The global mobile applications market is a choc-o-bloc with big, small, and mid-sized companies that operate in global as well as regional markets, states Transparency Market Research (TMR) in a new report. Key companies such as Apple Inc. and Google Inc. hold large market shares due to their impeccable top of the line products for an array of uses. Technological expertise and huge investments also account for the large consumer base of mobile applications (apps) developed by top companies in the mobile applications market.
Some other key companies to name in the global mobile applications market are Blackberry Ltd., Sourcebits Inc., WillowTree Apps Inc., Handmark Inc., Y Media Labs Inc., QBurst, Softeq Development Corporation, Microsoft Corporation, and OpenXcell Technolabs Pvt. Ltd.
As per the TMR report, the global mobile applications market is anticipated to clock an impressive 16.2% CAGR for the forecast period between 2014 and 2020. Expanding at this pace, the opportunities in the market will translate into a revenue of US$54.89 bn by the end of 2020. The mobile applications market was worth US$16.97 bn in 2013. By category, games and entertainment held the leading revenue of the market in 2013. Vast adoption of smartphones among individuals between 15 to 40 years stokes demand for games and entertainment mobile apps. Geography-wise, North America held the leading close to 34% of the overall market in 2013. However, Asia Pacific is predicted to surpass in terms growth rate among other regions for mobile applications.
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Advancements in Cellular Networks Benefits Market
The global mobile applications market is mainly driven by the incessant demand for smartphones and tablets across the world. The mobile applications market is anticipated to witness strong growth as a large population are increasingly owing Internet-enabled smartphones for an array of needs. High-speed cellular networks with wide bandwidth spectrum is increasingly being offered by major mobile carriers across the world. This, along with increase in number of downloads of mobile apps is fuelling the mobile applications market. As per statistics, 102,062 mn mobile apps were downloaded in 2013 and this number is anticipated to reach 268,692 mn by the end of 2017.
Mobile applications are software that are user friendly and are designed for operating on mobile devices such as smartphones, tablets, and other handheld devices. With the rising adoption of smartphones, there has been continual development of mobile apps for an array of uses such as gaming and entertainment, social, travel, shopping, etc.
Gaming and Entertainment Mobile Apps Rule
Surging demand for mobile apps for gaming and entertainment is one of the key factors behind the growth of mobile applications market. The advancement in cellular networks and reliable Internet connectivity have enabled consumers to download free and paid apps like never before. Young adults between the age of 15 and 25 years account for maximum demand for gaming apps. As per statistics, gaming and entertainment mobile apps collectively account for close to 40% share in the global mobile applications market. Mobile applications for travel, shopping, music mainly find takers from individuals between 25 and 45 years.