Growing demand for “Mobile Applications” has resulted in the expansion of mobile websites. Companies developing their own mobile applications have compelled customer engagement in the same. The worldwide mobile application market is likely to cross USD 25 billion in 2015. It is growing at a CAGR over 29% from 2010 to 2015. Since the past few years, various categories of mobile apps have faced technological innovations due to burgeoning popularity of mobile applications.
Lack of business and few mobile applications specialized for specific industries has limited the market from expanding further. Additionally, easy accessibility to applications has potentially augmented the risks associated with data theft through spyware.
This is expected to hamper the market.
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The mobile application market has rapidly risen in the last few years. It is likely to grow significantly over the forecast period. Few factors contributing to its growth are restructuring revenue sharing patterns, and mounting application usability. The growing adoption of smartphones, lowering usage costs of mobile data, and advancements in network technology also further market sales.
In 2009, over 6 billion applications were downloaded globally from third-party (off-deck), and native (on-deck) application stores. Both these stores jointly generated revenue over USD 4 billion that year. With 2.5 billion downloads in 2009, apple dominated the market globally. However new players such as RIM, Google, and Nokia are fast entering the limelight. This is assisting the accelerated usage of smart phones, boosting market income.
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Mobile researchers are turning into vast distribution channels, rather than staying as self-governing marketing communication tools. Many leading companies have indulged in application development and are focusing on the creation of customized mobile applications. IT organizations are projected to contribute at least 20 percent of their software funds to the creation and administration of mobile applications over the forecast period
The key factors driving the mobile application market are smartphone proliferation, advancements in networking, and usage of low cost mobile data. Additionally, surging demand for smart phones and tablets along with accessibility to free applications would also drive the market in the upcoming years.
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Initiatives to improve application quality alongside rising emphasis on enhancing user experience are likely to gain more prominence. Various content delivery technologies and emergence of 4G would spur market demand. Also, the addition of value-added features along with boosting penetration of social networking websites will constructively impact the mobile application market.
Product awareness, evolving consumer preferences, and rising disposable incomes would pose challenges to the market.
The global market is fragmented into six applications. These are tourism; navigation; games and entertainment; social and personalization; productivity; music and lifestyle; and others. The others segment comprises utilities, business, and finance applications. Enhanced demand for mobile applications across these segments would also steer market income.
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In terms of stores, the market has been bifurcated into native (on-deck) and third-party (off-deck) applications. Due to quicker establishment of new independent stores and reduced entry barriers, the off-deck application segment would grow rapidly.
The mobile application market in Europe held over USD 1 billion in 2009. This region is estimated to collect over USD 8 billion by 2015. It will grow at a CAGR of 3.1% from 2010 to 2015. North America would lead the global market in the forecast period.
Asia Pacific experiences considerable number of mobile applications. That is why, it will undergo significant growth in the years ahead. China and India have emerged as the hotspots of mobile applications with constant developments in their cellular markets.
High expenditures on consumer electronics and enhanced infiltration of 3G across Asia Pacific are predicted to drive noteworthy demand for the regional market in the forecast period.
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