Live Streaming Apps Boom during COVID-19 Lockdown to Deploy Audience Engagement
Increasing number of startups are gaining investor sentiment toward the development of on-demand live video consultation apps. Since many individuals were experiencing mental health issues and anxiety due to the COVID-19 (coronavirus) lockdown period, on-demand live video consultation apps are being highly publicized to ensure the health and wellness of people. The business of video consultation apps is slated to witness upward trend, as innovators in the mobile application market are introducing these apps in fields of engineering, legal, education, finance, and the likes. Lucrative value propositions are grabbing the attention of users as individuals are able receive expert advices and suggestions from professionals.
Live streaming apps are becoming increasingly commonplace in the mobile application market, which allow users to broadcast live videos to a larger audience worldwide. Live streaming has become a popular trend among YouTube content creators and Instagram social media influencers who are exploiting these mobile apps to their full potential in order to engage with their audience on a daily basis.
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Online Doctor Consultation Apps Gain Unprecedented Demand during COVID-19 Pandemic
On-demand doctor apps have been receiving increased attention from individuals during the COVID-19 era. Since people have been opting for remote consultation services from doctors, on-demand doctor mobile applications bode well with individuals since most clinics, hospitals, and medical facilities are flooded with coronavirus patients.
Live commerce apps are a novel introduction in the mobile application market where users are able to shop live across the world while sitting in the comfort of their home. Video streaming commerce apps are typically categorized as the seller app and the buyer app. This has facilitated users to interact with store salesmen in real-time and take into consideration their advice while buying or selling products.
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In-app Purchases Soar by Increasing Value Propositions for Users
Free mobile apps help generate instant installations from users. Thus, startups and companies in the mobile application market are adopting various monetization strategies to earn by providing free mobile apps. These business models include email marketing, sponsorship, and affiliate marketing among others. Companies are using in-app advertising tools and in-app video advertising to monetize free apps.
In-app purchases hold lucrative revenue opportunities for companies in the mobile application market. Analysts at the Transparency Market Research opine that paid mobile application downloads are anticipated to dip during the forecast period. Moreover, individuals are more likely to spend on in-app purchases than spend on paid apps. Several individuals are willing to pay for in-app features once they are convinced that the app holds important value propositions for them.
What is Future of Mobile Application Development Industry?
In order to capitalize on value-grab opportunities, companies in the mobile application market are acquiring proficiency in the development of gaming apps. Gaming app development has become popular lately due to the COVID-19 outbreak where people have been spending most of their time at home due to strict lockdown norms. This explains why the mobile application market is projected to advance at an explosive CAGR of ~20% during the assessment period. Analysts of TMR anticipate that virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) are becoming prominent trends in the gaming industry.
Apart from gaming apps, even music apps and video streaming apps hold promising potentials to generate business opportunities for investors. This is because the engagement level is high from the users who are active on these mobile applications.
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Rigorous R&D Vital for Launching Money-making Mobile Applications
Mobile application development has the potential to earn millions of dollars. Hence, it is estimated that by the end of 2030, the global mobile application market to reach ~US$ 717 Bn mark. However, not every app earns an equal share of the Android and iOS network, which draws questions from startups and investors who are yet to enter the market as to how do mobile applications earn money. Moreover, highly competitive nature of the mobile application market is another challenge for startups, since the market has over millions of apps available. Hence, companies are focusing in the right considerations before building an app.
Few simple pointers such as determining the target audience, app purpose, technologies, and conducting competitor analysis is important before aiming to launch money-making mobile applications. Zeroing down on suitable monetization models such as freemium, crowdfunding or subscription-based models helps to generate the desired revenue.
Fantasy Sports Apps Bode Well for Investor Sentiment to Fulfill Entertainment Demands
The coronavirus pandemic has cast long-lasting impact for individuals and businesses worldwide. Expensive business trips are being replaced with video conferencing apps, which has helped business owners to save on travelling and other expenditures. Hence, companies in the mobile application market are scurrying toward opportunities in video conferencing apps where owners and employees can virtually schedule and conduct their meetings.
The concept of fantasy sports is luring the gaming target audience with males holding a larger share of the gender demographic. Fantasy sports has become an important medium of entertainment for users as individuals can make their own virtual team of popular cricket, football, and any other sports players. This indicates that companies in the mobile application market can risk to invest in gaming apps to achieve stable revenue streams. On the other hand, health-conscious users are pervasively installing yoga and meditation mobile applications to stay fit, relaxed, and calm for maintaining a healthy lifestyle.
eLearning mobile applications have received several million downloads amidst the coronavirus pandemic, since many governments have postponed the re-opening of educational institutes. Advantageous YouTube and Instagram algorithms are encouraging content creators to use live streaming apps so that users can engage with their audience on a daily basis, which helps to improve the ranking of channels and accounts. However, the ever-evolving algorithms pose as a challenge for app developers who find it difficult to accommodate the latest updates in algorithms. Hence, companies in the mobile application market should optimize their R&D expenditure before building the apps so that app designers can accommodate the latest algorithm updates.
Mobile Application Market: Overview
- The global mobile application market is expected to reach ~US$ 717 Bn by 2030 from US$ 113.8 Bn in 2020, expanding at a CAGR of ~20% from 2020 to 2030
- The global mobile application market is currently driven by rise in adoption rate of Android smartphones and its superior compatibility with apps
- The mobile application market in Asia Pacific is projected to expand at a high CAGR during the forecast period due to increasing penetration of smartphones and Internet in the region. In APAC, advancement in networking and availability of low cost mobile data usage packs is expected to propel the mobile application market during the forecast period.
- China is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for China, as it accounts for a dominant share of the mobile application market in the region
- The mobile application market report provides analysis of the global mobile application market for the period 2018 – 2030, wherein 2019 is the base year, 2020 is the estimated year, and 2021 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- A mobile application commonly referred to as an app, is a type of software or computer program designed to run on a mobile device, such as a smartphone, tablet, and wearable device. Mobile applications are mostly downloaded from application distribution platforms such as Google Play Store, and App Store (iOS)
- In this report, we analyze the challenges end users face in acquiring the right mobile application that can cope with the rapidly changing world. The report also highlights the total revenue generated through the sale of mobile applications across various key regions worldwide.
North America Mobile Application Market Snapshot
- The mobile application market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America holds the second largest share of the market for mobile applications, with revenues in 2020 estimated at US$ 28.60 Bn. Strong presence of mobile application vendors, along with high spending in R&D in North America is a crucial factor driving the market. Additionally, during the COVID-19 pandemic, the average weekly time spent on mobile apps, and the user base of mobile apps has increased significantly in the U.S.
Key Growth Drivers of Mobile Application Market
- Growing Adoption of Smart Devices – Technology plays a critical role in the mobile sector. Mobile manufacturing companies are focusing on launching new advanced mobile devices with updated features such as processing speed, software capability, storage, and display quality due to increasing demand for smartphones among users. Different models and operating systems in mobile devices require suitable mobile applications to perform tasks and processes. These updated features allow users to perform multiple tasks over different mobile apps at the same time. Thus, the growing adoption of smartphones and high-speed networks is expected to drive the mobile application market during the forecast period.
- Increase in Mobile Internet Penetration – Internet has revolutionized the world, benefiting enterprises, industries, and end users. Increasing use of mobile Internet is the reason for the rapid growth of the mobile application market across all regions, creating huge demand for mobile apps in different categories.
Key Challenges Faced by Mobile Application Market Players
- Device diversity of mobile applications and enhanced focus by enterprises to develop in-house apps are expected to hamper the growth of the global mobile application market during the forecast period
- Lack of high-speed Internet in developing countries and companies developing their applications to operate business operations are major factors restraining the growth of the mobile application market
Mobile Application Market: Competition Landscape
- In May 2020, MobileIron Inc. acquired incapptic Connect GmbH, a mobile app developer, to develop and deploy secure mobile business apps
- In January 2020, Google LLC acquired AppSheet, a provider of a no-code development platform for application software
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Mobile Application Market: Company Profile Snapshot
- Appster: Incorporated in 2011, Appster is a Melbourne, Australia based mobile application developer company. Appster develops and designs mobile, web, and wearable applications for enterprises. The company develops apps for end users such as social media, location, FinTech, crypto currency, education, games, and transport by using Big Data & analytics technology.
- Blackberry Limited: BlackBerry Limited is an expert in design, development, manufacture, and marketing of mobile applications across the globe. The company provides platforms, applications, and solutions for access to email, phone, SMS messaging, Internet, and Intranet-based applications.
- Other major players operating in the global mobile application market and profiled in the report include
- Amazon.com, Inc.
- Apple, Inc.
- Broadcom Inc. (CA Technologies)
- China Mobile Ltd.
- Cognizant Technology Solutions Corporation
- Gameloft SE
- Google LLC
- Hewlett Packard Enterprise
- Intellectsoft LLC
- IBM Corporation
- Microsoft Corporation
- Nokia Corporation
- Softeq Development Corporation
- Sourcebits, Inc.
- Verbat Technologies
- WillowTree Apps, Inc,
- Y Media Labs, Inc.
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