Albany, NY, Dec. 1, 2015 (GLOBE NEWSWIRE) -- The global mobile applications market is exhibiting a CAGR of 16.20% within a forecast period of 2014 to 2020. By the end of this forecast period, the market is expected to reach US$54.9 bn. The global mobile applications market was valued at US$16.9 bn in 2014, according to a research report released by Transparency Market Research, titled "Mobile Applications Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020".
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According to the report, the global mobile applications market is primarily being driven by the surging number of smartphone users and the constant improvements in networking and mobile Internet connectivity.As the technological capabilities of smartphones increase, so do the complexities of the apps they can use, thereby creating space for new apps to enter the market. The report states that there are currently more than 102,062 mn apps downloaded globally. By 2017, this number is expected to rise to 268,692 mn.
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The report also distinguishes other factors driving the global mobile applications market, including an increase in demand for mobile gaming apps. The report reveals that entertainment and gaming apps are the most downloaded apps in the global mobile applications market. This segment dominated the market in 2013, when it held 40% of the global mobile applications market.The report also categorizes the global mobile applications market in terms of store type into the segments of native and third-party stores, also known as on-deck and off-deck stores. The list of app stores detailed in the report includes BlackBerry AppWorld, Google Play, iTunes App Store, and Windows Phone Store.
The report's geographical dissection of the global mobile applications market reveals North America to be the dominant region in 2013. At the time, North America held almost 34% of the global mobile applications market, as the region had the highest penetration of smartphone ownership. The fastest growth rate in the global mobile app market, however, is attributed to Asia Pacific. The region is expected to show the fastest growth rate due to its high population density, combined with an increasing market penetration of smartphones, improving mobile network coverage, and the introduction of low-budget smartphones.
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Asia Pacific is expected to be the dominant region in the global mobile applications market by 2020. Europe and RoW are also expected to witness significant growth in the near future.The report states that the largest sales of smartphones and consequently of mobile applications are to customers between the ages of 15 and 40.The key players in the global mobile applications market, as mentioned in the report, are Apple, Google, BlackBerry Limited, QBurst, Sourcebits, Softeq Development Corporation, WillowTree Apps, Microsoft Corporation, Handmark, OpenXcell Technolabs, and Y Media Labs.
Key segments of the Global Mobile Applications Market
Mobile Applications Market, by Store Type
- Native (On-deck)
- Third-party (Off-deck)
Mobile Applications Market, by Category
- Games and Entertainment
- Social and Personalization
- Music Audio and Lifestyle
- Travel and Navigation
- Others (Business, Finance and Utilities)
Mobile Applications Market, by Geography
- North America
- Asia Pacific
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research