Advancements in networking, availability of low cost mobile data-usage and smartphone proliferation are key factors driving the global mobile application market growth. Surging demand for tablets, smartphones along with the availability of free apps are some other factors expected to fuel market demand over the forecast period. Increased emphasis on enhancing user experience along with efforts to improve application quality is expected to gain prominence over the forecast period. Emergence of 4G and other content delivery technologies are also expected to spur market demand. Furthermore, increased penetration of numerous social networking websites coupled with addition of several value-added features is expected to favorably impact market growth over the next few years.
Evolving consumer preference, rising disposable income, regional market scenario, and product awareness is expected to pose a challenge to market growth over the forecast period. Furthermore, easy availability of applications has potentially increased the risks associated with data theft through spyware applications which is also expected to hamper the market growth. Lack of meaningful business applications coupled with dearth of mobile apps for specialized industries may also hinder market growth.
North America is expected to dominate the market, closely followed by Europe. Asia Pacific is expected to exhibit high growth over forecast period as the region experiences considerable number of mobile application downloads. Mobile applications can be categorized across various segments including books, entertainment, security, travel navigation and games. The market is marked by intense competition given the presence of large number of global and regional players. Key participants in the mobile application market include WhatsApp, Facebook, Hike and WeChat.
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