VALLEY COTTAGE, N.Y. – Future Market Insights delivers key insights on the global mobile application market in a new report titled, “Mobile Application Market: Close Fight Between Eastern Europe and Latin America for the Number Two Position in Terms of CAGR: Global Industry Analysis and Opportunity Assessment 2016 – 2026”. The global mobile application market is projected to register a healthy CAGR of 11.1% during the forecast period 2016-2026. The report provides insightful information on the global mobile application market pertaining to the market trends, competitive landscape, market dynamics, and market estimation and forecast for the projected ten-year period.
Rising disposable income increases the probability of consumer spending on media, entertainment, and networking and mobile communication; leading to higher potential sales of mobile applications. The instances of mobile application adoption are very high among the urban population as compared to the rural population – and hence there is high demand for mobile applications in developed regions (where the urban to rural population ratio is higher than developing regions). These factors have led to a rapid growth of the global mobile application market over the last few years and this trend is likely to continue in the coming eight years.
The global mobile application market is expected to witness substantial growth over the forecast period owing to advancements in the electronic, telecommunication, and m-Commerce industry. Leading global smartphone manufacturers such as Apple Inc., Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., Lenovo Group Limited, LG Electronics Inc., Microsoft, etc. are making strategic investments in the development and production of their own application processor (AP) to differentiate their offerings and maintain increased market share and margins. There is also a rising trend of m-commerce particularly among the working population, and this has increased the demand for mobile application. Growing internet penetration and rising subscription in social media are some of the other key factors driving the growth of the global mobile application market.
The global mobile application market is segmented on the basis of store type (Apple app store, Google play, others) and end use (games, media & entertainment, healthcare, education, travel, shopping, others). On the basis of store type, the Apple app store segment is anticipated to account for US$ 45,465.9 Mn by 2026, registering a CAGR of 9.0% over the forecast period with a relatively high value share of 47.3%. The Google play segment is expected to follow closely with a value share of 46.0% and a CAGR of 10.5%.
On the basis of end use, the games segment is anticipated to account for US$ 42,555.0 Mn by 2026, registering a substantially high CAGR of 9.0% over the forecast period with a relatively high value share of 44.3%. The travel segment is expected to show a significantly high growth rate of 11.0% by the end of 2026. The travel segment is estimated to be valued at US$ 2,308.8 Mn in 2016. The media & entertainment segment is estimated to be valued at US$ 7,971.7 Mn in 2016 while the healthcare segment is estimated to be valued at US$ 2,608.7 Mn in 2016. As compared to the other segments, the games segment is expected to exhibit a relatively high attractiveness index over the forecast period. The global smartphone market is likely to project a healthy incremental opportunity during the forecast period.
The report covers the global mobile application market across seven key regions namely – North America, Latin America, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). On the basis of region, APEJ is estimated to be the largest market for mobile application, accounting for 34.7% value share of the global mobile application market in 2016. The APEJ region is projected to remain dominant throughout the forecast period. There is a rapid economic development in several countries in the APEJ region and this is expected to boost the growth of the smartphone market in this region. An increasing demand of low priced high-end electronic devices in APEJ is another key factor significantly impacting the mobile application market in the region. MEA market is projected to be growing at a significant rate over the forecast period, with a growth rate of 9.5%. The MEA region has witnessed rapid urbanization over the last few years and this has subsequently led to an increase in the number of consumers willing to use paid mobile applications. A rise in the disposable income and increasing demand for smartphones has led to a growing adoption of mobile application in the MEA region and this trend is expected to continue during the forecast period.
The report also profiles some of the leading mobile application companies operating in the global mobile application market. Key market players featured in the report include Google Inc., Microsoft, CA, Cognizant, Hewlett Packard Enterprise Development LP, SAP SE, China Mobile Limited, Samsung Electronics Co., Ltd., Apple Inc., and Opera Software.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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