Technavio announces the release of its latest report on the mobile apps market. The market is segmented by platform (iOS, android, and others), application (games, social networking, music, video, and others), revenue model (advertisement, in-app purchase, subscription, and pay per download), and geography (APAC, Europe, MEA, North America, and South America). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Technavio has announced its latest market research report titled Global Mobile Apps Market 2020-2024 (Graphic: Business Wire)
Mobile Apps Market: Key Findings
- Mobile apps market value to grow by USD 497.09 billion at over 4% CAGR during 2020-2024
- 45% of market growth to originate from APAC during the forecast period
- Based on the platform, the iOS segment will offer maximum opportunities for vendors during the forecast period
- Mobile apps market is expected to have a positive impact due to the spread of COVID-19
Mobile Apps Market: Growth Drivers
The growing penetration of smartphones is one of the prime factors driving the growth of the market. Over the years, the market has witnessed a surge in the adoption of low-prices smartphones worldwide, especially in emerging markets such as India, China, Vietnam, the Philippines, Sri Lanka, and Pakistan. In Europe, Spain and Greece are also registering high growth in the sales of low-cost smartphones. This growth is increasing the demand for the development of new apps, which is creating significant opportunities for market vendors.
“Development of hybrid mobile apps and the increasing popularity of AR-based apps will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Mobile Apps Market: Major Vendors
Alphabet Inc. operates its business through segments such as Google and Other Bets. The company offers a wide range of mobile apps for smartphones.
Amazon.com Inc. operates its business through segments such as North America, International, and Amazon Web Services. The company offers a wide range of mobile apps for smartphones.
Apple Inc. operates its business through segments such as iPhone, iPad, Mac, Wearables, Home and Accessories, and Services. The company offers a wide range of mobile apps for smartphones.
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