The mobile application stores market is expected to grow from US$ 165.9 billion in 2022 to US$ 1027.21 billion by 2032. During the forecast period, mobile application store sales are expected to grow at a CAGR of 20%.
Because of the increased use of smartphones, the market for mobile app stores has grown significantly. People are increasingly using mobile app stores as a result of their frequent use of social networking apps and the downloading of new and exciting games. The exponential growth of smartphone users is a major factor in the market for mobile application stores. Significant investments are being made in online marketplaces where customers can buy or download smartphone applications.
The market share of mobile application stores is expected to grow due to the exponential growth of application development programs. Gaming applications are one of the primary factors propelling the global mobile application stores market forward. Despite the existence of iOS and Android, Apple and Google control more than 95% of the mobile app store market outside of China. Both mobile operating systems initially came pre-installed with a few apps, but they quickly added app stores, allowing independent developers to create apps and games.
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As tens of thousands of developers begin to create apps and games for the platforms, the popularity of mobile app stores has skyrocketed. Both Apple and Google had more than one million apps and games available in less than five years, generating millions of dollars in application sales for each company. As a result, during the forecast period, this factor is expected to boost mobile app store sales. These two platforms have increased their capacity to support consumer apps.
Mobile app stores are created to meet current consumer needs, such as downloading new programs or updating existing ones. The increase in gaming application downloads is the most common trend driving the growth of the mobile application stores market.
Key Takeaways from the Mobile Application Stores Market Report:
- In 2021, the Apple Store category had the largest market share in the mobile application shops market, accounting for more than 62 percent of total sales.
- The gaming application sector led the mobile application stores industry in 2021, accounting for 42% of total revenue.
- The music and entertainment application segment is predicted to expand at a significant CAGR of over 13.5% between 2022 and 2032.
- North America dominated the mobile app stores market in 2021, accounting for more than 31.83% of sales.
- India and China are projected to remain large markets with tremendous growth potential for all mobile application store participants.
- Asia Pacific is predicted to be the fastest expanding market for mobile application stores, owing to the region’s potential for internet penetration and smartphone usage.
Competition Landscape in the Mobile Application Stores Market:
The leading competitors in the global mobile application stores market are investing in R&D initiatives to drive organic growth and expand their market shares. Mobile application store companies are developing new products in order to expand and reinforce their present portfolios and acquire new clients.
The top competitors in the mobile application stores market are:
- Amazon Appstore
- Windows Store
- Apple iTunes
- Google Play
- BlackBerry World.
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Recent Developments in the Mobile Application Stores Market:
- GetJar actively encourages developers to adopt their freemium model, which includes adverts and in-app purchases. GetJar Gold is one of the most popular virtual currencies in circulation, with millions of users.
- In November 2018, GOQii announced that the company had obtained funding from Mitsui & Co., Ltd., a Japanese firm and active healthcare investor. Following the completion of the project, GOQii aimed to expand its presence.
Mobile Application Stores Market Segmentation:
By Store Type:
- Google Play Store
- Apple Store
- Others
By Application:
- Gaming
- Music & Entertainment
- Health & Fitness
- Productivity
- Communication
- Security
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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