Mobile Applications Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020

Albany, NY -- (SBWire) -- 12/10/2018 --The global mobile applications market is anticipated to clock an impressive 16.2% CAGR for the forecast period between 2014 and 2020. Expanding at this pace, the opportunities in the market will translate into a revenue of US$54.89 bn by the end of 2020. The mobile applications market was worth US$16.97 bn in 2013.

By category, games and entertainment held the leading revenue of the market in 2013. Vast adoption of smartphones among individuals between 15 to 40 years stokes demand for games and entertainment mobile apps. Geography-wise, North America held the leading close to 34% of the overall market in 2013. However, Asia Pacific is predicted to surpass in terms growth rate among other regions for mobile applications.

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The global mobile applications market is mainly driven by the incessant demand for smartphones and tablets across the world. The mobile applications market is anticipated to witness strong growth as a large population are increasingly owing Internet-enabled smartphones for an array of needs.

High-speed cellular networks with wide bandwidth spectrum is increasingly being offered by major mobile carriers across the world. This, along with increase in number of downloads of mobile apps is fuelling the mobile applications market. As per statistics, 102,062 mn mobile apps were downloaded in 2013 and this number is anticipated to reach 268,692 mn by the end of 2017.

Mobile application (or mobile apps) is the user friendly software designed for operation on mobile devices such as smartphones, tablet computers and other handheld devices. Due to rising popularity of mobile applications, there have been continual developments in different categories of mobile apps in recent years.

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Some of the common categories of mobile apps include games and entertainment, productivity, social and personalization, music and lifestyle, travel and navigation, and others. With the rising demand for smartphones and tablet PCs globally, the mobile applications market is expected to grow exponentially during the forecast period. In addition, the demand for mobile application is also driven by the rising penetration of Internet based services across the globe.