Albany, NY, Feb. 19, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Mobile Applications Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", the market was valued at US$ 16.97 Bn in 2013 and is expected to reach US$ 54.89 Bn by 2020, growing at a CAGR of 16.2% from 2014 to 2020. North America was the largest contributor to the global mobile applications market in 2013 while Asia Pacific is expected to be the fastest growing regional market for mobile applications during the forecast period from 2014 to 2020. The high growth of mobile applications in Asia Pacific is majorly due to the high penetration of smartphones in the region. Countries such as China, India, South Korea and others are expected to generate high demand for mobile apps during the forecast period.
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The mobile applications market is majorly driven by the rising market for smartphones across the world. Due to the development of highly sophisticated smartphones with advanced features, the demand for smartphones is expected to rise substantially during the forecast period. This is anticipated to boost mobile applications growth substantially. Furthermore, growing advancements in cellular internet and rising penetration of internet services globally, is expected to spur the growth of mobile applications market over the forecast period. However, mobile websites pose major challenge to the growth of mobile apps. This is due to the better features and interface offered by mobile websites over mobile applications.
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The most common and popular type of mobile applications include games and entertainment apps. In 2013, the games and entertainment mobile apps segment accounted for the largest share of around 40% in the global mobile applications market.
Geographically, Asia Pacific dominated the global mobile applications market in 2013 with the share of around 36% of the global market. The high demand for mobile applications from Asia Pacific is due to the rapid penetration of smartphones in China, India, Australia and others. The major companies involved in the development of mobile applications include Apple, Inc., Google, Inc., Blackberry Ltd., QBurst, Sourcebits,Inc., Softeq Development Corporation, WillowTree Apps, Inc., Microsoft Corporation, Handmark Inc., OpenXcell Tehnolabs Pvt. Ltd., Y Media Labs, Inc. and others.
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The report studies the global mobile applications market, and provides estimates in terms of revenue (US$ Bn) from 2012 to 2020. Market estimates are provided on the basis of store type, category and geography. The market has been segmented as follows:
Market Segmentation of Global Mobile Applications Market:
Mobile Applications Market, by Store Type
- Native (On-deck)
- Third-party (Off-deck)
Mobile Applications Market, by Category
- Games and Entertainment
- Productivity
- Social and Personalization
- Music Audio and Lifestyle
- Travel and Navigation
- Others (Business, Finance and Utilities)
Mobile Applications Market, by Geography
- North America
- Europe
- Asia Pacific
- RoW
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