Latest News- Mobile Application Market: Android market is expected to lead the Platform segment during 2025-2029

The Mobile Application Market is being driven by Growing penetration of smartphones

The Mobile Application Market is expected to grow at a CAGR of 31.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2630 billion. In the mobile application market, the Internet of Things (IoT) represents a significant growth opportunity. IoT refers to the interconnection of physical devices, objects, and machines, enabled by software and sensors across a network. The demand for IoT devices is escalating due to their flexibility, user-friendliness, and mobility features. This trend is driven by the increasing integration of IoT devices with smartphones, which are the most widely used consumer electronics. In 2023, smartphone shipments reached an impressive 1.14 billion units, representing a slight decline of 4% compared to the previous year. This decrease notwithstanding, the increasing number of smartphones presents a vast market for IoT devices, which can be seamlessly integrated using mobile applications. Examples of such devices include wearable technology like smartwatches and eyeglasses. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Platform
  • Android market
  • iOS market
  • Others
• Type
  • Gaming
  • Music and entertainment
  • Health and fitness
  • Social networking
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing penetration of smartphones
• Increasing focus on AR apps
• Growing m-commerce industry

However, the market also witnesses some limitations, which are as follows:

• Cost associated with mobile app development and operation
• Threat of cyber attacks
• Need to comply with regulations

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Market Scope in Mobile Application Market Research Report

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Research Analysis Overview

The Mobile Application Market is thriving, with smartphones being the primary device for internet usage. Artificial intelligence (AI) and machine learning technologies are driving innovation in apps available on Google Play Store and App Store. Internet penetration has led to the popularity of gaming tech, AR, and VR. Revenue models include in-game purchases, paid apps, and in-app ads. Ubisoft Entertainment and others lead the industry, prioritizing mobile application security and addressing data collection practices through privacy policies. Online shopping, food ordering, digital payments, demographic factors, premium apps, and OS are key sectors in this dynamic industry.

Market Research Overview

The global IT software market encompasses businesses specializing in the development and production of application and system software, excluding those classified in the interactive home entertainment or systems software sub-industries. According to Technavio, the market size is determined by the consolidated revenue of companies providing various types of IT software, including cloud-based solutions. Key trends in this sector include the integration of artificial intelligence and machine learning, increasing internet penetration, advancements in gaming technology, and the emergence of augmented reality (AR) and virtual reality (VR). Monetization strategies consist of in-game purchases, paid applications, and in-app advertisements.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/