Super Apps Market Research, 2032
The global super apps market size was valued at $58.6 billion in 2022, and is projected to reach $722.4 billion by 2032, growing at a CAGR of 28.9% from 2023 to 2032.
Growing adoption of mobile services and increasing advancements in digital technologies are driving the growth of this market. In addition, rise in government support for promoting the use of super apps is also fueling the growth of this market. However, data security, privacy concerns, and the high cost of super apps limit the growth of this market. Conversely, a rise in the integration of blockchain technology in super apps is anticipated to provide numerous opportunities for the expansion of the market during the super apps market forecast period.
Super app is a mobile application that offers a wide range of services within a single platform. This technology allows users to access various services without downloading and switching between multiple applications. A few popular super apps are Rappi app in Latin America, the Snapp app in Iran, Line in Japan, and Yandex Go in Russia and Kazakhstan. In addition, these super apps are creating a large interest among consumers in the technology world. According to the Pymnts, in July 2022, it was found that nearly 72% of consumers are fascinated by super apps, which precisely estimates that the super app market is expected to grow at a significant rate in the future.
The report focuses on growth prospects, restraints, and analysis of the global super apps market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as the bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers on the global super apps market share.
The global super apps market is segmented into platform, device, application, end-user and regions. Depending on the platform, the market is divided into iOS, Android, and others. Based on device, it is categorized into smartphone, tablets, and others. By application, it is divided into BFSI, transportation and logistics, retail and e-commerce, social media messaging, and others. Based on end-users, it is bifurcated into business and consumers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Depending on the end user, the business segment dominated the super app market in 2021 and is expected to continue this trend during the forecast period, owing to the increase in usage of integrated AI and automation features, allowing businesses to automate routine tasks, such as data entry and customer service. However, consumer segments are expected to grow in the upcoming years, owing to the growing integration of travel and transportation features, such as booking flights and rideshare services, which allows consumers to manage their travel needs from a single platform.
Region-wise, Asia-Pacific dominated the super apps market growth in 2022 and is expected to retain its position during the forecast period, owing to the surging adoption of mobile services and increasing advancements in digital technologies which are the major factors that result in the growth of the market. Moreover, government support in developing super apps is increasing the rate of growth of this market. However, Europe is expected to witness significant growth during the forecast period, owing to expanding access to new technologies such as IoT, Big Data, and AI, which are becoming increasingly significant for improving social media infrastructure. Thus, this technological advancement paved the potential to organize and manage consumer behavior and preferences in the super apps market.
The global super app market is dominated by key players such as Alibaba Cloud, Cisco Systems Inc., Genexus, Qualcomm Technologies, IBM Corporation, Huawei Technologies, Agiletech Vietnam, Elluminati Inc., Line Corporation and Go To. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Digital Capabilities
Super apps is dependent on a wide range of technologies to provide its users with various functionalities and services. Some of the key technology that are commonly used are cloud computing, artificial intelligence (AI) and machine learning (ML), mobile application frameworks, and others. Cloud computing is an essential technology that controls the infrastructure of many super apps. Cloud computing refers to the delivery of computing services, such as storage, databases, servers, and software, over the Internet.
In addition, instead of maintaining its own physical data centers and servers, super apps can rely on cloud computing to store and process data in a more flexible and scalable manner. Additionally, several organizations are adopting cloud-based solutions for super app integration due to the range of benefits provided by cloud computing which includes scalability, flexibility, and cost-effectiveness. For instance, in April 2022, Malaysia’s AirAsia partnered with Google Cloud, to further establish cloud center of excellence, to enhance its super-app platform in Southeast Asia. Thus, such technological strategies are further expected to help the driving demand for cloud services in the super apps market.
Furthermore, super apps are increasingly adopting geolocation and mapping technologies such as Global Positioning System (GPS), google maps, and OpenStreetMap to provide location-based services such as ride-hailing, food delivery, or navigation. These Technologies are essential components of super apps, as they enable users to access location-based services and navigate the surroundings easily. Moreover, various industries such as automotive, finance and other, are developing the location-based solutions for monitoring the live location.
For instance, February 2023, MapmyIndia launched its new range of Mappls Gadgets for cars and two-wheelers including advanced Vehicle GPS trackers, dash cameras in the dash navigation system and smart helmet kits. Therefore, such advancements in technologies further anticipated to enhance the usage of super apps. Overall, by leveraging these technologies, super apps can provide a more personalized and convenient user experience, making them more popular among consumers.
End-User Adoption
Growing digitalization in super app development is increasing the interest of end-users to use advanced applications, which in turn drives market growth. End-user adoption for super apps is primarily influenced by ease of use, trust and security features available in these applications. Whereas, the super apps provides a user-friendly interface, which is intuitive and straightforward, allowing users to quickly access the features they need to access in apps. Such factors allow end-users to achive the business goals by adopting the super apps to streamline their business processes.
Additionally, super apps are gaining popularity in the banking, financial services, and insurance (BFSI)industry, as it offers a wide range of financial services and features in a single platform, including the digital payments, banking services, access to investment products and insurance services, Therefore, super apps is gaining wide momentum in the BFSI sector to approach for digital banking solutions. For instance, in August 2022, NPST launched super app for the BFSI industry, which aimed to create a super app integrated with a seamless experience by combining all banking, financial, and transactional services into one robust intelligent software. Thus, such innovations further offer a wide range of financial services and features in a single platform, making them a convenient and efficient solution for wide end-user base.
Furthermore, super apps are becoming increasingly popular in the restaurant and hotel industry, owing to growing application of online food delivery services In addition, super apps can often be used for food ordering and delivery, allowing users to browse menus, place orders, and pay for the meals directly from the app. Super apps can also integrate with different food delivery platforms, making it easy for users to access multiple food delivery options in one place. Several private & public firms are working on providing an effective super app solution to benefit the restau and hotel industry.
For instance, in December 2021, Plaxonic launched the hyperlocal super app namely, Evobee, to revolutionize the local logistics space. The platform enables home delivery of food, grocery, cab bookings, and other appointment services. Therefore, such advanced strategies offer a reliable solution for consumers in the restaurant and hotel industry, which is further expected to drive the super apps market.
Government Initiatives
Globally,regional governments globe is approaching various initiatives to promote and regulate the use of super apps market. For instance, in March 2022, the Government of India planned to launch super app for farmers, combining various digital assets and existing mobile applications created specifically for farmers, according to a representative of the Ministry of Agriculture and Farmers' welfare. Similarly, in August 2022 , the Indian government is planning to launch a super app for EV (as the government has installed 479 charging stations under phase-1 of the FAME scheme by july 2022. In additon, 50 charging stations has been installed under phase-2 of the FAME scheme. Such initiatives taken by government authorities are further expected to drive the adoption of super apps in various countries.
Moreover, the government has been working to improve mobile connectivity and internet access across the country, by promoting a mobile-first approach to serve the digital services to the consumers. For instance, in August 2022, PayNearby incorporates with the Umang, developed by the Ministry of Electronics and Information Technology (MeitY) and National e-Governance Division (NeGD). To offer ease and further the stregthen the Government’s vision to make e-governance 'mobile first' in India. Overall, such encouraging initiatives approached by government entities are expected to regulate the use of super apps globally, further anticipated to drives the market growth.
Top Impacting Factors
Growing Adoption of Mobile Services
Growing adoption of mobile services is one of the prime factors driving the development and popularity of super apps market. The large number of people around the globe are using smartphones and mobile devices as the primary means of accessing the internet and conducting everyday activities. According to the Pew Research Center, it is indicated that the smartphones usage has increased among adults, increasing from 13% to 61% in 2021. Thus, such factors leads to the growth of the super apps market.
Further, the rise of mobile payments and digital wallets has contributed to the growth of super apps market, as it enable consumers to process transactions instantly and without any difficulty. According to Christine Wagner from Fidelity National Information Services, Inc. (FIS) an American multinational fintech corporation, it is assessed that checkout process at Point of Sale (POS) by means of mobile wallets has increased by 60% in 2021. Hence, the increase in usage of online payments and digital wallets is further anticipated to drive the super apps industry. Moreover, mobile wallets offer consumers flexibility and convenience by enabling them to quickly make online purchases, withdraw money from ATMs, and send money to others. Therefore, due to its speed, convenience, and security, mobile payments continue to grow increasingly, which further contributes to the super market growth.
Increasing Advancements in Digital Technologies
Increasing advancements in digital technologies such as Artificial Intelligence (AI), Machine Learning (ML) and cloud computing to improve optimization is the major factor driving the growth of the market. Since last few years, technology has grown at an unprecedented rate, which has promoted the growth of digital currency. Additionally, super apps combine numerous services, such as transaction management and payment processing, into a single application. By integrating messaging and access to other services with payments is advancing the digitization of formerly used cash-based payments. Therefore, such trends are expected to provide the lucrative opportunities to the market growth.
Additionally, the retail businesses have shifted towards the digital platforms, as the digital economy boomed during the COVID-19 crisis. People are looking for the one integral application for this multiple day life services, and therefore, super apps find wider application in this scenario due to fact that integrates multiple services in a single platform, such as online shopping, payments options, food delivery and ride hailing. Therefore, these aforementioned factors are driving the market demand.
Furthermore, increasing public and private investment is expanding the market growth of super apps market, as it is a means of diversifying their product offerings and provide a more integrated user experience. For instance, in February 2023, Fierce raised $10 million to fund the super app motivations, allowing consumers to manage their finances from a single platform that reduces complexity in banking services such as checking account, purchase stocks, and others. Thus, such factors further expected to propel the market growth.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the super apps market analysis from 2021 to 2031 to identify the prevailing super apps industry opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the super app market growth assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global super app market, key players, market segments, application areas, and market growth strategies.
Super Apps Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 722.4 billion |
 Growth Rate | CAGR of 28.9% |
 Forecast period | 2022 - 2032 |
 Report Pages | 496 |
 By Device |
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 By Application |
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 By End User |
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 By Platform |
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 By Region |
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 Key Market Players | Elluminati Inc., Huawei Technologies Co., Ltd., LINE Corporation, GoTo, Tata Group, GeneXus, Cisco Systems Inc., AgileTech Vietnam, IBM Corporation, Alibaba Cloud |
Analyst Review
As per the insights of industry executives, the adoption of super apps software has increased over time, owing to the rise in the adoption of mobile services, the surge in advancements in digital technologies, and the rise in government support for promoting the use of super apps. In addition, the super app has a wide application on account of increasing revenue growth due to its wide range of functionalities such as messaging, payment & financial services, ride-hailing & transportation, entertainment, and more. Moreover, the super app reduces re-acquisition costs by retaining users from other platforms, as well as has greater potential to integrate new services to build a robust customer base. Hence, these aforementioned factors are witnessing that the super app market has considerable growth potential to rise at an immense rate and is evidencing to be a beneficial business model for end-users.
The CXOs further added that the increase in the economic strength of developing nations such as China, India, Indonesia, and Thailand is expected to provide lucrative opportunities for the super apps market growth. On the other hand, the significant presence of a large number of market players, along with the greater reachability of top super apps players around the world is further driving the market growth over the forecast period. Alibaba Cloud, Cisco Systems Inc., Qualcomm Technologies, IBM Corporation, and Huawei Technologies are the major market players which are taking significant efforts to diversify the super app market. Hence, these firms are widely adopting various strategies, including product launches, expansion, and strategic alliance, for reaching a wide consumer base. For instance, in April 2020, Alibaba Cloud launched an Enterprise Mobile Application Studio solution. This solution will help the developers to quickly build the super app within a short span of time.
In addition, in November 2022, GeneXus launched Genexus 18, a platform that boosts productivity and simplifies development systems in the digital world. This new version of GeneXus allows the quick development of Super Apps. Similarly, in August 2022, Tata Digital launched its first super app named the Tata Neu app. This super app blends product commerce, service commerce, and financial services into an integrated experience. Also, this app provides travel booking services; shopping services; payment services like UPI transactions, bill payments, loans, and insurance. Such strategic advancements are expected to accelerate market growth over the forecast period.
Furthermore, some companies adopted expansion and strategic alliance strategies to get their hold of the super app market. For instance, in November 2022, Elluminati Inc. entered into a strategic alliance with AppSwarm Corp., a mobile and software development company. This alliance is executed with an aim to produce collective efforts to develop technology, projects, and super applications. In addition, in January 2023, GoTo, through its subsidiary Gojek, expanded its transport business by launching GoCar Kids and GoCar XL Kids facilities for the passenger. This novel development integrates the features of super app to attract more potential and new users in the super app market. Hence, such product launches, strategic alliances, and agreements are the key strategies that are expected to drive the super app market growth during the forecast period.
The super apps market is estimated to grow at a CAGR of 28.9% from 2023 to 2032.
The super apps market is projected to reach $ 722.4 billion by 2032.
Growing adoption of mobile services, increasing advancements in digital technologies, and rise in government support for promoting the use of super apps contribute toward the growth of the market.
The key players profiled in the report include Alibaba Cloud, Cisco Systems Inc., Genexus, Qualcomm Technologies, IBM Corporation, Huawei Technologies, Agiletech Vietnam, Elluminati Inc., Line Corporation and Go To.
The key growth strategies of super apps market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
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