Proliferation of internet-based services and high demand for tablets & smartphone is anticipated to drive the global smartphone applications market exponentially over the forecast period. Smartphone applications help managing documents, programs, photos and music which may further spur market demand. Escalating demand across widespread applications including music, social & personalization, entertainment, lifestyle, games, productivity, travel and navigation is expected to drive the market in near future. Technological advancements in applications may transform user expectations related to digital content, commerce and communications. It is anticipated to bring about standard business procedures and practices, eventually evolving business models. These applications minimize usage of PCs by making similar services easily available on smartphone devices.
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The smartphone applications market is expected to witness significant growth in the near future owing to technological advancement in network, high smartphone penetration, rising application usability and low cost mobile data.. Furthermore, factors such as improved handset design & functionalities, low product cost, emergence of 3G and 4G network technologies, expansion of global mobile email & browsing services, standardization & upgrades of operating systems and rising competition among mobile carriers are expected to stimulate market demand significantly over the forecast period.
Development of highly sophisticated and affordable smartphone features and apps are anticipated to spur the global smartphone applications market growth over the coming years. Smartphone applications aid gaming, instant messaging, web browsing and online shopping coupled with digital wallet facilities. The market is also expected to witness grow owing to the aforementioned benefits.
Content delivery and technological advancements in 4G network may further fuel the smartphone applications the smartphone applications market demand. However, data privacy and security issues along with data theft may pose hindrance to market growth. Further, app substitutes like websites with superior interface and feature may act as a key challenge to the market in the near future. Additionally, operating systems development cost paired with intensive competition may act as a major restraint to the market.
The market is perched for growth attributing to its invasive use in segments such as travel, productivity business & finance, games, books and social networking. The Europe and North America markets are highly saturated markets are expected to witness moderate growth over the forecast period. This may be attributed to the carrier wars and operator’s subsidies undertaken in these regions. Furthermore, Asia Pacific is expected to exhibit high growth over the next few years owing to continuous development across cellular markets and mounting smartphone penetration.
The smartphone applications market comprise of key players such as Google Inc., Apple Inc., QBurst, Blackberry Ltd., OpenXcell Tehnolabs Pvt. Ltd., Sourcebits Inc., Handmark Inc., Microsoft Corporation, Softeq Development Corporation and Y Media Labs, Inc.
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