Global Shopping Application Market Extends at a Healthy CAGR of 14.23 by 2030

Introduction

Mobile apps are software programmes that are designed to operate on mobile devices such as smartphones, tablets, and computer tablets. There are many distinct kinds of mobile applications. The purpose of mobile applications is typically to give users with services that are comparable to those obtained on personal computers. The fundamental objective of mobile applications is to assist users in connecting to internet services by giving them the ability to access the internet on their portable electronic devices. This is accomplished through the usage of mobile internet browsers.

The primary causes that are driving the growth of the shopping application market include an increase in the adoption of variable devices as well as an increase in the client base for the e-commerce business. The mobile application market trends comprise these important aspects. In addition, the expansion of the market is fuelled by the continued growth of corporate apps, the growing emphasis on apps that are used expressly for health and fitness, as well as the large number of downloads and in-app purchases made for gaming applications.

Market Dynamics

Increased internet usage and penetration

One of the primary contributors to the expansion of the industry in emerging nations like China, India, and Brazil has been the rise in the proportion of people who make use of data and who have access to the internet. In addition, during the course of the last ten years, the internet has developed into a primary means of communication by way of a variety of devices including computers, cellphones, and tablets. Internet users are able to access a wider variety of apps with reduced time and financial investment, and they also benefit from a more expedient means of communicating with one another. The expansion of the e-commerce business, the availability of a wider variety of products, enticing deals, and numerous discounts that can only be found on online marketplaces are all factors that have contributed to the considerable rise in the number of people shopping online. In addition, a growth in the variety of offers made by different network providers for low cost data plans drives down the costs of internet access and makes it simpler for developing nations to make use of services that are more efficient with their money.

Rise in use of artificial intelligence and machine learning in mobile apps

The development of a variety of smart phones has been greatly aided by the incorporation of artificial intelligence. Machine learning and artificial intelligence are being utilised by smart phone makers such as Apple, Samsung, and Huawei, amongst others, in the creation of their smartphone models. This is giving attractive potential for the expansion of the industry. In addition, a survey found that over two hundred mobile application developers are planning to include artificial intelligence (AI) and machine learning (ML) into smartphones in order to enhance a variety of functions, including camera and security apps. In addition, businesses are integrating artificial intelligence (AI) into mobile devices such as smartphones and tablets in order to boost the capabilities of mobile apps and improve the overall performance of a variety of mobile devices.

Regional Overview

In 2019, North America had a dominant position in the market and was responsible for more than 30 percent of the revenue share. The existence of a large number of businesses in the region is responsible for the high share. These firms include Apple Inc., Google LLC, Hewlett Packard Enterprise, Netflix Inc., and Microsoft Corporation. Strong spending by customers within the app, strong levels of smartphone penetration, and a significantly higher number of mobile application downloads have all contributed to the company's large market share.

Given the potential that the Asia Pacific area possesses in terms of internet penetration and smartphone adoption, it is anticipated that the Asia Pacific region would emerge as the regional market with the quickest growth. It is projected that India and China would continue to be the leading markets, providing substantial prospects for development to all participants throughout the mobile application ecosystem.

Key Highlights

• The global market for shopping application was valued at USD 861.34 million in 2021 and is expected to reach USD 4860.69 million expand at a compound annual growth rate (CAGR) of 14.23% from 2022 to 2028.
• Increased internet usage and penetration is driving the market.
• Rise in use of artificial intelligence and machine learning in mobile apps is also boosting the market.
• The market for shopping application is segmented into Marketplace and Region.
• Based on marketplace the market is divided into: Google Play Store and Apple iOS Store. In 2019, the Apple store sector was the dominant player in the market, accounting for more than sixty percent of the total revenue share worldwide.
• In 2019, North America had a dominant position in the market and was responsible for more than 30 percent of the revenue share. The existence of a large number of businesses in the region is responsible for the high share.

Competitive Players

Competitors in Shopping Application Market

• Apple Inc.,
• Google LLC
• Microsoft Corporation
• Amazon Inc.
• Gameloft SE
• Netflix Inc.
• Practo
• fit
• Ubisoft Entertainment
• Xiaomi Corp.

Recent Developments

Segmentation

Segmentation of Shopping Application Market

By marketplace

• Google Play Store
• Apple iOS Store

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East