The global smartphone applications market is expected to grow exponentially over the forecast period owing to surging demand for smartphones and tablets. The market is expected to witness unprecedented growth owing to rising proliferation of internet-based services. Smartphone applications ease managing programs, documents, photos and music which may further drive market demand significantly.
Global Smartphone Applications Market – Notable Developments
Some of the key companies operating in the global smartphone applications market are Apple Inc., Google Inc., QBurst, Sourcebits Inc., Blackberry Ltd., OpenXcell Tehnolabs Pvt. Ltd., Softeq Development Corporation, Handmark Inc., Microsoft Corporation and Y Media Labs, Inc. The companies in the market are expected work on improving the optimization, experience, aesthetics, and overall user journey through the app. They are investing heavily to provide highest levels of customization to make each user feel valued.
- Recently Manchester United launched a new version of their smartphone applications which asked users to state their favorite player and number to be printed upon their virtual avatar on the app.
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Global Smartphone Applications Market – Drivers and Restraints
One of the key driving factors for the growth of the global smartphone applications market has been increasing digitization and urbanization across the globe. In recent years, the reach of smartphones and internet has grown exponentially. Even remotest regions are now connected with the help of smartphones and internet. Applications or apps are have now become an integral part of this ecosystem. Moreover, the companies operating in the global market are now trying to create a highly sophisticated and customized experience for their application users. Thus, the demand for high-end smartphone applications is on the rise and ultimately helping to drive the overall growth of the global market. Another important factor for the growth of the global market has been the growing spending power of the consumers. Several of the smartphone applications offer in-app purchase offers. They tend to get good response if the services are productive and efficient. Thus, apps have become a key source of revenue for multiple organizations. Moreover, constant technological advancements are also projected to drive the growth of the global market in the coming years of the forecast period.
One key factor restraining the growth of the market has been the concerns related to the security of these applications. Several well publicized data leaks and breaches have raised even more questions about the long term reliability of these apps. Another important restraining factor for the market growth has been the data privacy and misuse of the information.
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Global Smartphone Applications Market – Geographical Outlook
The global market for smartphone applications is segmented into five key regional segments in order to offer a detailed overview of the overall geographical outlook. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, currently, the global market has been mainly dominated by the regional segment of North America. The growth of the market is mainly attributed to the presence of well-established tech giants and other companies. The North America market is expected to be fairly saturated in terms of growth. It is projected that the region will witness a steady growth in the near future.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising rate of growth in the coming years of the forecast period. The growth of the global market is mainly attributed because of the growing demand from the emerging economies in the region such as India and China. Both these nations are undergoing fundamental technological transformations. There are several new tech unicorns emerging from the regions who are launching their own smartphone applications in order to better sever their consumers. This is likely to help in the development of the regional market.
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