DUBAI, United Arab Emirates, Sept. 21, 2022 (GLOBE NEWSWIRE) — The mobile app store market size is expected to grow from US$165.9 billion in 2022 to US$1027.21 billion by 2032 Mobile app store sales are expected to grow at a CAGR of 20% over the period 2022-2032.
The mobile app store market has grown tremendously due to the growing use of smartphones. The adoption of mobile app stores is growing due to people frequently using social media apps and downloading exciting new games. The exponential increase in the number of smartphone users is a major factor in the expansion of the mobile application store market. Online marketplaces where customers can buy or download smartphone apps are receiving significant investment.
The market share of mobile application stores is expected to increase due to the exponential growth of application development programs. Gaming applications are one of the major drivers of the global mobile application store market. Despite iOS and Android, Apple and Google control over 95% of the mobile app store market outside of China. Both mobile operating systems came pre-installed with a few apps at first, but soon added app stores, allowing independent developers to create apps and games.
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The popularity of mobile app stores has skyrocketed as tens of thousands of developers start creating apps and games for the platforms. In less than five years, Apple and Google had over a million apps and games, generating millions of dollars in app sales for each company. Therefore, this factor is expected to improve mobile app store sales over the projection period. Both of these platforms have expanded their ability to accommodate consumer applications.
Mobile application stores are developed to meet current consumer habits, such as downloading new programs or updating existing ones. The most common trend driving the growth of the mobile app store market is the increase in game app downloads.
Main takeaways from Mobile app stores Market
- In 2021, the Apple Store category held the largest market share in the mobile app store market, accounting for over 62% of total sales.
- The gaming apps sector led the mobile app store industry in 2021, accounting for 42% of total revenue.
- The music and entertainment applications segment is expected to grow at a significant CAGR of over 13.5% between 2022 and 2032.
- North America led the mobile app store market in 2021, accounting for over 31.83% of sales.
- India and China are expected to remain large markets with huge growth potential for all mobile app store participants.
- Asia-Pacific is expected to be the fastest growing market for mobile app stores, due to the region’s potential for internet penetration and smartphone usage.
“Companies need to consider whether developing a custom solution in-house will be more useful than a Mobile app stores the solution. Adopting a solution as part of a larger technology package can also be an attractive technique for Mobile app stores companies. – IMF analyst
Factors restraining the growth of the mobile application store market
- One of the major restraining factors in the global mobile application store market is the restraints of the portable devices of the users. Customers are having issues with some apps that are designed for smartphones but cannot be used due to lack of feature development.
- Smartphone manufacturers are unable to keep up with the development of mobile applications. Apps created for specialized functions also require smartphones with specialized functionality.
- However, as users move on to the latest high-tech smartphones that enable the efficient functioning of any mobile application, this issue is eventually resolved.
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Landscape of competition in the Mobile app stores Market
Major competitors in the global mobile app store market are investing in R&D initiatives to drive organic growth and increase market share. Mobile app store companies develop new products to expand and strengthen their current portfolios and acquire new customers.
The best competitors mobile app stores market are Amazon Appstore, Windows Store, Apple iTunes, Google Play and BlackBerry World.
Recent developments in the Mobile app stores Market:
- GetJar actively encourages developers to adopt their freemium model, which includes ads and in-app purchases. GetJar Gold is one of the most popular virtual currencies in circulation, with millions of users.
- In November 2018, GOQii announced that the company had secured funding from Mitsui & Co., Ltd., a Japanese company and active investor in the healthcare sector. Following the completion of the project, GOQii aimed to expand its presence.
Key segments covered in the Mobile Application Store market report
By store type:
- Google Play Store
- Apple Store
- Music and entertainment
- health and fitness
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market context
3.1. Market dynamics
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
To continue the table of contents…
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