Pune, July 17, 2024 (GLOBE NEWSWIRE) -- Super Apps Market Size Analysis:
“According to SNS Insider research, The Super App Market Size was recorded at US$ 75.5 Bn in 2023 and is expected to reach US$ 706.2 Bn by 2032, with a growing at a CAGR of 28.2% over the forecast period 2024-2032.”
The growing need for connected digital experiences due to the availability of affordable internet, multifaceted tools, and integration of advanced technology, drives the super app market. People worldwide are using this application in various domains such as banking, entertainment, Sports, studies, and many more raising the demand for smartphones as well as the super app market. For Instance, the sales of the smartphone are recorded around 1.2 billion in 2024.
The growing market trend of operating multiple tools from a single platform has given the super app market an expansion opportunity worldwide. The recent innovation in apps such as PhonePay, WeChat, Bolt, Private 24, etc. For Instance, The investments as well as collaboration and partnership by private as well as public sectors have also contributed to the development. The revenue generated by WhatsApp Business is more than $380 Million, in 2023. With this, different financial companies such as Aditya Birla, Mutthoot Finance, and Angle One are also taking steps towards a multi-functional platform from a Traditional one.
The combination of various features such as Data privacy, Inclusiveness, and awareness about advanced technology such as AI and blockchain are making an App market into the Super app market. Also, government initiatives and grants are helping the market to develop. For instance, India's Unified Mobile Application for New-age Governance (UMANG) is a mobile-based platform providing over 20,000 public services with the help of different applications here.
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Major Players Analysis Listed in this Report are:
The key players are Paytm, Gojek tech (goto), WeChat (Tencent), Grab, Rappi Inc., Revolut Ltd, LINE Corporation, Alipay (Ant Group CO., Ltd.); PhonePe (Flipkart.com), Kakao Corp.,Tata Neu (Tata Sons Private Limited); GeneXus, Alibaba Cloud, Cisco Systems Inc., AgileTech Vietnam, Huawei Technologies Co., Ltd., GoTo, Elluminati Inc., Tata Group, LINE Corporation, IBM Corporation and other players
Super App Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 75.5 Bn |
| Market Size by 2032 | US$ 706.2 Bn |
| CAGR | CAGR of 28.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The rising trend of Mobile phones and the internet and the shift towards digital payments and online shopping. |
Recent Developments:
- Orange Middle East and Africa (OMEA), announced a partnership with Tencent Cloud, to introduce an open platform to its Max, which allows customers to browse different mini-apps within the Super app.
- CXApp Inc. has announced a partnership with Google Cloud, to develop an AI-based platform called CXAI, which provides employees a work–based platform where they can use multiple tools from a single platform.
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Segment Analysis
Based on the platform, the android segment led the market with more than 60% of the market share in 2023.
With their lower prices, android phones are now the dominant choice globally and are more popular in certain areas, such as Asia and Latin America. Lower-income people in those countries have many options for their spending prices. The integration of the AI, Google Assistance with Android, had given customers more functionality at a low price as compared to costly Apple phones. For Instance, Anthropic introduced the Claude app for Android such as Claude 3.5 sonnet, an AI chatbot for a diverse range of customers.
Based on the device, the smartphone segment led the market with more than 75% of the revenue share in 2023.
The multi-functionality and cheap prices associated with the advance features have made smartphones, popular among a wide range of customers from low to high-income range. Features such as multiple authentications for data privacy, different app lock patterns, and many efficient services have bypassed smartphones from desktops and tablets and also made it easy to carry anywhere.
Based on the end-user insights, the business segment led the market with more than 60% of the market share in 2023.
The super programs' profitability is increased by the B2B revenue-generating strategy, which is powered by commission fees and advertising. Trending Mobile Ads are helping to boost the business and save time in targeting the audience. The super apps help businesses to make the best campaign to promote the market.
Super App Market Key Segmentation:
By Device
- Smartphone
- Tablets
- Others
By Platform
- iOS
- Android
- Others
By Application
- E-commerce
- Financial Services
- Transportation & Logistics Services
- Social Media & Messaging
- Others
By End-users
- Consumers
- Business
Regional Insights
The APAC market held the largest market share of more than 45% in 2023, due to factors such as high smartphone penetration, and better mobile internet connectivity which contributes to increasing consumer downloads. The growing digital infrastructure in the region is enabling integrated services from super apps. China led the super app market in the Asia-Pacific with wide range of app development. Such As WeChat, a Kind Of Social Media platform with a wide audience range can help to publish ads in just one click.
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Key Takeaways
- The market is driven by the increasing demand for integrated digital services that enhance user convenience.
- Android and smartphones dominate the market, driven by affordability and portability.
- Asia Pacific is the leading region, driven by smartphone adoption and digital payment advancements.
- The business opportunity related to new app development also boosts the market.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Super App Market Segmentation, By Device
8. Super App Market Segmentation, By Platform
9. Super App Market Segmentation, By Application
10. Super App Market Segmentation, By End-users
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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