The global mobile applications market is a flourishing industry with an exceptional growth rate. The consumer-centric approach of the industry is supporting its ongoing expansion. The increasing penetration of the smartphones market across the globe has driven the mobile applications market. The latter is entirely dependent on the growth of the global smartphones market, since mobile applications are only designed to work on smartphones and in tandem with the prevailing technological scenario. The ever-increasing demand for high-end smartphones is expected to fuel the development of the global mobile applications market in the coming years.
The usage of internet-based services is undergoing a significant rise, directly augmenting the demand for mobile apps across the globe. Additionally, modernization of the mobile internet network and rising interest of the young generation in mobile gaming are adding majorly to the growth of the global mobile applications market.
In contrast, the global mobile applications market is facing a tough challenge from mobile websites on account of the convenience the latter offer to the consumers. However, the potential for enterprise mobile apps is vast, presenting ample opportunities for mobile apps developers.
The global market for mobile applications had reached a value of US$16.97 billion in 2013.
Games and Entertainment Apps to Maintain Dominance upon Global Mobile Applications Market
Based on the types of stores, the global mobile applications market is classified into the markets for native apps and third-party apps. By category, the markets for gaming and entertainment applications, social and personalization applications, productivity applications, travel and navigation applications, music, audio, and lifestyle applications, and others such as finance, business, and utilities applications are the key product segments of the global mobile applications industry. The games and entertainment market segment led the overall market, accounting for almost 40% of the total market in 2013.
A large number of smartphones are used by a growing young generation that is obsessed about games and music; hence, the maximum number of application downloads are of online music and gaming apps, stimulating the growth of this market segment. Considering all the aspects, analysts have projected the games and entertainment market to maintain its dominance in the global mobile applications market in the near future.
Asia Pacific: Fastest Growing Mobile Applications Market
In 2013, the mobile applications market in North America held the leading position in the global market, occupying around 34% of the overall market. However, the mobile applications market in Asia Pacific is exhibiting the fastest growth among all regional markets for mobile applications. The huge population base in Australia, South Korea, India, China, and other nations has fueled the demand for smartphones and other mobile devices in this region. The Asia Pacific mobile applications market is expected to surpass the market in North America in the near future.
Major participants operating in the global mobile applications market are Apple, Inc., QBurst, BlackBerry Limited, Sourcebits, Inc., WillowTree Apps, Inc., Softeq Development Corporation, Microsoft Corporation, OpenXcell Tehnolabs Pvt. Ltd., Handmark Inc., Google, Inc., and Y Media Labs, Inc.
Taking all aspects into consideration, the global mobile applications market is projected to expand at a CAGR of 16.2% from 2014 to 2020 in order to attain an estimated value of US$54.89 billion by 2020.