Allied Market Research published a report, titled, “Mobile App Development Market by Platform (IOS, Android and Windows), by Store Type (Google Store, Apple Store and Others), and Application (BFSI, Gaming, Retail, Airline, Media & Entertainment, Education, Transport, Hotels & Restaurants and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032”.

According to the report, the mobile app development market was valued at $195.7 billion in 2023, and is estimated to reach $606.1 billion by 2032, growing at a CAGR of 13.1% from 2024 to 2032.

Prime Determinants of Growth

Increase in smartphone penetration and technological advancements are the factors expected to propel the growth of the global mobile application development market. However, the market is becoming increasingly saturated and increasing competition is anticipated to hamper the growth of the global market.

The Google Play Store segment dominated the market in 2023.

By store type, the Google play store segment accounted for the largest share in 2023, of the mobile application development market revenue, owing to the widespread use of Android devices across various price ranges, making it accessible to a larger audience. Android’s open-source nature allows for more flexibility and customization for developers, leading to a diverse range of apps available on the platform, which is further expected to propel the overall market growth. However, the Apple store segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the increasing volume of digital documents and the need for secure and organized document storage and retrieval. Law firms are recognizing the importance of efficient document management systems to enhance collaboration, compliance, and overall productivity, which is driving the growth of this segment in the global mobile application development market.

The Android segment is expected to maintain its lead position during the forecast period.

By platform, the IOS segment accounted for the largest share in 2023 of the mobile application development market revenue, owing to the popularity of Apple devices such as iPhones and iPads. Many users prefer IOS for its sleek design, user-friendly interface, and strong security features, which is further expected to propel the overall market growth. However, the Android segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the loyal customer base of Apple users who value the premium quality, security, and seamless integration of apps within the Apple ecosystem. Additionally, Apple’s strict app review process ensures high-quality standards, attracting developers and users similarly. Thereby, driving the growth of this segment in the global mobile application development market.

The media & entrainment segment is expected to maintain its lead position during the forecast period.

By application, the gaming segment accounted for the largest share in 2023, owing to the widespread popularity of mobile gaming among users of all ages. Mobile games offer entertainment, engagement, and social interaction, making them a favorite pastime for many people. The constant innovation in mobile gaming technology, including augmented reality and multiplayer features, continues to attract a large audience, which is further expected to propel the overall market growth. However, the media & entrainment segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the increasing demand for streaming services, music apps, and digital content consumption on mobile devices. With the rise of platforms such as Netflix, Spotify, and social media apps, users are increasingly turning to their mobile devices for entertainment, which is driving the growth of this segment in the global mobile application development market.

The Asia-Pacific region is expected to maintain its lead position during the forecast period.

By region, North America held the highest market share in terms of revenue in 2023, owing to the high smartphone penetration rate in the region, along with a tech-savvy population that is quick to adopt new mobile technologies. North America is home to major tech hubs such as Silicon Valley, which foster innovation and drive the development of cutting-edge mobile applications and is anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to attain the highest CAGR from 2024 to 2032, owing to rapidly expanding smartphone market in countries such as China, India, and South Korea. These countries have large populations with increasing disposable income, leading to a surge in smartphone ownership and mobile internet usage. The Asia-Pacific region is also witnessing a rise in mobile app development talent and investment, leading to innovation and growth in the mobile application market, which is further expected to contribute to the growth of the market in this region.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.