According to a new report by Allied Market Research, titled, "Global Mobile Application Market by Marketplace, App Category, and Geography: Opportunity and Forecast, 2016 - 2023", the global mobile application market accounted for $108,440 million in 2016, and is expected to grow at a CAGR of 19.2% to reach $311,249 million by 2023. The gaming app category was the highest contributor in 2016, accounting for around 80% of the global mobile app market.
A mobile app is an application software used on devices such as tablets and smartphones. The penetration and growth of mobile applications are on a rise due to the increase in smartphone users during the forecast period. More and more people are using smartphones and tablets, and the personal mobile device industry witnesses humungous growth that fuels the market for mobile apps.
Gaming is a leading category expected register the highest market share, and is expected to grow at the CAGR of 17.1% during the forecast period, owing to the widespread internet usage and the ongoing infrastructural developments in the field of telecom and communication in the developing regions.
The global mobile app market is segmented on the basis of regions into North America, Europe, Asia-Pacific, and LAMEA. North America led with the highest market share in 2016. Asia-Pacific is expected to lead the regional market in the coming years due to high growth rate.
The report features a competitive scenario of the mobile app industry and provides comprehensive analysis of key growth strategies adopted by major players.
Key players profiled in the mobile app market study include IBM Corporation, Google, Inc. Apple, Inc., Microsoft Corporation, BlackBerry Ltd., Fueled, LeewayHertz, Adept Business Solutions, Burgan National Information Systems Co., and Verbat Technologies.
Key Findings of the Mobile Application Market:
- The gaming category for the mobile app market accounted for the highest market share in 2016, growing at a CAGR of 17.1% during the forecast period
- The U.S. generated the highest revenue in 2016, with $20,265 million.
- Apple App Store dominated the marketplace segment in terms of growth in 2016, and is anticipated to continue its dominance in the near future.
- The music and entertainment app category is expected to grow at a highest CAGR during the forecast period.