Apple store segment held the lion’s share in 2018, accounting for more than three-fifths of the global mobile application market. This is owing to different features provided by Apple store such as high security, multitasking, switching application, artificial intelligence (AI), and game center.

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Tags: E-Commerce Industry, gaming apps, Mobile App, enterprise apps, Mobile Application Market