Mobile Apps market size to record US$ 1.09 billion growth from 2023-2027 and global smartphone shipments see a ‘remarkable’ surge.
The global mobile apps market size is estimated to grow by US$ 1.09 billion from 2023 to 2027, according to Technavio.
This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 22.97% during the forecast period.
The Technavio Global Mobile Apps Market 2023-2027 identifies key trends fueling growth arise from the increasing number of mobile apps for IoT devices.
The report outlines demand for IoT devices as rising quickly due to their convenience, versatility and connectivity.
IoT devices connect physical objects via software and sensors over networks with the surge fuelled by their integration with smartphones through mobile apps.
The report projects Smartphone shipments to rise, with smartphones expected to make up over 71% of all mobile phones globally by 2022.
The increasing smartphone numbers can link with various IoT devices like watches and glasses through apps. Mobile apps enhance data recording and tracking for analysis by facilitating flexible data sharing among devices compared to web pages.
Consequently, many mobile apps are integrating with IoT devices, the report says.
In February 2020, Panasonic introduced IoT-connected air conditioners, doorbells, and switches controllable via mobile apps. This trend of IoT-device integration with mobile apps is forecasted to fuel market growth.
The report identifies major market challenges in costs associated with mobile app development and operations
- Mobile apps simplify user tasks with technology. Developing inexpensive apps is simple, yet the surge in demand requires additional activities like admin support and maintenance, surpassing development costs. Functional services like SMS, push notifications, and email are vital.
- Admin services include content management and data analytics, inflating overall costs. Hosting on compatible servers and data storage adds complexity. Increasing app loads necessitate more servers, escalating costs.
- The related cost of IT support, fixing bugs, updates and API adjustments. Growing app loads amplify support needs, elevating total expenses for app development, deployment and upkeep.
The report makes specific reference to the Android market, saying, over the projected period, this market segment is expected to experience significant growth.
The Android operating system serves as a crucial platform for mobile app publication.
Profitable apps such as Google Drive and Tinder are prominent examples available on the Google Play Store. As of 2022, the Google Play Store boasts approximately 3.553 million apps for Android users.
The report says popularity among developers has surged due to the widespread adoption of Android smartphones globally, fueling demand.
The Android market segment was valued at US$ 164.14 billion in 2017 and maintained growth until 2021.
According to the report, the introduction of new Android software, featuring AI, streamlined navigation and a dedicated night mode, is driving demand for Android-based mobile apps.
The report expects these enhancements to attract more users to Android applications, further fueling market growth.
