DUBAI, UAE, Sept. 1, 2020 /PRNewswire/ -- Multi-utility applications like SHAREit have been developed to satisfy users every requirement be it gaming, file sharing or content consumption. According to a report, the global mobile application market was valued at $106.27 billion in 2018, and is projected to reach $407.31 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.
As per the latest App Annie report, in 2019 alone, mobile applications witnessed a total of 204 billion downloads worldwide with consumers spending approximately 3.7 hours on mobile applications per day. One of the key factors for this growth has been the development of mobile applications to fuel the entertainment requirements of the consumers.
With the world in the midst of an unprecedented crisis, the popularity of digital entertainment has only risen. People used to read newspapers as a part of their morning routine but now they just swipe through a few applications to get informed. Similarly, TV was an indispensable item to fulfil their content requirements, while now, OTT platforms have taken that place.
SHAREit, an application that was initially introduced as a peer to peer file sharing facilitator, has now been developed into a successful, all encapsulating entertainment application that not only helps the users share content but also takes into consideration the tastes and preferences of the users for appropriate content discovery. It has over 1.8 billion users globally with 72 million monthly active users in the Middle East.
Gaming has also developed into a major segment in the mobile application industry. People now have more time on their hands and are open to spending it on gaming applications. By the end of 2019, the mobile gaming market was estimated to be a $68 billion industry. With SHAREit also offering a wide variety of games, makes it one of a kind holistic application. And it does not come as a surprise that it has witnessed great results in recent times. As per Sensor Tower, SHAREit was included in the top 10 most downloaded applications on the play store for the first half of 2020.
SHAREit also leveraged its success as a content application to spread meaningful information throughout the spread of the pandemic by introducing a COVID-19 tracker and video section. The ongoing pandemic has only acted as a facilitator of SHAREit's transformation from a file transfer application to a more rounded content provider.
The ample opportunities poised for the mobile application industry pose both a challenge and an opportunity for the developers to harness the potential of this expanding avenue and pave the way for the future. With technology changing by the day and consumer behavior seeing a welcome shift towards digital media, the possibilities are endless.
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