Rise in industry-specific applications is further expected to
create lucrative opportunities for the growth of the global
market.
NEW CASTLE, Del., Sept. 3, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Mobile App Development Market
by Platform (IOS, Android and Windows), by Store Type (Google
Store, Apple Store and Others), and Application (BFSI, Gaming,
Retail, Airline, Media & Entertainment, Education, Transport,
Hotels & Restaurants and Others): Global Opportunity Analysis
and Industry Forecast, 2024-2032". According to the report, the
mobile app development market was valued at $195.7 billion in 2023, and is estimated to reach
$606.1 billion by 2032, growing at a
CAGR of 13.1% from 2024 to 2032.
Prime Determinants of Growth
Increase in smartphone penetration and technological
advancements are the factors expected to propel the growth of the
global mobile application development market. However, the market
is becoming increasingly saturated and increasing competition is
anticipated to hamper the growth of the global market.
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Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base
Year
|
2023
|
Market Size in
2023
|
$195.7
billion
|
Market Size in
2032
|
$606.1
billion
|
CAGR
|
13.1 %
|
Segments
covered
|
Platform, Store Type,
Application and Region.
|
Drivers
|
Increase in smartphone
penetration
|
|
Technological
advancements
|
Opportunities
|
Rise in
Industry-specific applications
|
Restraints
|
Market is becoming
increasingly saturated
|
|
Increase in
competition
|
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The Google Play Store segment dominated the market in
2023.
By store type, the Google play store segment accounted for the
largest share in 2023, of the mobile application development market
revenue, owing to the widespread use of Android devices across
various price ranges, making it accessible to a larger audience.
Android's open-source nature allows for more flexibility and
customization for developers, leading to a diverse range of apps
available on the platform, which is further expected to propel the
overall market growth. However, the Apple store segment is expected
to attain the largest CAGR from 2024 to 2032 and is projected to
maintain its lead position during the forecast period, owing to the
increasing volume of digital documents and the need for secure and
organized document storage and retrieval. Law firms are recognizing
the importance of efficient document management systems to enhance
collaboration, compliance, and overall productivity, which is
driving the growth of this segment in the global mobile application
development market.
The Android segment is expected to maintain its lead position
during the forecast period.
By platform, the IOS segment accounted for the largest share in
2023 of the mobile application development market revenue, owing to
the popularity of Apple devices such as iPhones and iPads. Many
users prefer IOS for its sleek design, user-friendly interface, and
strong security features, which is further expected to propel the
overall market growth. However, the Android segment is expected to
attain the largest CAGR from 2024 to 2032 and is projected to
maintain its lead position during the forecast period, owing to the
loyal customer base of Apple users who value the premium quality,
security, and seamless integration of apps within the Apple
ecosystem. Additionally, Apple's strict app review process ensures
high-quality standards, attracting developers and users similarly.
Thereby, driving the growth of this segment in the global mobile
application development market.
The media & entrainment segment is expected to maintain
its lead position during the forecast period.
By application, the gaming segment accounted for the largest
share in 2023, owing to the widespread popularity of mobile gaming
among users of all ages. Mobile games offer entertainment,
engagement, and social interaction, making them a favorite pastime
for many people. The constant innovation in mobile gaming
technology, including augmented reality and multiplayer features,
continues to attract a large audience, which is further expected to
propel the overall market growth. However, the media &
entrainment segment is expected to attain the largest CAGR from
2024 to 2032 and is projected to maintain its lead position during
the forecast period, owing to the increasing demand for streaming
services, music apps, and digital content consumption on mobile
devices. With the rise of platforms such as Netflix, Spotify, and
social media apps, users are increasingly turning to their mobile
devices for entertainment, which is driving the growth of this
segment in the global mobile application development
market.
The Asia-Pacific region is
expected to maintain its lead position during the forecast
period.
By region, North America held
the highest market share in terms of revenue in 2023, owing to the
high smartphone penetration rate in the region, along with a
tech-savvy population that is quick to adopt new mobile
technologies. North America is
home to major tech hubs such as Silicon Valley, which foster
innovation and drive the development of cutting-edge mobile
applications and is anticipated to propel the growth of the market
in this region. However, Asia-Pacific is projected to attain the
highest CAGR from 2024 to 2032, owing to rapidly expanding
smartphone market in countries such as China, India,
and South Korea. These countries
have large populations with increasing disposable income, leading
to a surge in smartphone ownership and mobile internet usage. The
Asia-Pacific region is also
witnessing a rise in mobile app development talent and investment,
leading to innovation and growth in the mobile application market,
which is further expected to contribute to the growth of the market
in this region.
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Leading Market Players: -
- Apple Inc.
- CA Technologies
- China Mobile Limited
- Cognizant, Google LLC
- Hewlett Packard Enterprise Development LP
- Intellectsoft
- International Business Machines Corporation
- Microsoft Corporation
- Verbat Technologies
- Amazon
- Google Inc.
The report provides a detailed analysis of these key players in
the mobile application development market. These players have
adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, agreements, and others
to increase their market share and maintain dominant shares in
different countries. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
Recent Development:
- In August 2023, IBM expanded its
collaboration with Microsoft to help joint clients accelerate the
deployment of generative AI - and deliver a new offering that will
provide clients with the expertise and technology they need to
innovate their business processes and scale generative AI
effectively. IBM Consulting, in collaboration with Microsoft, will
focus on helping clients to implement and scale Azure OpenAI
Service. The new IBM Consulting Azure OpenAI Service offering,
which is available on Azure Marketplace, is a fully managed AI
service that allows developers and data scientists to apply
powerful large language models, including their GPT and Codex
series. It aims to help businesses define an adoption strategy and
an initial set of specific and value-add generative AI use
cases.
- In November 2023, Invent, Amazon
Web Services (AWS), an Amazon.com, Inc. company expanded
partnership with Salesforce, deepening product integrations across
data and artificial intelligence (AI), and for the first time
offering select Salesforce products on the AWS Marketplace. The
expanded agreement makes it easier for customers to seamlessly and
securely manage their data across Salesforce and AWS, and safely
and responsibly infuse the latest generative AI technologies into
their applications and workflows.
- In April 2020, MobileIron, the company that introduced the
industry's first mobile-centric, zero trust platform for the
enterprise, acquired incapptic Connect, a leader in mobile
automation app release software based in Berlin, Germany and Warsaw, Poland, to accelerate the mobile app
release journey for enterprise customers. MobileIron's unified
endpoint management (UEM) platform integrates with incapptic
Connect software to help customers quickly develop, deploy and
secure in-house business apps, resulting in increased productivity
and business innovation.
- In January 2020, Google
acquired AppSheet, a six-year-old Seattle startup that enables customers to
build and distribute applications without writing a line of code.
AppSheet complements Google Cloud's strategy to reimagine the
application development space with a platform that helps
enterprises innovate with no-code development, workflow automation,
application integration and API management as they modernize their
business processes in the cloud, ' says Amit Zavery, Google Cloud's vice business
application platform.
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