Mobile Application Market Expected to Grow 22.2% By 2032

The mobile application market size was valued at USD 161.12 billion in 2022 and it is projected to reach around USD 1,191.44 billion by 2032, growing at a CAGR of 22.2% between 2023 and 2032.

Mobile Application Market Size 2023 to 2032

Table of Contents

Key Takeaways

By region, Asia Pacific held the dominating position in the mobile application market in 2022; the region is expected to continue the trend throughout the forecast period.
By marketplace, the apple store segment led the market in 2022; the google play store segment is expected to witness the most lucrative growth during the forecast period.
By app category, the gaming app segment dominated the mobile application market in 2022. On the other hand, the entertainment and music segment shows a promising growth for the forecast period.

Mobile applications are various types of software applications that are developed to run on tablets, smartphones, and computer tablets. They provide similar service as personal computer to the users. The prime aim of mobile applications is to provide internet services to the users on their mobile phone by accessing the internet. Today, various types of mobile application are present in the market that connect users to various sectors such as banking, entertainment, healthcare, hotels & restaurants, tour & travel, and many other. Necessity is the mother of any invention, thus rising need for globalization and IoT-connected world is driving the mobile applications market prominently.

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Report Scope of the Mobile Application Market

Report Highlights	Details
Market Size in 2032	USD 1,191.44 Billion
Growth Rate	CAGR of 22.2% from 2023 to 2032
Largest Market	Asia Pacific
Fastest Growing Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Marketplace, App Category, Regional Outlook
Companies Mentioned	Apple Inc., Cognizant, CA Technologies, Hewlett Packard Enterprise, China Mobile Ltd, Google LLC, Intellectsoft, Microsoft Corporation, Verbat Technologies

Growth Factors

Increasing penetration of smartphone devices along with rapid spread of concept of connected world fuels the demand for various mobile applications. Introduction of mobile control devices for smart home projected to be a dream-changer for the mobile application market. As per a survey statistics, control and connectivity solutions penetration for smart homes has hit 27% in 2019. Similarly, other regions also encountered rapid growth in connectivity & control solutions for smart home. Additionally, the IoT penetration in smart homes helps to control the lighting, security, music, temperature, air conditioning, and other mobile control appliances.

Besides this, mobile applications are largely useful for online banking, health monitoring, and entertainment businesses. Fitness applications and several gaming applications that are developer-trusted or native application have now became companion for any smartphone user. To enhance the user experience using interactive and better user interface third party application developers are trying to grab the maximum market opportunity. Thus, rising competition for the better and enhanced mobile application projected to fuel the market growth during the forecast period. However, lack of internet penetration in some of the rural and under-developed areas may restrict the market growth.

Report Highlights

Asia Pacific encountered the fastest growth over the forecast period and expected to dominate the global mobile application market in years to come. This is attributed to the rising penetration of smartphones and internet usage in the region.
Government initiative for 5G and LTE network has increased the internet speed that provides ease in accessing complex and large size applications. Similarly, users are also attracted towards the smart gadgets and appliances that has inbuilt wifi, Bluetooth, and sensors to make it controllable from mobile.
North America held the dominant position in the global mobile application market in 2019 owing to early technology adoption coupled with presence of dominant market players such as IBM Corp., Microsoft Corp., Google LLC, and many others.
Apple iOS store led the global mobile application market in 2019 with approximately half of the global market revenue share. The dominance of the segment is mainly due to rising demand of apple and iPhones in the market. On the other hand, Google Play Store exhibits the fastest growth rate over the forecast period.
By app category, gaming segment has its proliferated revenue share in the past few years owing to gaming companies have tilted their focus towards incorporation of graphics and 3D animation to enhance the user experience.

Regional Snapshots

The Asia Pacific exhibits the fastest growth rate during the forecast period and expected to hold the dominant position in the coming years. Prime factors attributed to this are explosive growth in smartphone sales in the past few years, with several new competitors capturing the market for example OnePlus, Xiaomi, Nokia, & Vivo and challenging the established players such as iPhone and Samsung. In addition, rising internet penetration in the under-developed and developing Asian countries also contribute significantly in the market growth during the coming years.

However, North America led the global mobile application market with approximately 40% of the revenue share in 2019. This is majorly due to the presence of some of the major market players in the region such as Apple Inc., Cognizant, CA Technologies, Hewlett Packard Enterprise, Google LLC, Microsoft Corporation, IBM Corp., and many more. Furthermore, increased competition in the market has triggered the application development speed along with enhanced user experience.

Key Players & Strategies

The global mobile application market is dominated by the well-established market players such as IBM Corp., Google LLC, Microsoft Corp., HP Enterprises, Apple Inc., and Cognizant. Besides this, the market offers significant opportunities for the startup companies to establish their footprint, thereby increasing the market competition. However, rising demand for mobile applications in various sectors has offered significant opportunities of the companies to flourish in the market.