According to the report published by Allied Market Research, the global in-app purchase market was pegged at $76.43 billion in 2019, and is anticipated to reach $340.76 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027.
Increase in in-app purchase payments in developing countries, rise in data usage & internet penetration, and low data tariffs along with increase in smartphone penetration are the major factors that propel the growth of the global In-app purchase market.
Nevertheless, digital illiteracy and limited digital infrastructure impede the market growth. However, surge in expenditure on digital advertisement and rise in demand for fast and hassle-free transaction service are anticipated to usher new opportunities in the near future.
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Impact of Covid-19 on In-App Purchase Market:
1. During covid-19, subscriptions of video streaming, gaming and other health & fitness application among end-users have significantly increased.
2. The gaming and non-gaming mobile applications are offering new features and functionality at reasonable price which, in turn, is increasing their demand.
The key market players analyzed in the global in-app purchase market report include Apple Inc, Disney, Google LLC, King Limited, Netflix, Inc, Rakuten, Inc., Sony Corporation, Spotify Technology S.A, Tencent Holding Limited, and Tinder. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
Based on geography, the region across Asia-Pacific garnered the major share in 2019, generating more than two-fourths of the global market. The same region would also portray fastest CAGR of 21.3% from 2020 to 2027. The other provinces covered in the report include North America, Europe, and LAMEA.
The global in-app purchase market is analyzed across the operating system, type, app category, and region. Based on operating system, the iOS segment accounted for the highest market share in 2019, contributing to around half of the global market. Simultaneously, the android segment would exhibit the fastest CAGR of 20.9% from 2020 to 2027.
Based on type, the subscription segment held nearly three-fifths of the total market share in 2019, and is projected to retain its dominance by 2027. The non-consumable segment, on the other hand, would register the fastest CAGR of 22.7% during the forecast period.
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