The forecast period for this study is from 2018 to 2023, with 2017 as the base year.
The growing number of smartphone users globally, growing acceptance of AI technology, and the growing trend of mobile app-based advertising across all verticals are all major growth factors for the smart apps market.
The Smart Apps Market was worth USD 7.33 Billion in 2017 and is projected to reach USD 46.98 Billion by 2023, growing at a CAGR of 32.9% over the forecast period.
The objective of the study is to define, describe and forecast the global market by vendor, type of application (consumer and business), type of store (Google Play, Apple App Store and others [slideME, baidu app store, Amazon app store, Samsung Galaxy store, and others]), services, deployment modes (cloud and on-premises), verticals and regions. The research also includes detailed information on significant aspects impacting the growth of the Smart Application market such as drivers, restraints, opportunities and challenges.
The research approach used to estimate and forecast the global Smart Applications market size begins with secondary research, annual reports, Institute of Electrical and Electronic Engineers (IEEE), Factiva, Bloomberg, and press announcements to collect significant supplier revenue data. Additionally, vendor offerings are considered while determining market segmentation. The overall market size is calculated using the bottom-up technique, which begins with the revenue of major market players. After the arrival of the overall market size, the complete market is segmented into numerous segments and sub-segments, which are then validated through primary research by conducting lengthy interviews with important people such as CEOs, VPs presidents (VP), directors and executives. .
To complete the complete market engineering process and obtain correct statistics for all segments and sub-segments, data triangulation and market breakdown techniques are used.
IBM (US), Google (US), Amazon Web Services (US), Microsoft (US), Salesforce (US), Oracle (US), Apple (US) , Baidu (China), SAP SE (Germany), ServiceNow (US), Facebook (US), Intel (US), HPE (US), Avaamo (US), H2O.ai (US), BigML (US), Sentient Technologies (US), Clarifai (US), CloudMinds (US), Ayasdi (US), Narrative Science (US).
The target audience market for smart apps
Smart app providers
Application Platform Providers
Organizations that conduct research
Executives in charge of application development
Third party service providers
The following report customization options are available:
A product matrix that compares each company’s product portfolio in detail.
Analytics by location
The smart apps market in North America is becoming even more fragmented.
The APAC market will continue to fragment.
The European market is becoming even more fragmented.
The MEA market is becoming even more fragmented.
The Latin American market is becoming even more fragmented.
Other market players will be profiled and analyzed in detail (up to 5)
The global smart apps market will grow at a compound annual growth rate (CAGR) of 32.9%, from USD 11.34 billion in 2018 to USD 46.98 billion by 2023. on effective and real-time mobile advertising are all major market drivers.
The enterprise application sector is expected to grow at a faster rate than other types throughout the projection period. Smart apps are now used by businesses for various purposes. Due to the increased requirement to deliver individualized results to end users, the consumer application segment is expected to have a larger market size over the projection period.
During the forecast period, the cloud deployment mode is expected to grow at a faster CAGR and hold a larger market share. Intelligent cloud-based software solutions are quickly becoming the most popular choice among customers, as they help minimize infrastructure maintenance costs.
During the projection period, the infrastructure provider sector is expected to hold a larger market share. The artificial intelligence segment, on the other hand, is expected to grow at a faster rate as it helps developers to facilitate their work by providing application-specific predefined models.
The managed services market is expected to grow at a faster rate throughout the projection period, as managed services enable companies to focus on their core businesses. The professional services segment, on the other hand, is expected to have a larger market size during the projection period.
Google Play is expected to grow at the fastest CAGR among store types over the projection period. Apple App Store, on the other hand, is expected to have the largest market share. Apple’s consumer base belongs to the premium customer group, which helps the company generate significant revenue.
The media and entertainment vertical in the smart application market is expected to grow at the fastest rate over the forecast period. At the enterprise level, smart apps help to understand user profiles and hence deliver personalized web pages to users. Over the projection period, the retail and e-commerce vertical is expected to hold the largest market share.