Super Apps Market to Reach $722.4 Billion, Globally, by 2032 at 28.9% CAGR: Allied Market Research

Nov 24, 2023

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24 Apr, 2023, 03:57 ET

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PORTLAND, Ore., April 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Super Apps Market by Platform (iOS, Android, Others), by Device (Smartphone, Tablets, Others), by Application (BFSI, Transportation and Logistics, Retail and E-commerce, Social Media and Messaging, Others), by End User (Business, Consumer): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global super apps industry generated $58.6 billion in 2022, and is anticipated to generate $722.4 billion by 2032, witnessing a CAGR of 28.9% from 2023 to 2032.

Prime determinants of growth

The global super apps market is driven by factors such as growing adoption of mobile services, increasing advancements in digital technologies, and rise in government support for promoting the use of super apps. However, data security, privacy concerns, and the high cost of super apps limit the growth of this market. Conversely, a rise in the integration of blockchain technology in super apps is anticipated to provide numerous opportunities for the expansion of the market during the super apps market forecast period.

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The smartphone segment to maintain its leadership status throughout the forecast period

Based on device, the smartphone segment held the highest market share in 2022, accounting for nearly half of the global super apps market, and is estimated to maintain its leadership status throughout the forecast period, owing to the increasing number of smartphone users. However, the others segment is projected to manifest the highest CAGR of 30.2% from 2023 to 2032, as it offers additional services such as document creation, file sharing, and project management tools.

The social media and messaging segment to maintain its leadership status throughout the forecast period

Based on application, the social media and messaging segment held the highest market share in 2022, accounting for nearly one-third of the global super apps market, and is estimated to maintain its leadership status throughout the forecast period, owing to the growing type of integration that can improve communication and increase user engagement. However, the BFSI segment is projected to manifest the highest CAGR of 31.6% from 2023 to 2032, owing to the rapidly growing in popularity.

The business segment to maintain its lead position during the forecast period

Based on end user, the business segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global super apps market, and is projected to maintain its lead position during the forecast period. This is owing to the growing use of cloud-based solutions. However, the consumer segment is expected to portray the largest CAGR of 30.1% from 2023 to 2032, owing to the growing integration of travel and transportation features, such as booking flights and rideshare services, which allows consumers to manage their travel needs from a single platform.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global super apps market, and is likely to dominate the market during the forecast period, owing to the high rate of smartphone ownership in the Asia-Pacific region. However, the LAMEA region is expected to witness the fastest CAGR of 31.0% from 2023 to 2032, owing to rise in number of mobile services, along with incorporation of IoT and other emerging technologies in apps.

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Leading Market Players: -

The report provides a detailed analysis of these key players of the global super apps market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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SOURCE Allied Market Research