According to a recent report, in 2018 the global mobile application market size was valued at 5,497 million USD, and that is projected to reach over 34,768 million USD by 2025 at the rate of 30.2%.
The mobile app development platform offers comprehensive facilities to manage and create different types of apps. It brings down the risks that’s usually associated with developing mobile/web applications.
Factors Increasing the Growth of Mobile App Market:
- Accelerated mobile pages (AMP)
- High usage of mobile apps, games,and social media networking
- Growth in mobile app downloads
- Artificial intelligence, IoT and Chatbots
- Augmented Reality (AR) and Virtual Reality (VR)
- Location-based apps
- Blockchain Development
- Enhanced Security Constraints
- Mobile Wallets like Google Wallet,Paytm, PayPal, Alipay, and Apple Pay
- Growth of android and iOS app development platforms
- The rising demand for enterprise-level mobile apps
- The commercial sector prefers to create business apps to boost productivity, safety, mobility, and promote maximum customer satisfaction.
- The increased use of mobile devices is growing the demand for apps and hence more businesses need the development of business apps.
- Competition between different business groups
- The growing dependency of individuals over smartphones, tablets, internet TV, and other home automation devices.
- The advent of cross-platform apps has played a huge role in the faster growth of mobile application development platforms.
Factors Decreasing The Market’s Growth:
- Technical difficulties
- The rising costs of internal or external app development resources
- The app backend and API development expenses
- The prices of third-party app integrations
- Costs of custom app development
The development platform uses advanced processes that need a high level of technical expertise, advanced tools, which leads the enterprises to hire third-party developers and designers, consequently hampering the market. The constant growth of the IT industries and mobile devices is triggering the flow of data through internal and external sources.
Mobile App Market Segmentation:
The market segment includes type, deployment, application, industry vertical, and regions.
- Based on the type segment, the market is divided into web app analytics and mobile app analytics.
- The deployment segment is classified into the cloud and on-premises.
- In terms of the Application segment, the market includes database, network security, web security, email security, cloud security, marketing analytics, in-app analytics, performance analytics, revenue analytics, and others.
- Based on vertical it’s segmented into education, manufacturing, healthcare, media, entertainment, retail, telecom, media, entertainment, logistics, hospitality, transportation, IT, gaming, social media, and others.
- Based on Region, it’s analyzed across Europe, LAMEA, Asia Pacific, and North America.
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