Mobile apps market to record USD 653.91 bn growth

The “Mobile Apps Market by Platform, Application, Revenue Model, and Geography – Forecast and Analysis 2021-2025” report by Technavio expects the market to observe an incremental growth of USD 653.91 billion between 2020 and 2025, expanding at a CAGR of 20.65% during the forecast period. According to the report, the increasing penetration of smartphones will be a key factor in driving the growth of the segment. The market will register the highest incremental growth in APAC due to the presence of a large customer base and increasing adoption of smartphones.

The global mobile apps market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The market is characterized by the presence of a large number of players. The vendors in the market are identified based on their revenues, market dominance, geographical presence, product portfolio, and financials. Alphabet Inc., Amazon.com Inc., Apple Inc., Electronic Arts Inc., Facebook Inc., Microsoft Corp., Netflix Inc., Spotify Technology SA, Ubisoft Entertainment, and Xiaomi Corp. are among some of the major market participants.

The growing penetration of smartphones has been instrumental in driving the growth of the market. However, the costs associated with mobile app development and operations might hamper the market growth. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

CT Bureau