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Market Insights report
The App market constitutes the sale of software applications that can be downloaded, installed, and run on mobile devices. More specifically, it refers to apps that can be downloaded from Apple, Inc.'s App Store and the Google Play store (or in the case of China, from stores such as Huawei AppGallery and Tencent Appstore) and which can be installed and run on iPhones and Android phones. The worldwide revenue of US$540.8 billion in 2023 is expected to grow to US$752.57 billion up to 2027.
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The App market remains a dynamic and vibrant sector of the digital economy. Its resilience is underpinned by consumers' insatiable appetite for innovative and convenient solutions that enhance their digital experiences. Mobile apps have transcended their early novelty phase to become essential tools for communication, entertainment, productivity, and more.
One of the standout trends in recent years is the growing emphasis on user privacy and data security, which has led to regulatory shifts and changes in app store policies. This has prompted app developers to rethink their data collection and usage practices, emphasizing transparency and user consent. Moreover, emerging technologies like augmented reality (AR) and virtual reality (VR) are opening up new frontiers for app development, promising exciting possibilities for both consumer and enterprise applications. Overall, the apps market is poised for continued expansion, driven by innovation, user demand, and the ever-evolving digital landscape. Companies that can adapt to these changing dynamics will be well-positioned to thrive in this competitive and rapidly evolving space. Total revenue in the App market is projected to reach US$475.90bn in 2022. Total revenue is expected to show an annual growth rate (CAGR 2022-2027) of 8.58%, resulting in a projected market volume of US$755.50bn by 2027.
Note: CAGR: Compound Annual Growth Rate
App overview
App overview
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Mon - Fri, 9am - 6pm (EST)