Mobile Applications Market to Record 20.45% Annual Growth Rate in 2021
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According to the recent Technavio market study, the Mobile Application market in the communication services industry is expected to increase $ 653.91 billion from 2020 to 2025, with an accelerated CAGR of 20.65%. The report provides detailed analysis of drivers and opportunities, top winning strategies, competitive scenario, future market trends, market size and estimates, and major pockets of investment.
APAC will register the highest growth rate of 46%. China, Japan, and India are the key markets for mobile applications in the region. Moreover, the market growth in APAC will be faster than the market growth in other regions.
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The mobile applications market is fragmented and vendors are deploying organic and inorganic growth strategies to compete in the market. The providers are focusing on mobile applications. In March 2019, Alphabet’s Chronicle, the cybersecurity division, has launched its first commercial product, Backstory, a data security platform.
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Regional market outlook
The share of ACPA during the forecast period will be significant. China, Japan, and India are the key markets for mobile applications in APAC. Market growth in APAC will be faster than market growth in other regions. Growing penetration of smartphones, growing internet penetration and unique mobile subscriber base will drive the growth of mobile applications market in APAC during the forecast period.
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Latest drivers and trends driving the market –
- Mobile Application market driver:
- Growing penetration of smartphones:
The growing penetration of smartphones is one of the main drivers for the growth of the mobile applications market. Smartphone makers are focused on launching new mobile phones with advanced features like better processing speeds, battery life, storage, display quality, and software capabilities. Such features allow users to multitask, in which they can use multiple mobile applications at the same time. In addition, smartphones are upgraded in terms of additional features for display, camera, memory, processors and other technical specifications. The increasing launch of these advanced smartphones is expected to drive the demand for mobile applications during the forecast period.
- Mobile Application market trend:
- Development of hybrid mobile applications:
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