Mobile app development platforms allow developers to build, test, & deploy apps for different devices by utilizing their preferred tools & latest SDKs (Software Development Kits). These platforms help reduce various challenges that arise during app designing & development and minimize the app development time. The increasing efforts of organizations worldwide to offer a superior user experience to their customers and enhance the overall productivity of their workforce are encouraging them to adopt mobile app development platforms.
The Global Mobile App Development Platforms Market is expected to grow at a CAGR of 27.2% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the significantly increasing use of smartphones, especially across the commercial sector, entwined with the growing proliferation of connected devices & the IoT (Internet of Things), and the mounting adoption of cloud-based technologies across various organizations.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific|
|Middle East & Africa: GCC, Africa, Rest of Middle East and Africa|
|Key Companies Profiled||Adobe Systems, Inc., Amazon, Inc., Appcelerator, Inc., Apple, Inc., Backbase, Facebook, Inc., Google, Inc., Hewlett Packard Enterprise Company, IBM Corporation, Infosys Ltd., Kony Inc., Microsoft Corporation, Oracle Corporation, Red Hat, Inc., Salesforce.Com, SAP SE, Wipro Corporation|
|Unit Denominations||USD Million/Billion|
Besides, the swiftly expanding e-commerce sector & rapid digitization are encouraging SMEs (Small & Medium-Sized Enterprises) to build & deploy more & more online shopping apps in order to boost their clientele, coupled with the surging consumer requirements for innovative social networking & gaming platforms, are also driving the global market.
The leading players in the global market are introducing advanced mobile app development platforms (MADPs) that allow developers to build multi-channel applications equipped with AI (Artificial Intelligence) capabilities. Additionally, the surging prevalence of smart wearables & speakers that require mobile apps to access their features is another prominent aspect anticipated to generate profitable growth prospects for the Global Mobile App Development Platforms Market in the years to come.
Impact of Covid-19 on the Global Mobile App Development Platforms Market
The advent of Covid-19 in 2020 negatively affected several industries worldwide. However, the Global Mobile App Development Platforms Market witnessed a rapid hike in its growth amidst the pandemic. With the imposition of stringent movement restrictions & travel bans, there was an enormous upsurge in downloads & the usage of entertainment, gaming, & social media apps worldwide.
As all healthcare resources got allocated for the treatment of Covid-19 patients, the trend of telehealth services emerged to address various health concerns of non-Covid-19 patients, which, in turn, gave a tremendous boost to the overall market growth across the healthcare sector. Furthermore, consumers portrayed a significant utilization of e-commerce apps for their daily shopping needs. Likewise, the shift to remote working & learning also provided lucrative growth opportunities to several online portals like Zoom, Microsoft Teams, Google Classroom, etc. Hence, all these aspects positively influenced the Global Mobile App Development Platforms Market amidst the crisis.
Based on Deployment:
Amongst both, Cloud deployment holds a relatively larger share in the Global Mobile App Development Market, and the same trend is projected during 2022-27. It attributes primarily to its cost-effectiveness, easy & real-time deployment, higher scalability in terms of connected resources, & operational flexibility.
Cloud-based technologies aid in streamlining the entire app development process and significantly reduce the time required for building an app. It allows hassle-free application access across multiple devices and with the same features. Moreover, it further provides excellent data security & reliability, i.e., another crucial aspect promoting its demand among many app developers worldwide and, in turn, projecting lucrative growth opportunities for the overall market through 2027.
Based on End-User:
Here, the BFSI (Banking, Financial Services, & Insurance) industry is expected to grab a significant revenue share in the global market during 2022-27, mainly due to the growing dependence of customers on smartphones for their banking needs and the rapidly surging demand for Fintech applications within the sector. In addition, the increasing requirement for Artificial Intelligence (AI) driven mobile apps to deliver more customer-centric services is another crucial aspect expected to boost the market across the BFSI sector in the coming years.
On the other hand, the Healthcare sector is expecting notable growth rate in the market over the forecast years. It attributes principally to the mounting focus of various healthcare organizations worldwide on creating highly efficient health apps to consult & treat patients and enhance their overall experience. Besides, the rapid emergence of telehealth & related services, especially after the Covid-19 pandemic, and the continued proliferation of smartphones & smartwatches for the real-time monitoring of patient data, are other prominent factors contributing to the growth of the global market across the healthcare sector.
Geographically, the Global Mobile App Development Platforms Market expands across:
Amongst all regions globally, Asia-Pacific dominated the Mobile App Development Platforms Market with the largest share in previous years. The prime reasons for the regional market growth include the mounting proliferation of smartphones across countries like India, Japan, China, & South Korea, where China & India are the largest manufacturers & end-users of cost-effective smartphones.
As a result, the increasing production & sales of affordable smart devices is leading to the surging demand for mobile app development platforms across Asia-Pacific. In addition, various government initiatives for promoting digitalization across different industries and the rapid upsurge in the number of startups are likely to further boost the regional market over the forecast years.
On the other front, North America is expected to be another prominent contributor to the market growth during 2022-27, owing principally to the superior IT infrastructure, excellent internet access, and the vast usage of smartphones across the region. In addition, substantial R&D investments in developing innovative technologies by the leading players in the US are also projecting remunerative prospects for the regional market growth in the coming years.
Canada & the US, with the maximum number of app downloads, are the leading markets across North America, mainly due to the extensive presence of well-established IT companies in these countries, coupled with massive amounts of in-app purchases by consumers.
Key Driver: Burgeoning Adoption of Smartphones across the Commercial Sector
Commercial businesses are increasingly becoming dependent on smartphones for the improved management of their business & operational functions. The growing adoption of smartphones by organizations is helping them enhance their overall business productivity, scalability, & safety and maintain exceptional relationships with their customers & suppliers. As a result, there is a growing requirement for mobile apps to cater to the ever-increasing business needs of different companies worldwide, i.e., the prime aspect projected to drive the Global Mobile App Development Platform Market during 2022-27.
Possible Restraint: Lack of Technical Expertise within Organizations
Building mobile apps is a complex process & requires an excellent level of technical expertise, even while using development platforms, which is why organizations tend to opt for third-party app developers that demand substantial amounts. Hence, these increased expenditures due to lack of technical expertise might restrain the growth of the Global Mobile App Development Platforms Market during 2022-27.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Mobile App Development Platforms Market is projected to witness around 27.2% CAGR during 2022-27.
A. The growing utilization of cloud-based technologies and the mounting proliferation of smartphones across the commercial sector are the key factors projected to drive the Global Mobile App Development Platforms Market through 2027. However, the lack of technical expertise in organizations required for mobile app development is the most prominent growth restraint for the global market in the coming years.
A. The Healthcare sector is projected to generate remunerative opportunities for the leading companies in the Global Mobile App Development Platforms Market over the forecast years.