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.
There has been an explosive growth in smartphone sales over the past few years, with many new competitors such as Xiaomi, OnePlus, Vivo and Nokia challenging the established players such as Samsung and iPhone. This has led to a huge ecosystem of applications that have come to exist on Google's Play Store and the Apple Store. Many application segments have come to exist, such as gaming, e-books, entertainment and instructional, among others. Gaming segment owns a large share of the mobile applications market, owing to dedicated gaming base in surging smartphone economies like India and China. Also, there has been a huge increase in the usage of entertainment and music apps, on account of the rapid growth of streaming services, which will cause this segment to show rapid growth in coming years. Some of the well known application categories include: Mobile wallets, banking and finance apps, Retail shopping apps, Restaurants and food delivery apps, Video streaming apps, Social and messaging apps, Travel, transportation and navigation apps, Gaming apps, Health and Fitness apps.
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 mobile application 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, Instagram and WeChat.
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