The global smartphone applications market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to surging demand for smartphones and tablets globally.
Smartphone application is referred to software that runs on mobile devices like smartphones and tablets. It enables businesses to mobilize their business processes and expand their brands to increase employee and client connection. Mobile applications frequently offer users with facilities that are equivalent to those available on personal computers. This application's main objective is to guide consumers to connect to internet services by allowing them to use the internet on their mobile devices.
The impact of COVID-19 pandemic has been positive on smartphone applications market. Due to significant increase in downloads of various gaming and non-gaming applications by users across the globe, it resulted in increased revenue for the market.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand across a diverse range of applications is one of the key factors driving the market growth.
- Advancement in smartphone applications to bring about transformations in end-user expectations is expected to boost the market growth in the coming years.
- Growing need to stay connected and get updated with information is projected to fuel the market expansion during the forecast period.
- High cost associated with the launch and over the time update of the application presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Technological advancement pertaining to high internet penetration is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global smartphone applications market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Smartphone Applications Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Model Types (Off-deck and On-deck) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | Google LLC; Microsoft Corp.; Softeq Development Corp.; Y Media Labs, Inc.; QBurst; Sourcebits, Inc.; Blackberry Ltd.; OpenXcell Technolabs Pvt., Ltd.; Handmark Inc.; and Apple Inc. |
Market Segment Insights
Off-deck segment to grow at a rapid pace
Based on model types, the global smartphone applications market is divided into off-deck and on-deck. The off-deck segment is expected to grow at a rapid pace during the forecast period owing to the faster establishment of new independent stores and decreasing entry barriers. However, the on-deck segment is anticipated to hold a key share of the market in the coming years due to the technological advancement pertaining to content delivery and 4G network.
North America to constitute a key market share
In terms of regions, the global smartphone applications market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to the presence of a large number of service providers in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the high smartphone penetration and continuous development in cellular markets across the region.
Segments
Segments Covered in the Report
The global smartphone applications market has been segmented on the basis of
Model Types
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Google LLC
- Microsoft Corp.
- Softeq Development Corp.
- Y Media Labs, Inc.
- QBurst
- Sourcebits, Inc.
- Blackberry Ltd.
- OpenXcell Technolabs Pvt., Ltd.
- Handmark Inc.
- Apple Inc.
Competitive Landscape
Key players competing in the global smartphone applications market are Google LLC; Microsoft Corp.; Softeq Development Corp.; Y Media Labs, Inc.; QBurst; Sourcebits, Inc.; Blackberry Ltd.; OpenXcell Technolabs Pvt., Ltd.; Handmark Inc.; and Apple Inc. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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