The increase in smartphone users, increasing adoption of wearable devices, and rise in data usage and Internet penetration have fueled the growth of the global market.
PORTLAND, PORTLAND, OR, UNITED STATES, July 22, 2022 /EINPresswire.com/ — Increasing adoption of the Internet of Things and mobile-connected smart objects, as well as advances in the use of machine learning and artificial intelligence in mobile Apps will emerge as lucrative opportunities in the near future.
Major industry players such as Apple Inc., CA Technologies, Cognizant, China Mobile Ltd, Hewlett Packard Enterprise, Intellectsoft, Google LLC, International Business Machines Corporation, Microsoft Corporation and Verbat Technologies.
The global mobile application market was valued at US$106.3 billion in 2018 and is estimated to reach US$407.3 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.
The Play Store segment is expected to register the fastest CAGR of 19.1% during the study period, driven by the growth of the Google Play Store in various mobile phones and tablets. However, the Apple Store segment held the lion’s share in 2018, accounting for more than three-fifths of the global mobile application market. This is due to various features provided by the Apple Store such as: B. high security, multitasking, application switching, artificial intelligence (AI) and Game Center.
The global mobile application market in Asia-Pacific is expected to hold the largest share in 2018, accounting for more than two-fifths of the market. This is due to rapid economic growth and high potential for mobile application adoption. Additionally, the region is expected to register the fastest CAGR of 19.8% over the forecast period. On the other hand, North America had the second largest share of sales in 2018.
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The entertainment and music segment is expected to register the fastest CAGR of 21.8% during the forecast period as usage of various entertainment applications increases rapidly. However, the gaming segment dominated the global mobile application market in 2018, contributing nearly three-fifths of the market. This is due to the increase in video games and other game consoles.
The market numbers are verified using numerous data triangulation techniques. In addition, trusted industry magazines, accurate press releases from trade associations and government websites have also been revised to provide exclusive industry insights.
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Main benefits for stakeholders:
• An in-depth analysis of the mobile application market segmentation helps in determining the prevailing market opportunities.
• A comprehensive analysis of different regions provides insights that are likely to enable companies to strategically plan their business moves.
• The report includes the analysis of regional as well as global mobile application market trends, key players, market segments, application areas and market growth strategies.
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