Technavio has been monitoring the mobile apps market and says it’s poised to grow by US$165 billion during 2019-2023, progressing at a compound annual growth rate of almost 18% during the forecast period. 

The research group says the market is fragmented, and the degree of fragmentation will accelerate during the forecast period. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments, according to Technavio.

Penetration of smartphones has been instrumental in driving the growth of the market, adds the research group.