Mobile Application Market Prophesied to Grow at a Faster Pace by 2026
Posted by Shashii Pawar on January 18th, 2019
History of mobile applications comprises key milestones such as origin & prediction of the “mobile application” concept, the home screen era, services for mobile application, and information application approach. Inclination of urban population towards smartphones and mobile apps is greater than rural population. Moreover urban population is increasing rapidly which in turn is driving the global mobile applications market. The introduction to 4G and the rise in demand for 4G devices. Moreover internet penetration is growing in rural areas at a faster rate. This has necessitated increase in production of smartphones with cost reduction which is adding to the growth of global mobile applications market.
Growing mobile ad industry, expanding e-Commerce, soaring smartphone market and growing adoption of Long Term Evolution (LTE) devices are some of the factors fuelling the growth of mobile applications market across the globe. The LTE devices, in particular, are anticipated to witness stellar growth in adoption owing to increasing demand for high speed data connectivity and growing mobile data traffic.
According to a study by Future Market Insights (FMI) titled, “Mobile Application Market: Global Industry Analysis and Opportunity Assessment, 2016 to 2026”, the global market for mobile applications in 2016 was valued at US ,589.1Mn and is projected to register an impressive 9.6% CAGR during the forecast period, 2016 to 2026, to obtain a market value of US ,128.2 million by 2026 end. The report enlists leading market players of mobile applications such as Google Inc., Microsoft and Apple Inc., among which Google Inc. stood dominant and held the highest share in the global mobile applications market in 2016. Other prominent companies include Cognizant, CA, SAP SE, HP, Samsung Electronics Co, Ltd., China Mobile Ltd., Opera Software and Others.
According to FMI’s report, the Google Play is estimated to register highest CAGR during the forecast period whereas the Apple App Store is expected to garner revenues worth more than US ,000 million by 2026 end, based on store type. More than 44% revenue share of the global mobile applications market is expected to be accounted by games segment, based on end-use. However, travel industry is expected to witness fastest growth at 11% CAGR over the forecast period.
APEJ is estimated to exhibit the fastest CAGR in the overall market accounting for more than US ,800 million during the forecast period, followed by Eastern Europe and Latin America. However, North America and Western Europe are also expected to remain lucrative in terms of revenue share until the end of 2026. North America and Western Europe are poised to generate revenue worth US ,979.4 Mn and US ,597 Mn respectively by the end of 2026 in the global mobile application market.
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About the AuthorShashii Pawar
Joined: December 22nd, 2016
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