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Global Mobile Apps Market 2019-2023 | 18% CAGR Projection Over the Next Five Years | Technavio – Business Wire

LONDON–(BUSINESS WIRE)–The mobile apps market size is poised to grow at a CAGR of close to 18% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

The penetration of smartphones is increasing globally and is expected to account for every 3 out of every 4-mobile phones by 2024. Smartphone manufacturers are increasingly focusing on launching new mobile phones with enhanced features such as processing speeds, battery life, storage, display quality, and software capabilities to support advanced functions. These functions include multitasking of apps, wherein users can operate multiple mobile apps at the same time. For instance, Google provides its Google Pixel smartphone with unlimited data storage and backup facility owing to its Google Drive application. Thus, the increasing launch of high-end smartphones will drive the demand for mobile apps for these smartphones.

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As per Technavio, the development of hybrid mobile apps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Mobile Apps Market: Development of Hybrid Mobile Apps

Hybrid mobile apps are apps built in combination with web technologies (HTML) and JavaScript. These hybrid mobile apps are hosted in the native application, which use mobile WebView to create mobile compatible web apps. This provides application access to the hardware components of the device, such as the accelerometer and camera, among others. This arrangement enables the creation of mobile apps with native mobile infrastructure and the hosting of web-based content.

Hybrid mobile apps enable easy scalability and inter-platform development of mobile apps, wherein, the app developed for Android software can be scaled to iOS or Windows-based operating systems. Thus, the increasing availability of hybrid mobile app platforms could increase the development of hybrid mobile apps. Some of the hybrid mobile apps development platforms include Read Native, Ionic, Onsen UI, PhoneGap, and Framework 7 among others.

“Other factors such as the increasing number of mobile apps for IoT devices, and growing adoption of chatbots in mobile apps will have a significant impact on the growth of the mobile apps market value during the forecast period,” says a senior analyst at Technavio.

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Mobile Apps Market: Segmentation Analysis

This market research report segments the mobile apps market by application (entertainment, social networking, finance, healthcare, and others), by platform (iOS, android, and others), by revenue mode (Advertising, In-app purchases, Freemium, Pay-per-download, and Subscription) and geographical regions (APAC, EMEA, and Americas).

The APAC led the market in 2018, followed by Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth due to the large customer base of mobile phones in APAC.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

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