The new report by Expert Market Research titled, ‘Global In-App Purchase Market Share, Size, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global in-app purchase market, assessing the market based on its segments like applications, types and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast Historical Market Size (2020): USD 92 billion
Forecast CAGR (2023-2028): 20.8%
Forecast Market Size (2026): USD 284 billion
One of the primary factors driving the market's growth is the rising demand for smartphones around the world. To acquire access to premium content and application features, in-app purchases are typically conducted through smartphone-based applications. Furthermore, market expansion is aided by extensive product usage in health and fitness applications as a result of increased public health awareness. Through in-app payments, users can gain access to personal trainers, tailored nutrition plans, regular health checks, and discounted merchandise. In addition, the integration of digital wallets for in-app purchases is propelling the market forward. These online payment solutions are extremely easy and safe, and they help to make the payment process go more smoothly and quickly. In line with this, the growing desire for speed enhancements, suggestions, and more aesthetic elements for characters in gaming applications is favourably impacting market growth. Other factors, such as rising high-speed internet penetration and rising consumer spending power, are expected to propel the market forward.
In-App Purchase Industry Definition and Major Segments
Purchasing goods, services, and additional capabilities or features via an application on a mobile device such as a smartphone or tablet is referred to as an in-app purchase. In-app purchases provide consumers access to additional features. An in-app purchase is any fee that an app may charge (other than the initial cost of downloading the software, if one exists). Many in-app purchases are optional and provide additional features; others are subscriptions that force users to join up and pay a fee to access the app, sometimes after a free trial period.
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By technology, the market is divided into:
- Android
- iOS
- Others
By application, the market is divided into:
- Gaming
- Entertainment and Music
- Health and Fitness
- Travel and Hospitality
- Retail and E-Commerce
- Education and Learning
By type, the market is divided into:
- Consumable
- Non-Consumable
- Subscription
By region, the industry is categorized into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
In-App Purchase Market Trends
In-app purchases are becoming an increasingly popular trend. The rise in the middle-class population, increased urbanisation, rising literacy levels, and an increase in the tech-savvy younger consumer are all driving up in-app purchase rates in developing countries. Furthermore, the growing number of smartphone users around the world, as well as technological developments in smartphones, are fueling the expansion of the in-app purchase market. As technology and innovations have improved the payment process, the emergence of digital wallets has increased the pace of development of the in-app purchase business. The increase in web traffic is expected to attract investors and clients for advertising and product and service promotion. Companies are spending a lot of money on digital media advertising. Instagram, Facebook, LinkedIn, and Whatsapp are among the most popular social media networks among millennials, providing an opportunity for investors to market their firms. As a result, the inclusion of new games, technological advancements, and increased spending on digital advertising are projected to give lucrative opportunities for in-app purchase growing market over the forecast period. However, digital illiteracy and a lack of digital infrastructure may impede the market's growth.
The Asia Pacific region primarily dominates the in-app purchase market, and this trend is likely to continue over the forecast period. One of the primary reasons driving market growth is the fast use of cutting-edge technology in mobile apps. China is expected to present lucrative growth opportunities for the market in Asia Pacific, as the country is regarded as a technology hub due to the presence of major players in the electronics sector. Furthermore, rising markets such as India and China have a high smartphone ownership rate, as well as increasing 4G and 5G connectivity, which is expected to boost in-app purchase market growth. These factors are expected to boost the market during the forecast period as well.
Key Market Players
The major players in the market are Apple Inc, Epic Games Inc., Google LLC (Alphabet Inc.), King.com Limited (Activision Blizzard Inc.), Netflix Inc, Rakuten Group Inc., Sony Corporation, Spotify Technology S.A., Tencent Holdings Ltd., The Walt Disney Company and Tinder (Match Group Inc.)., among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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