Mobile Apps Market size to record USD 1.09 billion growth from 2023-2027, Increasing number of mobile apps for IoT devices is one of the key market trends, Technavio

NEW YORK, May 8, 2024 /PRNewswire/ -- The global mobile apps market size is estimated to grow by USD 1.09 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 22.97% during the forecast period.

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Key Trends Fueling Growth

• Increasing number of mobile apps for IoT devices: 
• The demand for IoT devices is rising quickly due to their convenience, versatility, and connectivity. IoT devices connect physical objects via software and sensors over networks. This surge is fueled by their integration with smartphones through mobile apps. Smartphone shipments are projected to rise, with smartphones expected to make up over 71% of all mobile phones globally by 2022.
• The increasing smartphone numbers can link with various IoT devices like watches and glasses through apps. Mobile apps enhance data recording and tracking for analysis by facilitating flexible data sharing among devices compared to web pages. Consequently, many mobile apps are integrating with IoT devices.
• In February 2020, Panasonic introduced IoT-connected air conditioners, doorbells, and switches controllable via mobile apps. This trend of IoT-device integration with mobile apps is forecasted to fuel market growth.

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Major Challenges:

• Cost associated with mobile app development and operations 
• Mobile apps simplify user tasks with technology. Developing inexpensive apps is simple, yet the surge in demand requires additional activities like admin support and maintenance, surpassing development costs. Functional services like SMS, push notifications, and email are vital.
• Admin services include content management and data analytics, inflating overall costs. Hosting on compatible servers and data storage adds complexity, starting at $26,000 annually. Increasing app loads necessitate more servers, escalating costs.
• IT support, fixing bugs, updates, and API adjustments cost over $20,000 yearly. Growing app loads amplify support needs, elevating total expenses for app development, deployment, and upkeep. These challenges hinder market growth.

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Segmentation Overview

1. Platform 
• 1.1 Android market
• 1.2 iOS market
• 1.3 Others
2. Type 
• 2.1 Gaming
• 2.2 Music and entertainment
• 2.3 Health and fitness
• 2.4 Social networking
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Android market- During the projected period, the Android market segment is expected to experience significant growth. The Android operating system serves as a crucial platform for mobile app publication. Profitable apps such as Google Drive and Tinder are prominent examples available on the Google Play Store. As of 2022, the Google Play Store boasts approximately 3.553 million apps for Android users.

• Its popularity among developers has surged due to the widespread adoption of Android smartphones globally, fueling demand. The Android market segment was valued at USD 164.14 billion in 2017 and maintained growth until 2021. The introduction of new Android software, featuring artificial intelligence, streamlined navigation, and a dedicated night mode, is driving demand for Android-based mobile apps. These enhancements are expected to attract more users to Android applications, further fueling market growth.

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Analyst Review

The mobile application market thrives on diverse revenue models. In-game purchases, paid game applications, and in-app advertisements are pivotal for generating revenue. Tech giants like Apple Inc and Google's Android dominate this landscape with their App Store and Google Play, respectively. Security concerns are addressed through stringent mobile application security measures and privacy policies. Data collection practices, while essential for improving user experience, require transparency.

The threat of substitutes is a constant challenge, urging developers to innovate continuously. With internet penetration and demographic factors shaping user behavior, online shopping, food ordering, and digital payments have surged. Rocksmith+ offers interactive music learning, while augmented reality (AR) and virtual reality (VR) enrich gaming technology. Apple's iOS apps and premium apps on the Apple Store cater to iPhone and iPad users. Meanwhile, Android smartphone sales remain robust, reflecting the enduring demand for mobile applications.

Market Overview

In the mobile application market, internet usage drives demand for innovative solutions. Machine learning and AI are pivotal, enhancing user experiences and optimizing processes. IoT integration expands functionalities, connecting devices seamlessly. Privacy policies safeguard user data, ensuring trust and compliance. In-app purchases monetize apps effectively, offering value-added features. Operating systems provide platforms for app development, catering to diverse user preferences. Adaptability is key, as the industry evolves rapidly.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• Platform 
• Android Market
• IOS Market
• Others
• Type 
• Gaming
• Music And Entertainment
• Health And Fitness
• Social Networking
• Others
• Geography 
• APAC
• North America
• Europe
• South America
• Middle East And Africa

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio