(MENAFN- America News Hour) The mobile app development market is anticipated to record a CAGR of around 14.3% during the forecast period 2019-2027 owing to internet revolution and increased market penetration by smartphones.
According to a recently published report by Research Nester on “Mobile app Development Market by Market Place Type (Google Play Store, Apple App Store and Others); By Application Type (Entertainment, Gaming, Banking, Airlines, E-Commerce, Education, Government Agencies and Social Networking) – Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the Mobile App Development Marketing terms of market segmentation market place type and application type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global mobile app development market is segmented on the basis of market place type, application type and region. On the basis of market place type, the segment is categorized into Google Play Store, Apple App Store and Others. On the basis of Application type it is sub segmented into Entertainment, Gaming, Banking, Airlines, E-Commerce, Education, Government Agencies and Social Networking.
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The mobile app development market is anticipated to record a CAGR of around 14.3% during the forecast period 2019-2027 owing to internet revolution and increased market penetration by smartphones. This market is anticipated to projected to showcase significant growth on the back dominance of Apple app store and rising growth of Google Play Store. Better social media interaction apps, improved location tracking services coupled with innovations in gaming segment for instance voice recognition, customizable features, interactive drama, open world, wearable gaming and augmented reality gaming are anticipated to impel the market growth. The gaming and entertainment industry is anticipated to contribute significantly in the market growth owing to innovations in existing features coupled with the entrants that provide users a better platform for recreation.
North America is anticipated to hold the largest market share during the forecast period, with UK in Europe region to be the major role player in market growth on the back of high middleware software market. Asia-Pacific region is anticipated to achieve maximum absolute $ opportunity during the forecast period owing to developments in IT sector and change in lifestyle of people with majority adopting smartphones. Middle East and Africa is anticipated to have slow market growth on the back of inadequacy in availability of the resources for mobile app development.
New developments and innovations for instance, virtual reality, IoT, blockchain deployment and innovations in e-commerce are anticipated to boost the market growth. Additionally, user experience is anticipated to impact the market growth with companies more focusing towards user security, privacy and user satisfaction. The rise in the adoption of bring your own device program is anticipated to increase the market growth owing to increase in the requirement of apps that are functional on various platforms. However, high development cost coupled with lack of technical expertise are expected to operate as a key restraint to the growth of mobile app development market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the mobile app development market which includes company profiling of Facebook Inc., Google Inc., Microsoft Corporation, IBM Corporation, Apple Inc., Amazon Inc., Kony Inc., Verivo Software Inc., Infosys Ltd. and Wipro Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the mobile app development market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
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