According to the new market research report "Intelligent Apps Market by Type (Consumer Apps, Enterprise Apps), Provider (Infrastructure, Data Collection & Preparation), Store Type (Google Play, Apple App Store), Deployment Mode, Service, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Intelligent Apps Market to grow from USD 11.34 billion in 2018 to USD 46.98 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period.
Major growth factors for the market include increasing use of smartphones driving the demand for greater business mobility, rising consumer expectations for rich contextual and personalized experience, and growing focus on effective and real-time mobile advertising. Increasing automation of business processes through chatbots could provide growth opportunities for vendors in the market.
Consumer apps segment to hold the largest market size during the forecast period
The increasing number of smartphone users is contributing to the exponential growth in the number of apps that consumers use on their phones. With the rapid technological advancements in the AI field, consumer apps are designed by using AI capabilities to deliver more relevant and personalized results to end consumers.
Cloud deployment mode to hold a larger market size during the forecast period
Cloud-based apps are referred to as SaaS-based applications for intelligent apps and are gaining traction owing to their ability to offer various benefits. End users have started realizing the advantages of cloud-based intelligent apps to offer personalized experience to clients. These factors are expected to drive the adoption of intelligent apps in coming years.
North America to hold for the largest market size during the forecast period
North America is the major revenue generating region in the global Intelligent Apps Market. The region is witnessing major developments in the intelligent apps space. A majority of the AI-based solution providers in North America are constantly involved in product innovations and deployment of the AI-based solutions. They are adopting various growth strategies to strengthen their position in the Intelligent Apps Market.
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