The introduction of a range of footwear with variations in color, design and price, adoption of attractive marketing and promotional techniques, and expansion of sales through online channels are driving the growth of the global sneaker market.
PORTLAND, Ore., April 24, 2023 /PRNewswire/ — Allied Market Research released a report titled “Super Apps Market By Platform (iOS, Android, Others), By Device (Smartphones, Tablets, Others), By Application (BFSI, Transport & Logistics, Retail & E-Commerce, Social Media & Messaging, Others), By End Users (Enterprises, consumers ): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global super application industry generated $58.6 billion in 2022 and is expected to be created $722.4 billion by 2032, which is a CAGR of 28.9% from 2023 to 2032.
Major determinants of growth
The global super apps market is driven by factors such as increasing adoption of mobile services, increasing advancement in digital technologies, and rise in government support to promote the use of super apps. However, data security, privacy concerns and high cost of super apps are restraining the growth of this market. On the contrary, the rise in the integration of blockchain technology in super apps is expected to provide numerous opportunities for market expansion during the forecast period of the super apps market.
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The Covid-19 scenario
- The outbreak of the Covid-19 pandemic has had a positive impact on the global super app market due to social distancing norms during the lockdown.
- In order to reduce the risk of virus transmission, many super app providers have started promoting contactless payment options such as mobile wallets, QR code payments and digital payments, which in turn has boosted the market growth.
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The smartphone segment will maintain its leading position throughout the forecast period
On the basis of device, the smartphone segment held the highest market share in 2022, accounting for nearly half of the global super apps market, and is estimated to maintain its leading position throughout the forecast period due to the increasing number of smartphone users. However, the other segment is expected to exhibit the highest CAGR of 30.2% from 2023 to 2032 as it offers additional services such as document creation, file sharing, and project management tools.
The social media and news segment will maintain its leading position throughout the forecast period
On the basis of 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 leading position throughout the forecast period due to the increasing type of integration that can improve communication and increase user engagement. However, the BFSI segment is expected to register the highest CAGR of 31.6% between 2023 and 2032 owing to its rapidly growing popularity.
The business segment will maintain its leading position during the forecast period
On the basis of end-users, 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 leading position during the forecast period. The reason is the growing use of cloud solutions. However, the consumer segment is expected to show the largest CAGR of 30.1% between 2023 and 2032, driven by increasing integration of travel and transportation functions such as flight booking and ride-sharing services, allowing consumers to manage their travel needs from a single platform.
Asia and the Pacific to maintain its dominance until 2032
Based on region, Asia and the Pacific had 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 due to the high smartphone ownership rate in Asia and the Pacific region. However, the LAMEA region is expected to witness the fastest CAGR of 31.0% between 2023 and 2032, driven by the rise in mobile services along with the incorporation of IoT and other emerging technologies into applications.
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Leading Market Players:-
- Cisco Systems Inc.,
- Huawei Technologies Co., Ltd.,
- IBM Corporation,
- Tata Group,
- Go to,
- Alibaba Cloud,
- AgileTech Vietnam,
- Elluminati Inc.,
- The LINE company
The report provides a detailed analysis of these key players in the global super apps market. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements and others to increase their market share and maintain dominant shares in various regions. The report is valuable in highlighting the business performance, operating segments, product portfolio and strategic moves of the market players to showcase the competitive scenario.
Trends in the ICT and media industry:
Machine learning is expected to reach the pharmaceutical industry market 26.2 billion dollars until 2031
It is expected to reach the automated intrusion and attack simulation market 5.5 billion dollars until 2031
It is expected to reach the subscriber data management market 25.5 billion dollars until 2031
Artificial intelligence (AI) in the social media market expects to achieve 12 billion dollars until 2031
Expected reach in the endpoint security market $31.9 billion until 2031
Allied Market Research (AMR) is the end-to-end market research and business advisory arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global enterprises as well as medium and small businesses. AMR focuses on providing business insights and advice that help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relationship with various companies and this helps us in getting market data which helps us to create accurate research data tables and confirms maximum accuracy of our market forecast. CEO of Allied Market Research Pawan Kumar is a tool that inspires and encourages everyone associated with the company to maintain high data quality and help clients in every possible way to achieve success. All data presented in the reports we publish are extracted through primary interviews with top executives of leading companies in the field. Our secondary data acquisition methodology includes in-depth online and offline research and discussion with industry experts and analysts.
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