SAN FRANCISCO, Sept. 21, 2020 /PRNewswire/ -- The global mobile application market size is anticipated to reach USD 366.34 billion by 2027, expanding at a CAGR of 11.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing focus on maintaining a healthier lifestyle and demand for gaining real-time access to health data to assist users with health management, workout, nutrition and diet, and other forms of physical activities are the major factors driving the market growth. In addition, factors including lowering internet cost, smartphone proliferation, rise in discretionary income, and the resulting increase in in-app purchases, especially with respect to gaming apps, are collectively driving the growth.
Key suggestions from the report:
The market is anticipated to witness substantial growth during the forecast period due to smartphone proliferation, internet penetration, and the growing usage of machine learning and artificial intelligence technologies in mobile applications (apps)
The Apple store segment accounted for the largest revenue share in 2019, owing to a higher monetization rate of iOS apps for revenue gained from premium apps and in-app purchases
The music and entertainment application segment is projected to exhibit significant growth during the forecast period from 2020 to 2027, owing to an increase in demand for live streaming apps such as Netflix, YouTube, and Instagram
North America dominated the market and accounted for over 30% revenue share in 2019, owing to rising in-app consumer spending, high smartphone penetration, and the presence of numerous players in the region, such as Apple Inc.; Google LLC; Hewlett Packard Enterprise; Netflix Inc.; and Microsoft Corporation.
Moreover, on-demand live video consultation apps have witnessed increased downloads during the COVID-19 pandemic across the globe. Although remote consultation services showed growth over the past years, there has been a sudden increase in the on-demand live video consultations amidst the prevailing lockdowns. In addition, the negative impact of the COVID-19 pandemic on individuals' mental health and anxiety levels due to restrictions imposed on the human movement and the fear of getting infected on-premise visit has paved the way for growth in online consultation services. The benefits offered by mobile applications in form of easy user-interface and remote health monitoring have increased healthcare application downloads for health consultations.
In addition to the gaming and healthcare apps, music and entertainment apps also hold lucrative opportunities to generate business revenues. Escalating demand for live streaming apps is expected to be one of the key factors boosting the music & entertainment apps market growth. Live streaming apps such as Netflix, YouTube, and Instagram enable users to broadcast live videos to a broader audience. Also, these apps have become popular among content creators and social media influencers, engaging audiences on a daily basis, and improving the ranking of their channels and accounts. Furthermore, lockdowns imposed worldwide in the wake of the COVID-19 outbreak have positively impacted the growth of OTT applications as people continue to engage in leisure activities. As a result, the average amount of time spent on OTT applications has increased drastically during the pandemic. Therefore, entertainment applications have witnessed a sudden boost in demand. However, the re-opening of economies by governments post the pandemic containment is expected to bring the year-on-year growth in the entertainment app segment to normal levels.
Grand View Research has segmented the global mobile application market based on the store type, application, and region:
Mobile Application Store TypeOutlook (Revenue, USD Million, 2016 - 2027)
Mobile ApplicationOutlook (Revenue, USD Million, 2016 - 2027)
Music & Entertainment
Health & Fitness
Retail & e-commerce
Mobile Application RegionalOutlook (Revenue, USD Million, 2016 - 2027)
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Mobile VoIP Market – The global mobile VoIP market size was valued at USD 27.5 billion in 2015. Low data rates, inexpensive calling prices, and the presence of robust network infrastructure are expected to boost the growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.