DUBAI, United Arab Emirates, Sept. 21, 2022 (GLOBE NEWSWIRE) – The size of the mobile application store market is projected to increase from US $ 165.9 billion in 2022 to US $ 1027.21 billion by 2032. Mobile application store sales they are expected to grow at a 20% CAGR over the period 2022-2032.
The mobile application store market has grown significantly due to the increasing use of smartphones. The adoption of mobile application stores is growing due to the fact that people frequently use social networking apps and download new and exciting games. The exponential increase in smartphone users is a major factor in the expansion of the mobile application store market. Online marketplaces where customers can purchase or download smartphone applications are receiving significant investments.
The market share of mobile application stores is expected to increase due to the exponential growth of application development programs. One of the main things pushing the global mobile application store market forward is gaming applications. Despite iOS and Android, Apple and Google control over 95% of the mobile application store market outside of China. Both mobile operating systems were initially pre-installed with some apps, but they quickly added application stores, allowing independent developers to build apps and games.
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The popularity of mobile application stores has skyrocketed as tens of thousands of developers start creating apps and games for platforms. In less than five years, both Apple and Google have had more than a million apps and games available, generating millions of dollars in application sales for each company. Consequently, this factor is expected to improve mobile application store sales during the projection period. These two platforms have expanded their ability to host consumer apps.
Mobile application stores are developed to meet current consumer habits, such as downloading new programs or updating existing ones. The most common trend driving the growth of the mobile application store market is the rise in game application downloads.
Key takeaway from Mobile application stores Market
- In 2021, the Apple Store category held the largest market share in the mobile application store market, accounting for more than 62% of total sales.
- The gaming applications industry led the mobile application store industry in 2021, accounting for 42% of total revenue.
- The music and entertainment applications segment is expected to expand at a significant CAGR of more than 13.5% between 2022 and 2032.
- North America dominated the mobile app store market in 2021, accounting for over 31.83% of sales.
- India and China are expected to remain large markets with huge growth potential for all mobile application store participants.
- Asia Pacific is expected to be the fastest growing market for mobile application stores, due to the region’s potential for internet penetration and smartphone usage.
“Companies need to consider whether developing a custom solution in-house will be more useful than a Mobile application stores solution. Adopting a solution as part of a larger technology package can also be an interesting technique Mobile application stores companies. – IMF analyst
Factors limiting the growth of the mobile application store market
- One of the key drivers of containment in the global mobile application store market is the constraints of users’ handheld devices. Customers have issues with some apps designed for smartphones but cannot be used due to lack of feature development.
- Smartphone makers are unable to keep up with the development of mobile applications. Applications created for specialized functions also require smartphones with specialized functionality.
- However, when users switch to the latest high-tech smartphones that enable efficient operation of any mobile application, this problem is eventually solved.
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Competition landscape in the Mobile application stores Market
Leading competitors in the global mobile application store market are investing in research and development initiatives to drive organic growth and expand their market shares. Mobile application store companies are developing new products in order to expand and strengthen their current portfolios and acquire new customers.
The best competitors of the mobile application stores market they are Amazon Appstore, Windows Store, Apple iTunes, Google Play and BlackBerry World.
Recent developments in the Mobile application stores Market:
- GetJar actively encourages developers to adopt their freemium model, which includes advertising and in-app purchases. GetJar Gold is one of the most popular virtual currencies around, with millions of users.
- In November 2018, GOQii announced that the company has secured funding from Mitsui & Co., Ltd., a Japanese company and active investor in the healthcare sector. After the completion of the project, GOQii aimed to expand its presence.
Key Segments Covered in The Mobile Application Stores Market Report
By type of shop:
- Google Play Store
- Apple Store
- Music and entertainment
- Health and fitness
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa
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Table of contents
1. Executive summary
1.1. Global market perspectives
1.2. Lateral trends in demand
1.3. Supply-side trends
1.4. Technological roadmap analysis
1.5. Analysis and Recommendations
2. Market overview
2.1. Market coverage / Taxonomy
2.2. Market definition / scope / limitations
3. Market context
3.1. Market dynamics
3.2. Prediction of the scenario
3.2.1. Question in an optimistic scenario
3.2.2. Question in a likely scenario
3.2.3. The question in a conservative scenario
3.3. Opportunity map analysis
3.4. Investment feasibility matrix
To continue TOC …
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