Mobile Applications Market is Appraised to be US$54.89 bn by 2020

Transparency Market Research has published a new market report, titled “Mobile Applications Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” According to the report, the global mobile applications market, which was valued at US$16.97 bn in 2013, is expected to reach US$54.89 bn by 2020, expanding at a CAGR of 16.2% during the period ranging from 2014 to 2020.

The global mobile applications market is increasing like never before owing to the growing smartphone users across the globe and an increase in the number of downloads of mobile apps. An increase in the number of downloads of mobile apps can be attributed to the rising internet connectivity. According to the report, the number of mobile apps that have been downloaded in 2013 was 102,062 mn and is anticipated to reach 268,692 mn by the end of 2017.

Mobile applications, or mobile apps, are software that is user friendly and designed for operating on mobile devices such as tablets, smartphones, and other handheld devices. Due to rising usage of mobile devices, there has been a continual development of mobile apps in various categories such as productivity, games, personalization, social, and many more.

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An elevated demand for mobile apps for gaming is one of the major reasons for the market’s growth. The advancement in mobile internet networks and connectivity has also made it possible for consumers to download several free and paid apps, thus boosting the global mobile apps market. According to the report, gaming and entertainment are the the most commonly downloaded apps categories. The gaming and entertainment mobile apps together held a 40% share in the global mobile applications market. Other popular categories of mobile applications evaluated in the report are social and personalization, productivity, audio and lifestyle, music, travel and navigation, and business, finance, and utilities apps.

The global mobile apps market is segmented on the basis of app category, app store, and geography. By store type, the global mobile applications market is broadly categorized into native (on-deck) and third party (off-deck). Popular mobile app stores from where apps are majorly downloaded and installed are: Google Play, Windows Phone Store, App Store, and Blackberry AppWorld.

Geographically, the global mobile applications market is segmented into Europe, Asia Pacific, North America, and Rest of the World. While North America dominated the global mobile applications market in 2013 with a 34% share, Asia Pacific is expected to exhibit the fastest growth in the forecast period, owing to its large smartphone toting population and the increasing penetration of smartphones in the region. Smartphones will be increasingly used by consumers falling in the age group of 15 to 40 years and thus Asia Pacific is expected to be the dominant regional player by the end of 2020. Europe and Rest of the World will also witness significant growth in the global mobile applications industry during the forecast period.

On the whole, the market will experience steady growth, despite the preference for mobile sites over mobile apps by many users, which will marginally suppress the mobile apps market. Key companies operating in the market include: Google, OpenXcell Technolabs, Y Media Labs, Handmark, WillowTree Apps, Microsoft Corporation, Softeq Development Corporation, QBurst, Sourcebits, Apple, and BlackBerry Limited.

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