According to the report titled ‘Global Mobile Application Market Size study, by Store Type (Google store, Apple store, others), Application (Gaming, Music & Entertainment, Health & fitness, Social Networking, Retail & Ecommerce, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global mobile application market valuation was USD 154.05 billion in 2019 and is anticipated to reach USD 368.01 billion in 2027, growing with a CAGR of 11.5% during 2020-2027.
 

Rise in internet accessibility, surge in mobile data users, and increasing technological advancements such as artificial intelligence (AI) and machine learning (ML) are propelling global mobile application market growth.
 

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For the record, mobile application is a computer program or a software application designed to run on the mobile phones. Increasing popularity of mobile gaming, and access to low cost data plans are expected to boost the market share during the forecast period. According to Statista data, a total of 218 billion mobile app downloads on personal devices were recorded in 2020, as compared to 141 billion downloads in 2017.
 

However, lack of business centric application as well as dearth of applications capable of gaining user attention may hamper the market growth in the upcoming years.
 

Worldwide mobile application market sphere, based on store type, is bifurcated as Google store, Apple store and others. In terms of application, the industry is segmented as music & entertainment, social networking, gaming, health & fitness, retail & ecommerce, and others.
 

The report gives comprehensive account of different market segments across various countries in the recent years, and provides a detailed forecast highlighting the qualitative and quantitative aspects through the study period.
 

Regionally, worldwide mobile application industry trends are studied across Asia Pacific, North America, Europe, Latin America, and rest of the world. Of these, North America holds modest market share presently, due to the presence of prominent players with highly accessible user base and subsequently a greater number of downloads.
 

Whereas, Asia Pacific market is touted to exhibit impressive growth trends during the study period, pertaining to increasing smartphone user base.
 

The key players in global mobile application market space are Apple Inc., Google LLC, Microsoft Corporation, Amazon Inc., Gameloft SE, Netflix Inc., Ubisoft Entertainment SA, Practo, Curefit, and Xiaomi Corp.