Mobile App Development Market Worth USD 366.34 Billion by 2030 Growing at a 23.80% CAGR - Report by Market Research Future (MRFR)
Development Industry Is Growing Due to The Rising Penetration of Smartphones
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Mobile App Development Market, by Platform, by Application - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 366.34 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 23.80% during the assessment timeframe.
Mobile App Development Market Key Players
Eminent industry players profiled in the global mobile app development market report include-
- Google, Inc. (U.S.)
- IBM corporation (U.S.)
- Microsoft Corporation (U.S.)
- Facebook, Inc. (U.S.)
- Amazon, Inc. (U.S.)
- Verivo software, Inc. (U.S.)
- Kony, Inc. (U.S.)
- Infosys, Ltd. (India)
- Apple, Inc. (U.S.)
- Wipro Corporation (India)
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Mobile App Development Market Report Scope:
|Market Size||USD 366.34 Billion|
|Growth Rate:||CAGR of 23.80% from 2022 to 2030|
|Key Market Opportunities||The increasing dependence on global IT infrastructure|
|Key Market Drivers||Encourage the market for mobile applications are the raised application of different augmented reality and Virtual Reality.|
Mobile App Development Market Drivers
Rising Penetration of Smartphones to Boost Market Growth
The expansion of the mobile app development market is being driven by the increasing use of smartphones. New smartphones are being released by smartphone makers with improved features, such as faster processing times, more storage, longer battery lives, better displays, & stronger software capabilities. Additionally, new features for the display, memory, camera, CPUs, & other technological characteristics are being added to smartphones.
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Expanding E-Commerce Sector to offer Robust Opportunities
Many retailers are seeking for strategies to increase their market without growing physically. Customers prefer to purchase goods online as opposed to in-person, particularly when it comes to cell phones. This demonstrates that e-commerce and mobile application businesses have a global opportunity. A lot of investors have also recently shown interest in e-commerce platforms. This will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
Lack of High-Speed Connectivity to act as Market Restraint
The lack of the high-speed connectivity in developing and under-developed nations and significant financial investments for app development may act as market restraints over the forecast period.
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Mobile App Development Market Segmentation
The global mobile app development market is bifurcated based on application and platform.
By platform, iOs will lead the market over the forecast period.
By application, gaming will dominate the market over the forecast period.
The COVID-19 epidemic has had a tremendous impact on the mobile app market, and this good trend is anticipated to last for the foreseeable future. The creation of apps in the healthcare, remote work, and educational fields has significantly increased. The number of app installs has also seen a significant increase in the first and second quarters of 2020, and this trend is anticipated to last the entire year. Additionally, more people are downloading applications for cloud meetings, food delivery, gaming, education, business, social media, healthcare, and fitness. Apps are being created by the government sector to locate corona positive patients and alert people around to their presence. Additionally, the apps provide users with information about COVID-19 containment hazards, recommended practices, and pertinent cautions.
Mobile App Development Market Regional Analysis
North America to Lead Mobile App Development Market
In 2021, North America led the market and took home more than 31.83% of the revenue. A number of companies operating in the area, including Apple Inc., Google LLC, Hewlett Packard Enterprise, Netflix Inc., & Microsoft Corporation, are attributed with the significant market share. A significant market share has been achieved as a result of widespread smartphone use, increased in-app consumer spending, and a disproportionately higher number of smartphone application downloads. The U.S. is anticipated to emerge as a very lucrative market for mobile games applications in terms of paid mobile games, in-app payment, and a quickly expanding mobile app user base. Having advanced technologies and developed economies with a combined revenue share of more than 60% in the global market for mobile applications in 2021, North America retained a dominant position. The region has taken the lead because to the presence of outstanding players like in North America. In addition, early technological adoption in the area and large investments in mobile applications to totally digitize the world are additional key drivers of market expansion. According to the 2017 World Investment Report, the media and entertainment sector should experience a digitalization impact of close to 62%. In North America, the U.S. dominates the market for mobile applications. The US is predicted to emerge as a lucrative market for mobile gaming applications due to in-app payments, incentivized mobile games, and a rapidly growing user base of mobile applications in the nation. The existence of significant industry players is thought to be a contributing factor in the growth of the North American mobile application market.
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APAC to Have Favorable Growth in Mobile App Development Market
Given the promise the region possesses in terms of internet penetration and smartphone usage, the Asia Pacific is predicted to become the regional market with the quickest growth. It is projected that China and India would continue to be the two largest markets, providing excellent development prospects for all players in the mobile application ecosystem. Additionally, rising disposable income combined with government programs like Digital India are anticipated to have a positive effect on regional market expansion in the years to come. Additionally, the availability of inexpensive data use packs and networking developments are additional significant growth drivers for regional expansion. The Asia Pacific market has been greatly stimulated at a rapid pace by rising smartphone penetration and a high acceptance rate of cutting-edge technologies like IoT, artificial intelligence, and augmented & virtual reality (AR & VR). The area is considered to be the most lucrative and is anticipated to expand at the highest rate during the projection period. During the analysis period, the Asia Pacific region was predicted to dominate the global market for mobile applications in terms of revenue share. China emerged as the top location for downloading mobile applications among Asian nations in 2016. The highest percentage of daily use, at about 27%, was found in India. Rising disposable income and government initiatives are projected to support regional market expansion in the coming years. Furthermore, networking advancements play a key role in the region's prosperity. The growth of the mobile application market in the Asia-Pacific region is also being driven by the adoption of smartphones and internet usage.
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