Overview: Evolution of the Indian Mobile App Market
The Indian mobile app market has witnessed exceptional growth over the past decade. With the spread of affordable data access and increasing penetration of smartphones, the Indian app market is booming. The current range and popularity of Indian apps are only expected to rise in the coming years. In this article, we will delve into the Indian app market’s evolution and explore what the future holds.
The Indian Mobile App Market’s Booming Numbers
The Indian mobile app market is one of the world’s fastest-growing markets. Currently, the market is valued at $2.7 billion and is expected to grow at a CAGR of 28.5% to $6.3 billion by 2023. India is now home to over 400 million smartphone users ranking the second-largest smartphone market globally, after China.
By 2025, India’s smartphone base is expected to reach approximately 820 million users. Since 2014, app downloads in India have increased at a CAGR of over 50%. The most downloaded apps in India include social media, entertainment, gaming, education, and shopping. Interestingly, India is TikTok’s largest market outside China, as the app has been downloaded over 611 million times up until 2019.
The Indian Mobile Gaming Market: Booming and Profitable
Mobile gaming is the leading category in the Indian app market. As of 2021, the sector is valued at over $1.5 billion in India. The gaming sector has witnessed a surge in revenue over the years, with mobile games accounting for more than 85% of the revenue generated in the sector overall.
Some of the most popular games in India are PUBG, Call of Duty, Among Us, and Free Fire among others. The battle royale genre games like PUBG and Free Fire are leading the mobile gaming charge in India. With new entrants coming in, this market is expected to continue to show sustained growth.
Future of Indian App Market
The Indian app market has been growing rapidly, and there seems to be no stopping it anytime soon. By 2023, India is estimated to have over 830 million smartphone users, contributing around 34% of the global smartphone user base. Given that more people are gaining access to smartphones across the country, the app market is expected to grow exponentially over the next few years.
The Indian app market is expected to witness exceptional growth in areas like fintech, healthcare, and education, among others. The Indian Government’s push towards Digital India, E-governance, and cashless transactions has opened up several opportunities for app developers in India. As a result, apps like Paytm, PhonePe, and MobiKwik among others are already leading the fintech charge in India. Apps like Practo, DocsApp, and Medlife are leading the healthcare revolution in India by making healthcare services accessible and affordable. Apps like BYJU’s, Unacademy, and Simply Learn are transforming the education sector by providing access to affordable education to millions of students across India.
In Summary
The Indian mobile app market has witnessed a near-exponential growth in recent years, and the future seems even brighter. India’s vast smartphone user base, coupled with the availability of inexpensive mobile data plans, has made the app market accessible to millions across the country. With the government’s push towards Digital India, the app market is expected to grow even more rapidly, especially in areas like fintech, healthcare, and education. As we move forward, the Indian app market will continue to evolve, becoming more competitive and innovative, offering solutions to everyday problems while also providing entertainment. If you want to learn more about the subject, indianewstime, to complement your study. Find valuable insights and new viewpoints to further your understanding.
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