DUBAI, United Arab Emirates, Sept. 21, 2022 (GLOBE NEWSWIRE) -- The mobile application stores market size is expected to grow from US$ 165.9 billion in 2022 to US$ 1027.21 billion by 2032. The sales of mobile application stores are expected to grow at a CAGR of 20% during 2022-2032.
The mobile application stores market has grown significantly as a result of the rising use of smartphones. The adoption of mobile application stores is growing as a result of people using social networking apps frequently and downloading new and exciting games. The exponential increase in smartphone users is a major factor in the expansion of mobile application stores market. Online marketplaces where customers can buy or download smartphone applications are receiving significant investments.
The mobile application stores market share is expected to rise due to the exponential growth of application development programmes. One of the primary things propelling the global mobile application stores market forward is gaming applications. Despite iOS and Android, Apple and Google control more than 95% of the mobile application store market outside of China. Both mobile operating systems came pre-installed with a few apps at first, but they quickly added application stores, allowing independent developers to create apps and games.
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The popularity of mobile application stores has skyrocketed as tens of thousands of developers begin to create apps and games for the platforms. In less than five years, both Apple and Google had more than one million apps and games available, generating millions of dollars in application sales for each company. As a result, this factor is expected to improve mobile application store sales during the projection period. These two platforms have expanded their capacity to accommodate consumer apps.
Mobile application stores are developed to satisfy current consumer habits, such as downloading new programmes or updating existing ones. The most common trend driving the growth of the mobile application stores market is the increase in gaming application downloads.
Key Takeaways from Mobile Application Stores Market
- In 2021, the Apple Store category had the largest market share in the mobile application shops market, accounting for more than 62 percent of total sales.
- The gaming application sector led the mobile application stores industry in 2021, accounting for 42% of total revenue.
- The music and entertainment application segment is predicted to expand at a significant CAGR of over 13.5% between 2022 and 2032.
- North America dominated the mobile app stores market in 2021, accounting for more than 31.83% of sales.
- India and China are projected to remain large markets with tremendous growth potential for all mobile application store participants.
- Asia Pacific is predicted to be the fastest expanding market for mobile application stores, owing to the region's potential for internet penetration and smartphone usage.
“Companies must consider whether developing a custom solution in-house will be more useful than a Mobile Application Stores solution. Adopting a solution as part of a broader technology package may also be an attractive technique for Mobile Application Stores companies. – FMI Analyst
Factors Restraining Mobile Application Stores Market Growth
- One of the key restraining factors in the global mobile application stores market is the constraints of users’ handheld devices. Customers are having issues with some apps that are designed for smartphones but cannot be used because of a lack of feature development.
- Manufacturers of smartphones are unable to keep up with the development of mobile applications. Applications created for specialized functions demand smartphones with specialized functionality as well.
- However, as users switch to the latest high-tech smartphones that enable the efficient operation of any mobile application, this problem eventually gets solved.
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Competition Landscape in the Mobile Application Stores Market
The leading competitors in the global mobile application stores market are investing in R&D initiatives to drive organic growth and expand their market shares. Mobile application stores companies are developing new products in order to expand and reinforce their present portfolios and acquire new clients.
The top competitors in the mobile application stores market are Amazon Appstore, Windows Store, Apple iTunes, Google Play, and BlackBerry World.
Recent Developments in the Mobile Application Stores Market:
- GetJar actively encourages developers to adopt their freemium model, which includes adverts 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 company has obtained funding from Mitsui & Co., Ltd., a Japanese firm and active healthcare investor. Following the completion of the project, GOQii aimed to expand its presence.
Key Segments Covered in the Mobile Application Stores Market Report
By Store Type:
- Google Play Store
- Apple Store
- Others
By Application:
- Gaming
- Music & Entertainment
- Health & Fitness
- Productivity
- Communication
- Security
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
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