Mobile App Development Market Growth is Motivated by Rising Use of the Internet

Mobile App Development Market Growth is Motivated by Rising Use of the Internet

“Mobile App Development Market”
Mobile App Development Market

Market Highlights

Mobile apps are software applications designed for operating in mobile devices such as smartphones, laptops, etc. The global mobile app development market is likely to witness significant growth in the upcoming years, asserts Market Research Future (MRFR). According to MRFR, the global market is set to value at around USD 100 Bn by 2022, reflecting a CAGR of 14% across the review period 2016 to 2022.

Increasing use of smartphones and other gadgets such as tablets, smartwatches, laptops, etc. is observed to support the growth trajectory of the mobile app development market in the years to come. E-commerce websites and social media platforms are leveraging mobile applications to attract a larger customer base. This, in turn, is poised to expedite the expansion of the market in the nearby future. The declining cost of data services, coupled with rising penetration of internet, is further anticipated to intensify the growth pace of the mobile app development market in the upcoming years.

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Segmentation:

On the basis of platform, the global mobile app development market has been segmented into iOS and Android.

The mobile app development market, based on application, has been segmented into entertainment (gaming and media), banking, e-commerce, education, retail, airlines, government agencies, social networking, and others.

Regional Analysis:

The geographical assessment of the global mobile app development market is covered in this MRFR report on a regional as well as country-level basis. The major regions identified in this study are – Europe, North America, Asia Pacific (APAC), and the Rest of the World (ROW). Among these, the market in North America is estimated to earn highest revenues over the next couple of years. One of the primary driving factors of the mobile app development market in the region is the rising penetration of iOS devices. In addition, the presence of an advanced IT industry is also projected to boost the growth rate of the mobile app development market in the region in the years to come. The key players based out of the region are also assessed to contribute substantially to the growth of the mobile app development market in the forthcoming years.

Asia Pacific is poised to strike a relatively higher CAGR during the projection period. The growth of the IT industry in developing economies such as India, Indonesia, China, etc. are set to lead market growth in the region. In addition, the rising penetration of smartphones and internet services are further expected to boost the development of the mobile app development market in the region.

Competitive Dashboard:

Facebook, Inc. (U.S.),  Microsoft Corporation (U.S.), Infosys, Ltd. (India), Google, Inc. (U.S.), IBM Corporation (U.S.), Amazon, Inc. (U.S.), Kony, Inc. (U.S.), Apple, Inc. (U.S.), Verivo Software, Inc. (U.S.),  and Wipro Corporation (India) are few of the noteworthy players of the global mobile app development market studied in this MRFR report.The participants of the global market are presumed to invest in technological advancements for gaining a competitive edge over others. It is likely to infuse healthy competition among the market players. In addition, the increasing availability of growth opportunities in the mobile app development market is anticipated to new players in the years to come. Mergers & acquisitions, product portfolio development, partnerships, collaborations with end-users, agreements, etc. are some of the approaches to be witnessed in the global mobile app development market over the next couple of years.

Latest Industry News:

In September 2019, Reserve Bank of India has announced that it will launch a mobile app for the visually impaired people. The app will help these people in identifying the value of currencies.

In August 2019, a blockchain-based startup based out of Germany, Bitwala, launched its bitcoin banking smartphone application for both Android and iOS.

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