PUBLISHER: The Business Research Company | PRODUCT CODE: 1436384
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436384
In-app purchases refer to acquiring additional services, features, or functions within an application on computers, smartphones, and tablets. This model allows access to premium content, digital goods, and subscriptions directly within the application, monetizing specialized features while providing basic content for free.
The primary types of in-app purchases are consumable, non-consumable, and subscription. Consumable in-app purchases involve digital products usable for a single time, requiring repurchase after depletion. Operating systems, including Android, iOS, and others, support different in-app purchase categories such as gaming, entertainment, music, health, fitness, travel, hospitality, retail, e-commerce, education, learning, and other app categories.
The in-app purchase market research report is one of a series of new reports from The Business Research Company that provides in-app purchase market statistics, including in-app purchase industry global market size, regional shares, competitors with a in-app purchase market share, detailed in-app purchase market segments, market trends and opportunities, and any further data you may need to thrive in the in-app purchase industry. This in-app purchase market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The in-app purchase market size has grown exponentially in recent years. It will grow from $171.82 billion in 2023 to $213.36 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth during the historical period can be attributed to smartphone penetration, app monetization strategies, user engagement strategies, content consumption trends, and app store optimization.
The in-app purchase market size is expected to see exponential growth in the next few years. It will grow to $515.92 billion in 2028 at a compound annual growth rate (CAGR) of 24.7%. The anticipated growth in the forecast period can be attributed to subscription-based models, the growth of emerging markets, and cross-platform integration. Key trends in the forecast period encompass the dominance of mobile gaming, subscription models, augmented reality (AR) integration, personalization and customization, and the consumption of digital goods and services.
The in-app purchase market is anticipated to grow due to the increased downloads of video streaming, gaming, and health and fitness applications. The global download figure for new mobile apps reached 140 billion by the end of 2021, a notable increase from 2020. This surge in downloads, especially for applications related to video streaming, gaming, and health and fitness, is expected to drive the growth of the in-app purchase market.
The in-app purchase market is expected to grow due to the increasing demand for smartphones. Smartphones are handheld mobile devices with advanced computing capabilities, offering features such as internet connectivity, apps, and communication tools. In-app purchases are facilitated by smartphones, allowing users to buy digital content, services, or upgrades directly within applications through integrated payment systems. According to Uswitch Limited, there was a 3.8% increase in mobile connections in the UK beginning in 2022, reaching 71.8 million. By 2025, it is projected that 95% of the 68.3 million people living in the UK will have smartphones. Therefore, the increasing demand for smartphones is expected to drive the growth of the in-app purchase market.
Technological advancements continue to shape the in-app purchase market, with companies such as Apple Inc. introducing new developer tools and technologies in June 2021. These tools assist in creating high-quality apps and provide new ways for developers to promote their apps and connect with users. One such tool, Xcode Cloud, streamlines multiple tasks and tools required for testing, building, and delivering apps using powerful cloud services.
Major companies in the in-app purchase market are concentrating on developing innovative solutions, such as the instant search feature, to enrich user engagement and provide seamless purchasing experiences. The instant search feature allows users to retrieve information in real-time through responsive search functionalities. For instance, in November 2022, US-based instant messaging and VoIP service provider WhatsApp launched a business search feature in Brazil, Colombia, Indonesia, Mexico, and the UK, enabling in-app purchases. This business search feature facilitates the identification of contacts for businesses on their websites, saving users time.
In January 2021, US-based multinational technology company Google acquired Fitbit for an undisclosed amount. This acquisition aims to make health and wellness more accessible globally. The combination of Fitbit's technology with Google's artificial intelligence, software, and hardware is expected to enhance competition in wearables, making these devices more innovative and affordable. Fitbit is a US-based fitness and consumer electronics company operating in the in-app purchase market.
Major companies operating in the in-app purchase market report are Amazon.com Inc., Apple Inc., Google LLC, The Walt Disney Company, Tencent Holdings Limited, Netflix Inc., PayPal Holdings Inc., Square Inc., Rakuten Group Inc., Stripe Inc., Spotify Technology S.A., Flipkart Internet Private Limited, Myntra Designs Private Limited, Epic Games Inc., AppLovin Corporation, Supercell Oy, Tinder, Unity Technologies SF, Adyen N.V., Digital Turbine Media Inc., IronSource Mobile Ltd., Machine Zone Inc., InMobi Technologies Pty. Ltd., VentureBeat LLC, Bango PLC, Vungle Inc., Adapty Technology Inc., Ajio Online Services Private Limited, Chartboost Inc., Fortumo Oyj, Aarki Inc., Liftoff Inc., SuperSonic Studios Ltd., Swrve Inc.
Asia-Pacific was the largest region in the in-app purchase market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the in-app purchase market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the in-app purchase market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The in-app purchase market includes revenues earned by entities by providing services such as buy characters, upgrade abilities, and spend real money on in-game currencies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
In-App Purchase Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on in-app purchase market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for in-app purchase ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The in-app purchase market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.