New York, United States, Jan. 22, 2024 (GLOBE NEWSWIRE) -- In-app purchases are buying additional features of the applications loaded on several different smart devices, mobile phones, and others. In the initial phase, the application is offered free to the consumer by the program's creator. An increase in smartphone users around the globe and technical improvements in smartphones boost the industry's growth. In addition, the rise in the use of multiple promotional methods and incentives such as loyalty programs and an increase in data consumption & internet penetration around the globe boost the industry's growth. Moreover, digital illiteracy, insufficient digital infrastructure, and hesitation of firms in developing their applications restrict the development of the market.
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Low Data Tariffs Along with Increase in Smartphone Penetration Drives the Global Market
According to Straits Research, “The global in-app purchase market was valued at USD 110 billion in 2021. It is projected to reach USD 567.58 billion by 2030, growing at a CAGR of 20% during the forecast period (2022–2030).” The critical growth element of the worldwide in-app purchase industry is the increasing smartphone penetration among the young and the rise in smartphone users worldwide. This is due to the growing reliance on cell phones for daily tasks and requirements such as billing, money transfer, and company updates. Moreover, online streaming of movies, web serials, games, and music has expanded significantly due to an increase in the number of global netizens, which is expected to stimulate the global sale of smartphones. In addition, the development of smartphone-compatible applications is anticipated to boost the number of viewers of online entertainment service providers such as YouTube, Spotify, Netflix, and Amazon Prime Video, thereby substantially fueling the expansion of the global market.
Growing Expenditure on Digital Advertisement Creates Tremendous Opportunities
It is anticipated that increasing web traffic would attract investors and customers to advertise and promote goods and services. Social media significantly influences the expansion of the online or digital advertising business. Most social media networks, including Instagram, LinkedIn, Telegram, and WhatsApp, have gained tremendous popularity among millennials, which is a lucrative chance for investors to advertise their enterprises on these platforms. The advantages of digital media advertising are expected to create growth opportunities for the market shortly. These advantages include increased customer conversion rates, decreased marketing expenses, the presence of a targeted and segmented customer base, improved search engine rankings, increased inbound traffic, and superior customer satisfaction.
Regional Analysis
Asia-Pacific is the highest revenue contributor to the global in-app purchase market and is expected to grow at a CAGR of 21.5% during the forecast period. The market for in-app purchases in Asia-Pacific countries such as China, Japan, India, South Korea, Singapore, and Australia is evaluated. They are increasing in-app purchases in the central Asian nations, including China and Japan, and a decline in the cost of purchasing mobile apps such as Liftoff, AppsFlyer, Clickky, and AppLift. Aarki drives the market's expansion. According to a survey done by a mobile marketer in the Asia-Pacific area in 2019, in-app purchase income climbed by 11% in 2018 compared to 2017 due to a 50% decrease in the cost of payment, which reached USD 41.87. In addition, numerous mobile game developers in South East Asian nations such as Indonesia, Malaysia, and Singapore are generating high-quality and appealing games with in-app purchase capabilities. This trend in the gaming industry is fueling the expansion of the in-app purchases market in this region.
North America is expected to grow at a CAGR of 16.9%, during the forecast period. In recent years, North America has been one of the leading areas for mobile applications, and it will likely continue to lead the mobile application market over the forecast period. This is due to the region's huge IT industry base and high concentration of mobile app developers. Moreover, according to a North American survey, mobile application developers in this region generated USD 19 million in revenue in 2017. In addition, market participants have introduced new in-app purchases to meet the end-user sector's diverse operational and development needs, hence driving the market growth. In addition, the professional culture's focus on the consumer and the presence of some significant market players enhance the development of the industry in this region.
Key Highlights
- By operating system, the global in-app purchase market is fragmented into Android, iOS, and others. The iOS segment is the highest contributor to the market and is expected to grow at a CAGR of 18.6% during the forecast period.
- By type, the global in-app purchase market is segregated into consumable, non-consumable, and subscription. The subscription segment is the highest contributor to the market and is expected to grow at a CAGR of 20% over the forecast period.
- By app category, the global in-app purchase market is divided into gaming, health and fitness, entertainment and music, travel and hospitality, retail and e-commerce, education and learning, and others. The gaming segment is the highest contributor to the market and is expected to grow at a CAGR of 18.1% during the forecast period.
- Asia-Pacific is the highest revenue contributor to the global in-app purchase market and is expected to grow at a CAGR of 21.5% during the forecast period.
Competitive Players
The in-app purchase market analysis market’s major key players are Apple Inc., Disney, Google LLC, King Limited, Netflix, Inc., Spotify Technology SA, Rakuten, Inc., Sony Corporation, Tencent Holding Limited, and Tinder.
Market News
- In May 2022 - Apple, Google, and Microsoft announced intentions to increase support for a common passwordless sign-in standard developed by the FIDO Alliance and the World Wide Web Consortium to make the web safer and more accessible to everyone. The new functionality will enable websites and applications to provide users with consistent, secure, and simple passwordless sign-ins across devices and platforms.
- In September 2022 - Rakuten Group, Inc. and Hakuhodo DY Holdings Inc. announced the establishment of Rakuten Data Solutions, Inc. This new company will research and develop new data solutions, with operations underway.
Global In-App Purchase Market: Segmentation
By Operating System
- Android
- iOS
- Others
By Type
- Consumable
- Non-Consumable
- Subscription
By App Category
- Gaming
- Entertainment and Music
- Health and Fitness
- Travel and Hospitality
- Retail and E-Commerce
- Education and Learning
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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