Mobile Application Market to Garner $311.2 Billion by 2023 with 19.2% CAGR, Says Analyst at Allied Market Research

Increasing data usage and internet penetration, rise in the number of smartphone users and growing standards of living in developing countries have driven the growth for global mobile application market. On the other hand, Lack of high speed connectivity in developing and underdeveloped regions and Uncertainty of enterprises in developing their own applications have happened to curb the growth to certain extent. Nevertheless, high investment on digitalization has created multiple opportunities in the segment.

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Portland, April 01, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Mobile Application Market by Marketplace ( Google Play Store and Apple App. Store) and App Category ( Gaming, Entertainment & Music, Health & Fitness, Travel & Hospitality, Retail & E-Commerce and Education & Learning) - Global Opportunity Analysis and Industry Forecast, 2016 – 2023.” As per the report, the global mobile application market accounted for $108.4 billion in 2016 and is expected to garner $311.2 billion by 2023, registering a CAGR of 19.2% during the forecast period.

Increasing data usage and internet penetration, the rise in the number of smartphone users and growing standards of living in developing countries have driven the growth of the global mobile application market. On the other hand, Lack of high-speed connectivity in developing and underdeveloped regions and Uncertainty of enterprises in developing their own applications have happened to curb the growth to a certain extent. Nevertheless, high investment on digitalization has created multiple opportunities in the segment.

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The market is divided into the marketplace, app, and region. Based on the marketplace, the market is segmented into the Google play store, Apple play store, and others. Based on app, the market is categorized into Gaming, Entertainment & Music, Health & Fitness, Travel & Hospitality, Retail & E-Commerce, Education & Learning and Others. The market is then analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, the Middle East and Africa (LAMEA).

The gaming category for the mobile app market contributed to the highest market share in 2016, registering a CAGR of 17.1% during the forecast period. In terms of growth, Apple App Store dominated the marketplace segment in 2016 and is expected to be dominant during the forecast period. At the same time, the music and entertainment app category is anticipated to grow at the highest CAGR during 2016-2023.

Leading market players analyzed in the research include:

• Google, Inc.
• Apple, Inc.
• Microsoft Corporation
• IBM Corporation
• Verbat Technologies
• Fueled
• LeewayHertz
• Adept Business Solutions
• Verbat Technologies
• Burgan National Information Systems Co.
• BlackBerry Ltd.

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