The global smartphone applications market is expected to grow exponentially over the forecast period owing to surging demand for smartphones and tablets. The market is expected to witness unprecedented growth owing to rising proliferation of internet-based services. Smartphone applications ease managing programs, documents, photos, and music which may further drive market demand significantly. Growing demand across a diverse range of applications such as music, lifestyle, social & personalization, entertainment, games, productivity, travel, and navigation is expected to be a key growth factor in this market. Among tech-savvy consumers, smartphone applications with different appearances, looks, and quirks are increasingly becoming popular. Further, smartphones are rising as viable alternatives to PDAs and laptops, offering phone features coupled with mobile applications, which may also stimulate smartphone applications market demand over the next few years.
Advancements in smartphone applications are anticipated to bring about transformations in end-user expectations pertaining to digital communications, content, and commerce. It is expected to evolve business models and facilitate new standards for business procedures and practices. The adoption of smartphone applications for B2C is foreseen to be higher than applications for B2B owing to the larger consumer base. The applications condense the usage of personal computers by making similar services available on smartphones.
The market is estimated to gain prominence over the next few years owing to factors such as low-cost mobile data, high smartphone penetration, technological advancement in network, and rising application usability. Additionally, the growing needs to stay connected and get updated are further expected to favorably impact smartphone applications market growth.
Smartphones are projected to witness high growth owing to factors, including lower product cost, improved handset design and functionalities, expansion of global mobile email and browsing services, emergence of 3G and 4G network technologies, rising competition among mobile carriers, and standardization and upgrades of operating systems. The market is poised for growth owing to development of highly sophisticated and affordable smartphone features and apps. Technological advancements pertaining to high internet penetration is anticipated to spur growth in the global smartphone applications market over the coming years.
Several benefits offered by smartphones including instant online shopping, digital wallet, instant messaging, web browsing, and gaming may increase demand for these devices, which is further expected to drive the global smartphone applications market over the forecast period.
Technological advancements pertaining to 4G network and content delivery may offer new avenues for market growth. However, growing risk of data theft coupled with privacy & security issues associated with the app data is estimated to hinder market growth. Further, rising apps counterparts such as websites with superior features and interface may pose challenge to the smartphone applications market growth over the next few years. Additionally, cost of developing the apps for various operating systems and soaring competition owing to ever-growing similar apps is expected to restrain market growth.
The smartphone application market can be bifurcated as on-deck and off-deck. The on-deck market is anticipated to contribute significantly to the market whereas the off-deck market is expected to upsurge gradually owing to faster establishment of new independent stores and decreasing entry barriers. The market is poised for growth attributing to its pervasive use in categories including business & finance, games, books, utilities, travel, productivity, and social networking.
Although North America and Europe are relatively saturated markets, operator’s subsidies and carrier wars are anticipated to fuel the smartphone applications market growth in this region. Further, Asia-Pacific is expected to witness substantial growth over the forecast period owing to high smartphone penetration and continuous development across cellular markets.
Key participants in the global smartphone applications market include Apple Inc., Google Inc., QBurst, Sourcebits Inc., Blackberry Ltd., OpenXcell Tehnolabs Pvt. Ltd., Softeq Development Corporation, Handmark Inc., Microsoft Corporation and Y Media Labs, Inc.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.