LONDON--(BUSINESS WIRE)--The global mobile apps market size is expected to grow by USD 497.09 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Smartphone manufacturers are increasingly focusing on launching new mobile phones with enhanced features with respect to 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. Smartphones are also being upgraded with additional functionalities for display, camera, memory, processors, and other technical specifications. For instance, Google provides its Google Pixel smartphone with unlimited data storage and backup facility through the 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 significant trends and market drivers that will influence market growth over 2020-2024.
Mobile Apps Market: Development of Hybrid Mobile Apps
“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 platform (iOS, Android, and others) application (games, social networking, music, video, and others), revenue model (advertisement, in-app purchase, subscription, and pay per download), and geography (APAC, North America, Europe, South America, and MEA).
The APAC region accounted for the highest mobile apps market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to large customer base of mobile phones in APAC.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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