Newark, April 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 61.30 billion super apps market will reach USD 718.0 billion by 2032. The super app is more than just a one-stop platform with numerous services available in one app. According to Gartner, it is also a frontend platform where internal developers and third parties can release micro apps, which users can activate.
Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 61.30 Billion |
| Market Size in 2032 | USD 718.0 Billion |
| CAGR | 27.9% |
| No. of Pages in Report | 237 |
| Segments Covered | Platform, Device, Application |
| Drivers | Growing e-commerce sector |
| Opportunities | Changing lifestyle and consumer preferences |
| Restraints | Inadequate technological advancements in smartphones |
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the most significant super apps market share. In Asia Pacific countries, post-COVID-19, e-commerce sales increased rapidly. From 2019 to 2020, the percentage of total retail sales driven by online retail sales has grown by 4.2% in China and 5.1% in South Korea. As a result, super apps are likely to be adopted in the region more quickly.
The android segment dominated the market with the most significant market revenue of USD 26.1 billion.
The android segment dominated the market with the most significant revenue of USD 26.1 billion. Among the features that made Android popular are better multitasking, better system performance through memory optimization, improved touchscreen, fresh designs, quick response, and ease of use. These are some of the factors which are responsible for the dominance of Android platforms over others.
The smartphones segment accounted for the largest share of the market, with a market revenue of USD 33.4 billion.
the smartphones segment accounted for the largest share of the market, with a market revenue of USD 33.4 billion. Smartphones are easy to carry compared to tables or any other device, making them the top priority for consumers. Smartphones can perform all the technical tasks efficiently with the help of super apps installed in them. Furthermore, their small size makes it easy to transport smartphones anywhere.
The social media & messaging segment accounted for the largest share of the market, with a market revenue of USD 22.0 billion.
The social media & messaging segment accounted for the largest share of the market, with a market revenue of USD 22.0 billion. This segment accounts for a significant share due to the rising interest of people in movies, news, and various other entertainment-related things. Furthermore, these apps help consumers stay connected with their loved ones, boosting the market growth.
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Advancement in Market
● In January 2022, Paytm Money, its wholly-owned subsidiary, launched a new intelligent messenger called Pops to offer customers news insights, stock updates, and recommendations.
Market Dynamics
Drivers: Continuous development
Super apps are becoming more popular and being adopted by market players. Significant mergers, collaborations, and acquisitions are the primary strategies top market players follow to grow the market.
Restraint: Development cost is high
Development of apps requires huge investments due to rising technological innovations, and to meet the consumers' demand, these factors hamper the market growth.
Opportunity: Provide various apps on one platform
Super apps are mobile apps that combine various applications to simplify daily tasks. In addition to addressing every user's needs in one place, Super Apps reduce the need to download numerous applications to perform various tasks.
Challenge: Downfall in free app download
Compared to paid app sales, downloads of free apps are expected to decline at a slower rate, according to recent disclosures from Apple and Google, both global heavyweights in the global mobile application business. Eventually, as customer demand for mobile apps is satisfied, the number of apps installed will decrease.
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Some of the major players operating in the super apps market are:
● Paytm
● Kakao Corp.
● LINE Corporation
● Grab
● Alipay
● Tata Neu
● Gojeck tech
● Rappi Inc.
● PhonePe
● WeChat
Key Segments cover in the market:
By Platform:
● Android
● iOS
● Others
By Device:
● Tablets
● Smartphones
● Others
By Application:
● Social Media & Messaging
● E-Commerce
● Financial Services
● Others
About the report:
The global super apps market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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