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 is 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. The 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 the 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. The gaming segment owns a large share of the mobile applications market, owing to a 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 the 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, the easy availability of applications has potentially increased the risks associated with data theft through spyware applications, which are also expected to hamper the market growth. Lack of meaningful business applications coupled with the dearth of mobile apps for specialized industries may also hinder the market growth.
North America is expected to dominate the market, closely followed by Europe. Asia Pacific is expected to exhibit high growth over the forecast period as the region experiences a 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 a 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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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.