The global Mobile Application Development Market, according to the analysis of Market Research Future (MRFR), is slated to reach a substantial market valuation, and grow at a moderate CAGR of more than 14% over the review period of 2016 to 2022.
Drivers and Restraints
The key driving factor that drives the growth of the Mobile App Development Market is the growing IoT market, high market penetration of smartphones, and higher usage of mobile apps, especially for applications such as games, e-commerce, media, and social networking. The Global Mobile App Development Industry is majorly driven by the deployment of new technologies, changing lifestyles, and rising adoption by corporates to simplify their daily tasks. Moreover, the increasing adoption of machine learning and the addition of machine learning into mobile applications is also responsible for the market growth of the mobile application development market. The global Mobile Application Development market is highly competitive owing to the increase in web-based applications and Government funding towards secured centrally connected systems.
The growing competition and the demand for high-quality application testing are boosting the market growth of Mobile Application Development. Moreover, the companies are investing the research and development to come up with new solutions for the consumers. Emerging advancements in the mobile industry are prompting the developments in mobile applications. On the other hand, the lack of technical expertise and high-cost involvement in app development are the major restraints of market growth.
The market for mobile application development has been segmented on the basis of platform, into IOS, and Android. The global mobile application development market has been segmented on the basis of application, into banking, Entertainment (Gaming and media), retail, e-commerce, airlines, government agencies, education, and social networking, among others. The entertainment and e-commerce segments are leading the market share at present, and are expected to witness maximum growth over the review period.
The regional analysis of the global mobile application development market report is conducted in Europe, North America, the Asia Pacific, and the rest of the world.
North-America is leading the global mobile application development Market with the largest market share and is poised to grow over its preceding growth records, and reach a positive growth trajectory by 2022. This is attributed to the growing adoption of new solutions, changing lifestyles, and increasing consumer preference for smartphones.
The European mobile application development market size is slated to reach a considerable CAGR over the assessment period. This is accredited to the rise in IT technology and an increasing population, which is growing the demand for smartphones, laptops, and tablets in the region.
The Asia Pacific market is slated to be the fastest-growing market over the review period. Mobile Application Development Market in the Asia-Pacific market is expected to grow at a substantial CAGR over the forecast period owing to rapid technological advancements and China being the manufacturing hub.
Some of the significant market players identified by MRFR in the Global Mobile Application Development Market include Amazon, Inc. (U.S.), Google, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Apple, Inc. (U.S.), Kony, Inc. (U.S.), Facebook, Inc. (U.S.), Infosys, Ltd. (India), Verivo Software, Inc. (U.S.), and Wipro Corporation (India) among others.
The global mobile application development market has highly competitive dynamics. Thus, the market players are increasing their investments towards research and development and marketing activities to maintain their position in the market over the review period. Moreover, there is an expected rise in mergers, acquisitions, strategic business partnerships, and joint ventures, to maintain the competitive nature of the market in the foreseeable future.