- Rising adoption of smartphones among a considerable share of the global populace, especially in countries such as India and China offer considerable growth prospects to the mobile application market players
- Global market for mobile application is likely to witness expansion due to the increased screen time on the back of the COVID-19 pandemic stay-at-home orders
ALBANY, N.Y., Jan. 19, 2022 /PRNewswire/ -- Mobile Internet penetration has increased significantly over the years. With high smartphone adoption and extensive mobile Internet penetration, the demand for mobile applications has scaled phenomenally. Based on these aspects, the mobile application market will observe substantial growth opportunities.
Transparency Market Research (TMR) has conducted a detailed analysis on various factors associated with the growth of the mobile application market. The TMR analysts project the global market for mobile application to expand at a CAGR of 20.2% during the forecast period of 2020-2030. The global mobile application market stood at US$ 113.8 Bn in 2020 and is prognosticated to reach US$ 717 Bn by 2030.
With the COVID-19 pandemic still prevalent across the globe, the demand for mobile applications is also increasing. Stay-at-home orders and remote work systems have compelled many individuals to use various mobile applications, the use of which was already high before the pandemic. However, some challenges such as lack of high-speed Internet in developing regions and difficulty in accommodation of latest updates in algorithms are restraining the growth of the mobile application market. Hence, the market players are expected to focus on R&D activities to address the issue of algorithm updates and strengthening the telecommunication infrastructure across developing countries.
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Key Findings of Report
Surging Use of On-demand Mobile Applications Offers Growth Prospects
Due to the COVID-19 pandemic, on-demand apps, especially in the healthcare category, experienced a rise in downloads. Digital health solutions are expanding at a rapid rate across the globe. From mental health to emotional health, on-demand applications are helping individuals extensively. Medtech (medical technology) companies are collaborating with healthcare organizations and appreneurs (entrepreneurs associated with mobile application development) to provide enhanced services to the consumers, and thus increasing their revenues.
Government bodies of numerous countries are also developing on-demand healthcare apps for providing quality medical services to its citizens. The Aarogya Setu application developed by the Government of India is a classic instance of an on-demand healthcare app. It served as a bridge between citizens and essential health services needed during the COVID-19 pandemic. Thus, all these factors are likely to drive the mobile application market.
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E-learning Apps Aid in Market Growth
Online learning has become a common aspect of everyone's life with the prevalence of the COVID-19 pandemic. Many edtech companies such as Byju's and Coursera are observing substantial demand, as opening of educational institutes in some areas seems difficult due to the COVID-19 threat. Although many schools are reopening, parents are reluctant to send their children due to the fear of virus transmission.
Novel startups are emerging in the e-learning apps space, which will propel the growth prospects of the mobile application market. The emergence of e-learning app startups in developing countries such as India, Bangladesh, and China is likely to serve as a growth booster for the market, as the population is high in these countries and the number of e-learning users are rapidly increasing.
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Shikho, an edtech startup in Bangladesh, aims to make supplementary education more affordable and accessible online. The startup recently closed a US$ 1.3 Mn seed funding round. Such developments assure promising growth for the mobile application market.
Some of the key players in the mobile application market are Cognizant Technology Solutions Corporation, Apple, Inc., Hewlett Packard Enterprise, Nokia Corporation, Verbat Technologies, Hewlett Packard Enterprise, and IBM Corporation.
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The global mobile application market is classified based on:
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