LONDON: The mobile apps market is poised to grow by $497.09 billion during 2020-2024, progressing at a CAGR of 21% during the forecast period, Technavio, a leading global technology research and advisory company, notes.

This study identifies development of hybrid mobile apps as one of the prime reasons driving the mobile apps market growth during the next few years.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities.

The mobile apps market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alphabet Inc., Amazon.com Inc., Apple Inc., Electronic Arts Inc., Facebook Inc., Microsoft Corp., Netflix Inc., Spotify Technology SA, Ubisoft Entertainment, and Xiaomi Corp. are some of the major market participants.

Growing penetration of smartphones has been instrumental in driving the growth of the market. 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.