Mindfulness Meditation Application Market Expected to Reach $307.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Mindfulness Meditation Application Market," The mindfulness meditation application market was valued at $97.60 million in 2021, and is estimated to reach $307.1 million by 2031, growing at a CAGR of 12.4% from 2022 to 2031.

Utilizing techniques for mental training such as meditation, deep breathing, and other exercises, mindfulness meditation applications assist users in achieving a sense of tranquility. The use of these apps encourages self-control and self-awareness, which is anticipated to increase demand for this market, during the forecast period.

According to mindfulness meditation application market research, the android and iOS segments collectively accounted for around 98.45% market share in 2021, with the former constituting around 51.66% share. The iOS and android segments are expected to witness considerable CAGRs of 13.13% and 11.78%, respectively, during the forecast period.t

The COVID-19 pandemic has significantly triggered market growth, attributed to the global rise in mental well-being. The growing desire for remote working in the face of the COVID-19 pandemic is predicted to push the demand for mental health. Since modern technologies have opened the way for smart devices to connect and analyze the mindfulness of their users, mindfulness mediation appl developers are opting for the in-app purchase and free service models to attract a huge customer base. Additionally, COVID-19-related anxiety cases that are increasing are probably going to have a big impact on the market, during the forecast period.

Region-wise, Asia-Pacific held a significant global mindfulness meditation application market share, owing to the presence of government initiatives promoting yoga and meditation in this region. The demand is mostly being driven by early technological adoption and considerable mobile device penetration. Moreover, rapid urbanization and an increase in the application of sensor technology and smartwatches to upgrade mindful well-being are the primary factors that drive the growth of the mindfulness meditation application market in Asia-Pacific, North America, and Europe.

KEY FINDINGS OF THE STUDY

• By service type, in 2021, the free segment was the highest revenue contributor to the market, with $75.61 million in 2021. However, the paid (in-app purchase) segment is estimated to reach at a significant CAGR of 14.59% during the forecast period.
• By deployment model, the cloud-based segment was the highest revenue contributor to the market, with $66.9 million in 2021. However, to reach $83.91 million by 2031, at a significant CAGR of 10.84% during the forecast period.
• By operating system, the android segment was the highest revenue contributor to the market, with $50.42 million in 2021. However, the iOS segment is estimated to reach $152.98 million by 2031, at a significant CAGR of 13.13% during the forecast period.
• Region-wise, the mindfulness meditation application market growth was dominated by the Asia-Pacific region. However, North America and Europe are expected to witness a significant growth rate during the forecasted period for Mindfulness Meditation Application Industry.
• This study comprises an analytical depiction of the mindfulness meditation application market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall mindfulness meditation application market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current mindfulness meditation application market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the Mindfulness Meditation Application Industry

Key players profiled in the report include Calm.com, Inc., Headspace, Inc., Inner Explorer, Inc., Meditation Moments B.V., Mindfulness Everywhere Ltd., Simple Habit, Inc., Smiling Mind, Stop, Breathe, & Think PBC, Ten Percent Happier and The Mindfulness App. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the mindfulness meditation application market.