Growing demand for mobile applications has resulted in the expansion
of mobile websites. Companies developing their own mobile applications
have compelled customer engagement in the same. The worldwide mobile
application market is likely to cross USD 25 billion in 2015. It is
growing at a CAGR over 29% from 2010 to 2015.
Mobile application is a client-friendly software. It is designed to
operate mobile devices such as tablets, smartphones and other portable
devices. Since the past few years, various categories of mobile apps
have faced technological innovations due to burgeoning popularity of
mobile applications.
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Lack of business and few mobile applications specialized for specific
industries has limited the market from expanding further. Additionally,
easy accessibility to applications has potentially augmented the risks
associated with data theft through spyware. This is expected to hamper
the market.
Industrial Overview
The mobile application market has rapidly risen in the last few
years. It is likely to grow significantly over the forecast period. Few
factors contributing to its growth are restructuring revenue sharing
patterns, and mounting application usability. The growing adoption of
smartphones, lowering usage costs of mobile data, and advancements in
network technology also further market sales.
In 2009, over 6 billion applications were downloaded globally from
third-party (off-deck), and native (on-deck) application stores. Both
these stores jointly generated revenue over USD 4 billion that year.
With 2.5 billion downloads in 2009, apple dominated the market globally.
However new players such as RIM, Google, and Nokia are fast entering
the limelight. This is assisting the accelerated usage of smart phones,
boosting market income.
Mobile researchers are turning into vast distribution channels,
rather than staying as self-governing marketing communication tools.
Many leading companies have indulged in application development and are
focusing on the creation of customized mobile applications. IT
organizations are projected to contribute at least 20 percent of their
software funds to the creation and administration of mobile applications
over the forecast period
Growth Drivers
The key factors driving the mobile application market are smartphone
proliferation, advancements in networking, and usage of low cost mobile
data. Additionally, surging demand for smart phones and tablets along
with accessibility to free applications would also drive the market in
the upcoming years. Initiatives to improve application quality alongside
rising emphasis on enhancing user experience are likely to gain more
prominence.
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Various content delivery technologies and emergence of 4G would spur
market demand. Also, the addition of value-added features along with
boosting penetration of social networking websites will constructively
impact the mobile application market. Product awareness, evolving
consumer preferences, and rising disposable incomes would pose
challenges to the market.
Market Segmentation
Applications
The global market is fragmented into six applications. These are
tourism; navigation; games and entertainment; social and
personalization; productivity; music and lifestyle; and others. The
others segment comprises utilities, business, and finance applications.
Enhanced demand for mobile applications across these segments would also
steer market income.
In terms of stores, the market has been bifurcated into native
(on-deck) and third-party (off-deck) applications. Due to quicker
establishment of new independent stores and reduced entry barriers, the
off-deck application segment would grow rapidly.
Regions
The mobile application market in Europe held over USD 1 billion in
2009. This region is estimated to collect over USD 8 billion by 2015. It
will grow at a CAGR of 3.1% from 2010 to 2015. North America would lead
the global market in the forecast period.
Asia Pacific experiences considerable number of mobile applications.
That is why, it will undergo significant growth in the years ahead.
China and India have emerged as the hotspots of mobile applications with
constant developments in their cellular markets.
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High expenditures on consumer electronics and enhanced infiltration
of 3G across Asia Pacific are predicted to drive noteworthy demand for
the regional market in the forecast period.
Market Participants
The leading participants in the mobile application market include
Apple Inc., Blackberry Ltd., WillowTree Apps Inc., Source Bits Inc.,
Google Inc., and Handmark Inc.
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