Portland, OR, Feb. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global in-app purchase market was pegged at $76.43 billion in 2019, and is anticipated to reach $340.76 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in in-app purchase payments in developing countries, rise in data usage & internet penetration, and low data tariffs along with an increase in smartphone penetration drive the growth of the global In-app purchase market. On the other hand, digital illiteracy and limited digital infrastructure restrain the growth to some extent. Nevertheless, surge in expenditure on digital advertisement and rise in demand for fast and hassle-free transaction services are expected to pave the way for lucrative opportunities in the industry.
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Impact of COVID-19 on In-App Purchase Market:
- During the lockdown, subscriptions of video streaming, gaming, and other health & fitness applications among end-users happened to experience a steep hike.
- This trend is likely to continue post-pandemic situation as well, since the gaming and non-gaming mobile applications are offering exciting features and functionalities at cost-effective prices which, in turn, has heightened their demand to a great extent.
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The global in-app purchase market is analyzed across the operating system, type, app category, and region. Based on operating system, the iOS segment accounted for the highest market share in 2019, contributing to around half of the global market. Simultaneously, the android segment would exhibit the fastest CAGR of 20.9% from 2020 to 2027.
Based on type, the subscription segment held nearly three-fifths of the total market share in 2019, and is projected to retain its dominance by 2027. The non-consumable segment, on the other hand, would register the fastest CAGR of 22.7% during the forecast period.
Based on geography, the region across Asia-Pacific garnered the major share in 2019, generating more than two-fourths of the global market. The same region would also portray fastest CAGR of 21.3% from 2020 to 2027. The other provinces covered in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global in-app purchase market report include Apple Inc, Disney, Google LLC, King Limited, Netflix, Inc, Rakuten, Inc., Sony Corporation, Spotify Technology S.A, Tencent Holding Limited, and Tinder. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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