Super Apps Market
Growing adoption of mobile services and increasing advancements in digital technologies are driving the growth of this market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 11, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Super Apps Market Size Reach USD 722.4 Billion by 2032, Key Factors behind Market’s Hyper Growth.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global super apps market size was valued at USD 58.6 billion in 2022, and is projected to reach USD 722.4 billion by 2032, growing at a CAGR of 28.9% from 2023 to 2032.
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The global super apps market is driven by factors such as growing adoption of mobile services, increasing advancements in digital technologies, and rise in government support for promoting the use of super apps. Rise in the integration of blockchain technology in super apps is anticipated to provide numerous opportunities for the expansion of the market during the super apps market forecast period.
The global super apps market is segmented into platform, device, application, end-user and regions. Depending on the platform, the market is divided into iOS, Android, and others. Based on device, it is categorized into smartphone, tablets, and others. By application, it is divided into BFSI, transportation and logistics, retail and e-commerce, social media messaging, and others. Based on end-users, it is bifurcated into business and consumers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Covid-19 Scenario
● The outbreak of the Covid-19 pandemic had a positive impact on the global super apps market, owing to social distancing norms during the lockdown.
● With an aim to reduce the risk of transmission of the virus, many super apps providers had started promoting contactless payment options such as mobile wallets, QR code payments, and digital payments, which in turn, boosted the growth of the market.
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Based on end user, the business segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global super apps market, and is projected to maintain its lead position during the forecast period. This is owing to the growing use of cloud-based solutions. However, the consumer segment is expected to portray the largest CAGR of 30.1% from 2023 to 2032, owing to the growing integration of travel and transportation features, such as booking flights and rideshare services, which allows consumers to manage their travel needs from a single platform.
Based on application, the social media and messaging segment held the highest market share in 2022, accounting for nearly one-third of the global super apps market, and is estimated to maintain its leadership status throughout the forecast period, owing to the growing type of integration that can improve communication and increase user engagement. However, the BFSI segment is projected to manifest the highest CAGR of 31.6% from 2023 to 2032, owing to the rapidly growing in popularity.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global super apps market, and is likely to dominate the market during the forecast period, owing to the high rate of smartphone ownership in the Asia-Pacific region. However, the LAMEA region is expected to witness the fastest CAGR of 31.0% from 2023 to 2032, owing to rise in number of mobile services, along with incorporation of IoT and other emerging technologies in apps.
The global super app market is dominated by key players such as Alibaba Cloud, Cisco Systems Inc., Genexus, Qualcomm Technologies, IBM Corporation, Huawei Technologies, Agiletech Vietnam, Elluminati Inc., Line Corporation and Go To. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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