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Software industry

Global Mobile Application Market to Reach USD 366.34 Billion by 2027

Strategic Insights

— 1 min read

The global mobile application market has been witnessing significant growth due to the increasing adoption of internet and smartphones. According to a new report by Million Insights, the market size is anticipated to reach USD 366.34 billion by 2027, with a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. The report highlights the dominance of the Apple Store segment, which accounted for a share of around 60.0% in 2019, followed by the Google Store, which is expected to register significant growth.

Key Takeaways:

  • The global mobile application market is expected to reach USD 366.34 billion by 2027, with a CAGR of 11.5% from 2020 to 2027.
  • The Apple Store segment dominated the global market in 2019, accounting for a share of around 60.0%.
  • The music & entertainment application segment is expected to witness a significant CAGR of 12.0% over the forecasted period, 2020 to 2027.
  • North America accounted for the highest share of around 30.0% across the global mobile application market in 2019.
  • The Asia Pacific region is anticipated to register the highest growth in the upcoming years due to the rising popularity of smartphones in countries like India and China.
  • Key players in the market are developing strategies like acquisitions and partnerships to enhance downloads and usage of their applications.
  • The market is segmented by store type, application, and region, with key players including Gameloft SE, Microsoft Corporation, Apple Inc., Google LLC, Netflix Inc., Amazon Inc, and Practo.

Statistics:

  • The global mobile application market is expected to reach USD 366.34 billion by 2027.
  • The CAGR of the market for the forecasted period (2020-2027) is 11.5%.
  • The Apple Store segment accounted for a share of around 60.0% in 2019.
  • The music & entertainment application segment is expected to grow at a CAGR of 12.0% from 2020 to 2027.
  • North America accounted for the highest share of around 30.0% in 2019.
  • The Asia Pacific region is expected to register the highest growth in the upcoming years.

Sources:

  • "Mobile Application Market Report" by Million Insights.

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