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Mobile app market size to be worth $366.34 billion by 2027

The global mobile application market size is anticipated to reach US$366.34 billion by 2027, expanding at a compound annual growth rate of 11.5% from 2020 to 2027, according to a new report by Grand View Research.

The research group says that iIncreasing focus on maintaining a healthier lifestyle and demand for gaining real-time access to health data to assist users with health management, workout, nutrition and diet, and other forms of physical activities are the major factors driving the market growth. In addition, factors including lowering internet cost, smartphone proliferation, rise in discretionary income, and the resulting increase in in-app purchases, especially with respect to gaming apps, are collectively driving the growth.

According to Grand View Research:

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