According to an estimate by FMI, the market for super applications will grow at a CAGR of 27.5% over the forecast period. The size of the industry is projected to rise from US$ 78.16 billion in 2023 to US$ 887.30 billion by the end of 2033.
Super applications are growing in popularity due to factors like the rapid development of mobile networks, the accessibility of inexpensive devices, and the affordability of data plans. Mobile phones are being used by more and more people to access the internet.
Users are increasingly adopting super applications due to low-end mobile phones’ limited storage capacity. This is due to the efficient and user-friendly integration of numerous services in the super applications.
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A sizable portion of the populace still lacks access to a bank account, which means they are unbanked. Super applications typically combine offline and online services by integrating online payment and e-wallet functionality. As a result, it is anticipated that many users would utilize super applications in the years to come due to the financial convenience they provide, which makes it simple to make purchases online.
The demand for digital services in channels including travel, food delivery, and payment is anticipated to rise during the projection period. The development of super applications is anticipated to open up several commercial options, including the chance to extend operations and combine services while addressing customers’ requirements and pain areas.
Top Highlights from the FMI’s Analysis of the Super Apps Market:
- China is expected to acquire a significant market share over the projected period. The continuous dominance of China over other markets is grounded in a large number of netizens, and the booming e-commerce sector in the country.
- The Android sector is projected to acquire a large pie of the market in the coming years. Several benefits of Android over iOS, along with its affordability factor, are expected to govern the segment growth.
- The smartphone sector obtained 75.6% in 2022. Increasing usage of smartphones for communication purposes, and growing demand for connectivity, are a couple of factors driving the segment expansion.
- The social media and messaging sector is forecasted to account for 27.3% of the overall market share. Since users employ smartphones chiefly for communication, social media, and gaming, this segment is projected to witness healthy growth.
- Growing demand for financial services like investment, insurance, digital payments, and wallets, is expected to boost the financial services segment. The segment is predicted to expand at 29.6% over the forecast period.
- The consumer section is expected to depict a CAGR of 28.5% during the projected period. Increasing demand for value-added services and transaction services is enlarging the consumer base for super apps.
FMI Captures Key Developments by Market Players:
- In December 2021, Grab revealed that it is foraying into online payments and food delivery channels. With the secured financing of worth US$ 1.46 billion, the company is set to witness robust growth as a super app.
- In January 2022, PayPal, which is a fintech super app firm, declared its acquisition of Paidy, a Japanese BNPL company for US$ 2.7 billion. With this acquisition, the company established its foothold in the country.
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Super Apps Market by Category
By Platform, the Super Apps Industry is Segmented as:
- Super Apps for iOS
- Super Apps for Android
- Super Apps for Other Platforms
By Device, the Super Apps Industry is Categorized as:
- Super Apps on Smartphones
- Super Apps on Tablets
- Super Apps on Other Devices
By Application, the Super Apps Market is Segregated as:
- Super Apps for Financial Services
- Super Apps for Transportation & Logistics Services
- Super Apps for E-commerce
- Super Apps for Social Media & Messaging
- Super Apps for Other Applications
By End User, the Super Apps Industry is Bifurcated as:
- Super Apps for Businesses
- Super Apps for Consumers
By Region, the Industry of Super Apps is Segmented as:
- Super Apps in North America Market
- Super Apps in Europe Market
- Super Apps in Asia Pacific Market
- Super Apps in Latin America Market
- Super Apps in the Middle East and Africa Market
Table of Content
1. Executive Summary | Super Apps Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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