The global Mobile Application Market size is anticipated to reach USD 567.19 billion by 2030, expanding at a CAGR of 13.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing emphasis on living a healthier lifestyle, as well as the demand for real-time access to healthcare data to assist users with workouts, health management, nutrition and diet, and other fitness activities, are the primary factors driving the market growth. Furthermore, factors such as lower internet costs, smartphone proliferation, an increase in expendable income, and the consequent rise in in-app purchases, particularly for gaming apps, are all driving growth.
Furthermore, during the COVID-19 pandemic, downloads of on-demand live video consultation apps increased globally. Although remote consultation services have grown in recent years, there has been a surge in on-demand live video consultations as a result of the current lockdowns. Furthermore, the negative effect of the COVID-19 pandemic on people's mental health and anxiety levels as a result of restrictions on human movement and the fear of becoming infected during the on-premise visit has laid the foundation for growth in online consultation services. The advantages of mobile applications, such as their simple user interface and remote health monitoring, have risen healthcare application downloads for health counseling sessions.
Music and entertainment apps, in addition to gaming and healthcare apps, offer substantial opportunities to raise business revenue. The increasing demand for live streaming applications available is anticipated to be one of the key factors driving the growth of the music and entertainment apps market. Users can broadcast live videos to a larger audience using live streaming apps like YouTube, Netflix, and Instagram.
Furthermore, these apps have grown in popularity among social media influencers, who use them to engage audiences daily and improve the ranking of their accounts and channels. Furthermore, global lockdowns imposed in the aftermath of the COVID-19 outbreak have fueled the development of OTT applications as users continue to engage in recreational activities. As a result, during the pandemic, the typical average time spent on OTT applications increased dramatically. As a result, demand for entertainment applications has skyrocketed. However, the re-opening of economies by governments following pandemic containment is expected to restore normal year-on-year development in the entertainment app segment.
Related Press Release@ Mobile Application Market Report
Mobile Application Market Report Highlights
- Due to internet penetration, smartphone proliferation, and the increasing use of machine learning and artificial intelligence technologies in mobile applications, the market is expected to grow significantly during the forecast period (apps).
- The apple store segment accounted for the largest revenue share in 2022, owing to a higher monetization rate of iOS apps for revenue gained from premium apps and in-app purchases.
- The gaming application segment is projected to exhibit a highets growth rate of 15.2% during the forecast period from 2023 to 2030, owing to an increase in demand for mobile gaming apps.
- The Asia Pacific is expected to emerge as the fastest growing regional market given the potential the region holds in terms of internet penetration and smartphone adoption. India and China are anticipated to remain the major markets, offering strong growth opportunities to all participants across the mobile application ecosystem.
