LONDON--(BUSINESS WIRE)--The mobile apps market size is poised to grow at a CAGR of close to 18% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The penetration of smartphones is increasing globally and is expected to account for every 3 out of every 4-mobile phones by 2024. Smartphone manufacturers are increasingly focusing on launching new mobile phones with enhanced features such as processing speeds, battery life, storage, display quality, and software capabilities to support advanced functions. These functions include multitasking of apps, wherein users can operate multiple mobile apps at the same time. For instance, Google provides its Google Pixel smartphone with unlimited data storage and backup facility owing to its Google Drive application. Thus, the increasing launch of high-end smartphones will drive the demand for mobile apps for these smartphones.
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As per Technavio, the development of hybrid mobile apps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Mobile Apps Market: Development of Hybrid Mobile Apps
Hybrid mobile apps enable easy scalability and inter-platform development of mobile apps, wherein, the app developed for Android software can be scaled to iOS or Windows-based operating systems. Thus, the increasing availability of hybrid mobile app platforms could increase the development of hybrid mobile apps. Some of the hybrid mobile apps development platforms include Read Native, Ionic, Onsen UI, PhoneGap, and Framework 7 among others.
“Other factors such as the increasing number of mobile apps for IoT devices, and growing adoption of chatbots in mobile apps will have a significant impact on the growth of the mobile apps market value during the forecast period,” says a senior analyst at Technavio.
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Mobile Apps Market: Segmentation Analysis
This market research report segments the mobile apps market by application (entertainment, social networking, finance, healthcare, and others), by platform (iOS, android, and others), by revenue mode (Advertising, In-app purchases, Freemium, Pay-per-download, and Subscription) and geographical regions (APAC, EMEA, and Americas).
The APAC led the market in 2018, followed by Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth due to the large customer base of mobile phones in APAC.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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