Deerfield Beach, FL — (SBWIRE) — 09/29/2017 — According to the report, global demand for mobile application was valued at USD 17.24 billion in 2014 and is expected to reach USD 52.96 billion in 2020, growing at a CAGR of 16% between 2015 and 2020. Zion Market Research has published a new report titled “Mobile Application Market by Store Type (Native (On-deck) and Third-party (Off-deck)) for Games and Entertainment, Social Networking, Productivity, Music Audio & Lifestyle, Travel & Navigation and Other Application: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2014 – 2020”
Mobile Apps are internet applications designed to run on mobile devices such as smartphones and tablet computers. It is the development of computer program which is used on mobile phones for different applications including games and entertainment, social networking, productivity, music audio & lifestyle, travel & navigation etc. The mobile application became a necessary part of everyday life due to its rapid adoption and advantages. Some popular distribution platforms from which mobile applications can get downloaded available in the market include Google Play Store (Android), Apple App Store, and Windows Phone Store. Mobile apps are accessed after being installed.
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The mobile application market is primarily driven by a number of advantages of mobile apps and rapid adoption of smartphones. High demand for mobile apps in gaming application is expected to propel the market growth during the year to come. However, some privacy & security issues and benefits offered by mobile websites may hinder the growth of the market. Moreover, mobile applications help users to connect them to internet services and this helps to open up new opportunities in evolving consumer preference.
In terms of store type, global mobile application market is segmented into native (on-deck) and third-party (off-deck). BlackBerry AppWorld, Windows Phone Store, App Store, and Google Play are some examples of mobile app stores. The off-deck mobile applications segment is expected have a faster growth in the future due to the establishment of new independent stores.
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Based on application mobile application market has been segmented into games and entertainment, social networking, productivity, music audio & lifestyle, travel & navigation and others. Games and entertainment were leading application segment in mobile application market and accounted for the largest market share in 2014. Growing demand for mobile entertainment apps such as online music, online games, and picture editor are expected to drive the mobile application market over the forecast period.
In terms of regions, North America exhibits the largest share of the overall mobile application market in 2014. It accounted for more than 35% share of the market and it is also predicted to remain to prolong regional market during the forecast period due to the high penetration of smartphones. North America was followed by Asia Pacific region.
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Some of the key participants involved in mobile application market include Apple, Samsung Electronics Co., Ltd., LG Mobile, Microsoft, Inc., China Mobile Ltd., Google Inc., Handmark, Handster Inc, Palm, Inc, Pocketgear, Research In Motion, Mplayit and Nokia Ovi Store.
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