According to the business intelligence 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 was assessed at USD 154.05 billion in 2019 and is projected to reach USD 368.01 billion by 2027, proliferating at 11.5% CAGR between 2020-2027.
 

Surging number of mobile data subscribers, rising internet penetration, and increasing usage of technologies such as artificial intelligence and machine learning are key factors spurring global mobile application market growth.
 

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For the unversed, mobile applications allow users to use programs that are normally available on their computers by utilizing their smartphones.
 

While availability of low-cost data plans and growing popularity of mobile gaming will complement industry outlook, shortage of engaging mobile applications and specialized business applications is poised to hinder market growth over the analysis timeframe.
 

The report examines the market extensively by dividing it into segments based on store type, application range, and region. Market share captured by each segment and their estimated growth rate over the analysis period is given as well.
 

Based on store type, worldwide mobile application industry is bifurcated into Apple store, Google store, and others. Speaking of application scope, the market space is divided into gaming, health & fitness, music & entertainment, retail & ecommerce, social networking, and others.
 

From the regional frame of reference, North America captured majority of the global mobile application market share in the recent past due to large number of downloads, high smartphone penetration, and presence of leading companies. Meanwhile, Asia Pacific market is estimated to grow rapidly between 2020-2027, owing to large-scale adoption of smart phones and increasing internet penetration.
 

Key players shaping global mobile application market trends are Apple Inc., Microsoft Corporation, Google LLC, Xiaomi Corporation, Amazon.com Inc., Cure.fit, Gameloft SE, Practo, Netflix Inc., and Ubisoft Entertainment SA.
 

These companies have undertaken strategic decisions like product launches, investments, alliances, partnerships, and mergers & acquisitions to enlarge their profit margins and hold a significant market share.