Global Progressive Web Apps Market is Expected to Reach US$ 10,149 Million by 2027, Growing at an Estimated CAGR of 32% Over the Forecast Period Mainly due to the Demand From Low Income Countries With Slow Internet Speeds
Some of the players operating in the progressive web apps market are Angular, Cloud Four, Inc, DockYard, Inc, Enonic AS, Evan You (Vuejs), Facebook Inc. (React), GoodBarber, Google Developers (Chrome DevTools, Lighthouse, Workbox), Hidden Brains InfoTech, IBM Corp., Ionic, Kreyon, Microsoft amongst others
PUNE, India, Feb. 17, 2020 /PRNewswire/ -- In 2018, it has been reported that the number of people who are connected to the internet was around 4 billion. Out of which; there are 3.5 billion smartphone users. It is estimated that 80% of the time is spent on user's top 3 apps. Although there are around 2.9 million apps on the play store, the number of new apps being downloaded is on the lower side. For smooth running of a native app, user must be equipped with high internet speed; which is a concern in low income countries. In addition, native app takes up a lot of data which leads to the user deleting the app. In addition, the cost of developing a native app is on the higher side especially for the small and medium enterprises. Progressive web apps are a viable alternative to native apps, which provide app like features using web technology.
Firms such as Angular, Google LLC provide necessary tools for developing a progressive web app. For example: With the help of Google LLC's tools, BookMyShow which is one of the largest online ticketing firm, witnessed 80% increase in conversions. This was mainly due to the size of the app (54times smaller than native app) and faster load times. By offering, tools and libraries represents the largest segment in the global progressive web apps market.
Although projective web apps have restricted features, low loading time and lesser data storage would fuel the growth of the global progressive web apps market.
"With rapid rise in the number of smart phone users, significant amount of time is spent by the users on apps. However, due to low internet speeds in developing countries, native apps aren't able to function smoothly. Progressive web apps take up very limited space and can be run on low internet speeds as well in offline mode. These factors would drive global progressive web apps market exponentially. Media and entertainment represents the largest segment largely due to lower loading time."
The detailed research study provides qualitative and quantitative analysis of global progressive web apps market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
In terms of revenue, global progressive web apps market is expected to reach US$ 10,149 million by 2027, owing to progressive web apps being a viable less expensive alternative to native apps.
Dynamic web apps have become extremely popular due to social networking websites SUCH as twitter, Facebook etc. and ecommerce websites such as amazon, eBay etc. By Application, Dynamic web application is expected to witness significant growth in the coming years.
Since cost is one of the major benefits of progressive web apps, popularity is highest amongst small and medium enterprises which has limited R&D spending. However, large organizations have also started launching progressive web apps which have fetched them rich dividends. For example, Forbes after launching its progressive web apps, witnessed 20% decrease in bounce rates and 65% increase in average session times.
Progressive web apps are being used by various industry verticals with desirable results. For example, The Weather Channel is a popular and reputed media channel which forecasts weather. Load time was a concern with the channel's native app. After launching progressive web app, the load time improved by 80%. By industry vertical, media and entertainment segment accounted for more than 20% of the global progressive web apps market.
Some of the players operating in the progressive web apps market are Angular, Cloud Four, Inc, DockYard, Inc, Enonic AS, Evan You (Vuejs), Facebook Inc. (React), GoodBarber, Google Developers (Chrome DevTools, Lighthouse, Workbox), Hidden Brains InfoTech, IBM Corp., Ionic, Kreyon, Microsoft, Netsmartz, Nexivo Consulting Private Limited, Nine Hertz, Preact, Redux, SNSEpro, TechnoScore.com, The Polymer Project, Unyscape Infocom, Webpack amongst others.
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