The mobile app market is expected to reach US$717 billion by 2030

– The growing adoption of smartphones by a huge share of the global population, especially in countries like India and China, is offering considerable growth prospects for the players in the mobile application market

– Global Mobile Apps Market Expected to Expand Due to Increase in Screen Time Following COVID-19 Pandemic Stay-at-Home Orders

Mobile internet penetration has increased significantly over the years. With the high adoption of smartphones and the widespread penetration of mobile internet, the demand for mobile applications has increased significantly. Based on these aspects, the mobile application market will observe substantial growth opportunities.

Transparency Market Research (TMR) has conducted a detailed analysis of various factors associated with the growth of the mobile application market. TMR analysts predict the global mobile application market to grow at a CAGR of 20.2% during the forecast period 2020-2030. The global mobile application market stands at US$113.8 billion in 2020 and is expected to reach US$717 billion by 2030.

With the COVID-19 pandemic still prevalent around the world, the demand for mobile apps is also increasing. Home orders and remote work systems have forced many people to use various mobile applications, the use of which was already high before the pandemic. However, some challenges such as lack of high-speed internet in developing regions and difficulty in accommodating the latest algorithm updates are restraining the growth of the mobile application market. Therefore, market players are expected to focus on R&D activities to solve the problem of algorithm updates and strengthen telecommunication infrastructure in developing countries.

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Main findings of the report

Growing use of on-demand mobile apps offers growth prospects

Due to the COVID-19 pandemic, on-demand apps, especially in the healthcare category, have seen an increase in downloads. Digital health solutions are growing at a rapid pace across the globe. From mental health to emotional health, on-demand apps help people tremendously. Medical technology (medtech) companies collaborate with healthcare organizations and apprentices (entrepreneurs associated with the development of mobile applications) to provide improved services to consumers, and thus increase their income.

Government agencies in many countries are also developing on-demand healthcare apps to provide quality medical services to their citizens. The Aarogya Setu application developed by the government of India is a classic instance of an on-demand healthcare application. It served as a bridge between citizens and essential health services needed during the COVID-19 pandemic. Thus, all these factors are likely to drive the mobile application market.

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Online learning Application Help in market growth

Online learning has become a common aspect of everyone’s life with the prevalence of the COVID-19 pandemic. Many edtech companies such as Byju’s and Coursera are seeing strong demand as opening educational institutions in some regions seems difficult due to the COVID-19 threat. Although many schools are reopening, parents are reluctant to send their children for fear of transmission of the virus.

New startups are emerging in the field of e-learning applications which will propel the growth prospects of the mobile applications market. The emergence of e-learning application startups in developing countries such as India, Bangladesh, and China is likely to serve as a growth driver for the market as the population is high in these countries and the number of e-learning users is growing rapidly.

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Shikho, an edtech startup in Bangladesh, aims to make further education more affordable and accessible online. The startup recently closed a US$1.3 million seed funding cycle. Such developments ensure promising growth for the mobile application market.

Some of the key players in the mobile application market are Cognizant Technology Solutions Corporation, Apple, Inc., Hewlett Packard Enterprise, Nokia Corporation, Verbat Technologies, Hewlett Packard Enterprise, and IBM Corporation.

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The global mobile application market is classified based on:

Operating system

Type

  • Games
  • Non-game
    • Business Company
    • Social networks
    • Entertainment and music
    • Ludo-educational
    • health and fitness
    • Retail and e-commerce
    • Video & Photo
    • travel and hospitality
    • Others (news, sports)

Region

  • North America
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • United Arab Emirates
    • South Africa
    • Rest of Middle East & Africa (SOUL)
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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