Various companies launch their applications which require a higher cost. The increasing penetration of augmented reality and virtual reality creates growth opportunities for the mobile application market.Īlthough the mobile application market is growing tremendously some factors restrict its growth. The use of the mobile application in various industries like the hotel & restaurant sector, government sector, retail sector, education sector, and various other sectors provides growth opportunities in the mobile application industry during the forecasted period. The rise in demand for smartphones and tablets leads to the growth of the mobile application market. The increase in downloads of various gaming applications is the major driving force in the growth of the mobile application market. The entrance of various third-party application developers also drives the demand for the mobile application market in the global market. The dominance of the internet of thing in the development of smartphones also boost its demand. Increases application of virtual reality and augmented reality in the mobile application drives its demand. The use of educational applications like Google Classroom, Microsoft Team, and Zoom classes result in witness higher growth during the forecasted period. Moreover, it is expected that the market will grow more from this global pandemic. There has been a drastic increase in downloads of various gaming and non-gaming applications by users. But in the case of the mobile application market, this situation has been observed to be a boom period. The growing outbreak of the global pandemic has trapped the individual to fight between the financial crises along with health concerns. With the growing outbreak of the global pandemic of COVID 19 businesses have pushed the economies towards forced recession. Moreover, the mobile application industry is expected to grow at a higher CAGR of 14% to account for a higher market value of approximately USD 165 billion by the end of the forecasted period in the global market. The use of varied mobile applications has made the lives of people interacting. The invention of various games like Pokémon Go resulted in an increase of gaming users many folds.
The recent developments in smartphones enable users to have sensor features like motion sensors, accelerometers, and gyroscopes.
An increase in the application of virtual reality and augmented reality are the major factors that boost the growth of the mobile application market. The increase in penetration of the internet and smartphone from the past few years resulted in the high growth of the mobile application market in the global market. Ice, Electric, Hybrid, Autonomous Vehicles.Power Generation, Transmission And Distribution.Industrial Motors, Pumps, And Control Devices.Information And Communications Technology.