According to Allied Market Research, the mobile app development market is projected to grow from $195.7 billion in 2023 to $606.1 billion by 2032, driven by smartphone penetration and technological advancements.
The Google Play Store accounted for the largest share of the mobile app development market in 2023 due to the widespread usage of Android devices which offers more flexibility for developers and a diverse range of apps.
The increasing saturation of the market and rising competition are significant factors that could inhibit growth despite the overall positive trends and expectations in the mobile app development sector.
The Apple Store, while currently smaller in market share compared to Google Play, is anticipated to have the largest CAGR from 2024 to 2032, indicating its potential to catch up.
#mobile-app-development #market-analysis #smartphone-penetration #technological-advancements #competition
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