Popularity of smartphones and technological advancements in information technology are making space for revolutionary changes across the industry. However, the major shift in technology for mobile applications came with the great success of the Apple’s Application Store, which was launched in 2008. Within next few years, organizations from different parts of the world began the race of competing against each other by dedicating different app stores for their clients. Growing demand for applications from a large number of customers has created exciting opportunities for the world mobile applications market in the past few years. The upward arrow of revenue in the industry is expected to maintain its growth in the years to come, which is a positive sign for the organizations.
Segments and Key Takeaways
Advancements in the field of mobile app development is expected to open greater revenue channels for the global market. This feature is attracting various telecom giants into developing and providing special app stores for their global customers. Today, apps serve numerous purposes of smartphone users including social networking, communication, games, travel, multimedia, utility and productivity. Basic segmentation in world mobile applications market is based on several essential factors, which include the types of app categories, business models, market participants, stakeholders and geography. Business model is also known as the type of stores, which include third party, or off deck stores and native or on deck stores.
- Geography: North America, Asia Pacific, Europe and rest of the world
- Market Participants: Operating systems and handset manufacturers, operators and applications developers
- Mobile Apps: Social networking, gaming, books, utilities, entertainment, business and finance, productivity, lifestyle, travel, navigation and others
- Stakeholders: Mobile phone operators, handset manufacturers, application store providers, mobile software developers, retail electronics distributors and enterprises that need and publish their own business specific applications
Current Trends and Forecasting
Based on in-depth analysis of the aforementioned segments, researchers explain that the world mobile applications market is expected to witness steady growth within next few years to come. Within the next two years, the industry is poised to witness the growth rate of over 29%. At this impressive rate, mobile app market will reach $25.0 billion by 2015. In 2010, the market was worth $6.8 billion in 2010. Constant advancements is cited to be the biggest reason, which is paired with growing demand for smartphone and growing penetration of advanced information technology across developing parts of the world. Growing number of applications downloads is expected to grow at a CAGR of over 64%. At this rate, the number of downloads is estimated to reach 144 billion by 2015.