The global shopping application market size was valued at USD 861.34 million in 2021 and is expected to reach USD 2852.31 million expand at a compound annual growth rate (CAGR) of 14.23% from 2022 to 2030.
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 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 mobile 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 a large number of downloads and in-app purchases made for gaming applications.
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, 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. For example, a research project carried out in India found that the total number of internet users living in rural regions had reached 627 million in the year 2018, which contributed to the expansion of the industry.
The development of a variety of smartphones has been greatly aided by the incorporation of artificial intelligence. Machine learning and artificial intelligence are being utilised by smartphone 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. Additionally, artificial intelligence enables mobile apps to get insights from the myriad of data provided by all users and assists in increasing the decision-making capabilities of the user, hence providing attractive potential for the mobile applications market.
Because of the growing unpredictability of the market for accessible apps and the rising prices of various applications, a variety of companies are investing significant resources in the development of their own applications. In addition, numerous applications have to have their versions regularly updated in order to guarantee that the app's operations and transactions will go off without a hitch. As a result, this stunts the development of the market. In addition, a variety of organisations are engaging in partnerships or alliances in order to provide users with a shared platform, which lowers the expenses associated with the organisations' continued development and upkeep of the platform.
The shopping application market is segmented into Marketplace and Region.
Based on the 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 60% of the total revenue share worldwide. The substantially higher rate of monetization of iOS apps in terms of income collected through premium apps and in-app purchases is the primary factor that contributes to the platform's disproportionately large market share. Additionally, a surge in the number of iPhone and iPad users all over the world is further adding to the growth of the market. In addition, mobile gaming expenditure was a significant contributor to the company's income in 2019.
In addition, in terms of the total number of downloads, the Google Play store sector held the largest share in 2019, and it is projected that it will maintain its supremacy over the course of the projection year. Many new competitors, such as OnePlus and Xiaomi Corp., have been posing a threat to the established and dominant players, such as Samsung and the iPhone. New Android smartphone manufacturers have resulted in a greater variety of mobile applications being made available on Google's Play Store. These programmes may be found on Android devices. Over the course of the time under consideration, the launch of a diverse selection of mobile apps, in conjunction with a sizable customer base, provides a solid growth prognosis for the Google Play store.
In 2019, North America had a dominant position in the market and was responsible for more than 30% 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. The United States would develop into a lucrative market for mobile gaming applications, particularly with regard to in-app payment, paid mobile games, and the fast-expanding user base of mobile apps in the country.
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. In addition, rising levels of discretionary money, in conjunction with other government programmes such as Digital India, are anticipated to have a positive influence on the expansion of the regional market in the years to come. Additionally, the accessibility of low-cost mobile data use packs as well as developments in networking are major growth boosters that contribute to the expansion of the region.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|