Intelligent Apps Market size worth over $150 Bn by 2027
Published Date: February 23, 2021 Authors: Preeti Wadhwani, Smriti Loomba
Intelligent Apps Market size is set to surpass USD 150 billion by 2027, according to a new research report by Global Market Insights, Inc.
Intelligent apps use real-time and historical data generated from user interactions and dispersed sources to provide suggestions and predictions. These applications help companies in delivering adaptive and personalized user experiences. The applications process and combine diverse data sources to provide in-depth insights. Advanced technologies, such as AI, machine learning, and big data analytics, are embedded into these applications. The need for actionable suggestions and personalized insights are supporting the intelligent apps market growth.
Growing demand from customers for personalized and relative user experience to propel the growth of consumer apps
The consumer apps market is projected to capture a major share in 2027 on account of the extensively connected consumers and a rise in demand for adaptive & personalized user experience. Enterprises leverage intelligent apps backed by machine learning algorithms and analytics capabilities to process historical consumer data. The continuous processing of both historical & real-time data enables companies to provide personalized suggestions in accordance with the previous interactions.
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Enterprise-wide transition to cloud infrastructure and rising digitization are set to propel the cloud-based intelligent apps market demand
The cloud deployment model is anticipated to witness an exponential growth from 2021 to 2027 owing to the extensive digitization and cloud adoption across enterprises operating in diverse markets. The cloud deployment of intelligent apps facilitates extended business agility and limits the expenditure on hardware components. In addition, the increased popularity of subscription-based solutions and SaaS offerings is expected to contribute to the market expansion.
Browse key industry insights spread across 220 pages with 274 market data tables and 23 figures & charts from the report, “Intelligent Apps Market Size By App Type (Consumer Apps, Commercial Apps), By Deployment Model (On-premise, Cloud), By Operating System (iOS, Android), By Application (Retail & E-commerce, BFSI, Media & Entertainment, Education, Healthcare, Manufacturing, Telecom), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Extended customization capabilities and customer base will enable demand for intelligent apps for the android operating system
The android operating system segment is estimated to hold more than 40% of the intelligent apps market share in 2027. The widespread penetration of Android smartphones across the world is driving the segment demand. The Android OS offers extended customization capabilities to smartphone users. These customizations further drive enterprises to develop personalized applications for these users. There are several applications, such as Elsa Speak, SwiftKey, etc., that are available for Android users. The expansive adoption of Android smartphones and growing Android users across the population are supporting the market growth.
Rising demand for media content and the need to provide personalized suggestions based on demographics are enabling the acceptance across media & entertainment sector
The media and entertainment segment is likely to grow at 43.1% CAGR through 2027 propelled by the rising demand for content personalization and enhanced user viewership. Companies operating in this sector leverage intelligent apps to analyze individual user interactions and provide relative content suggestions. Prominent enterprises, such as Netflix and Spotify, have gained expansive popularity with the help of these advanced technologies and applications. Amid the COVID-19 pandemic, companies witnessed a massive increase in content streaming, contributing to the market demand.
Expansive growth in the e-commerce & retail sector followed by smartphone users are fueling the APAC market revenue
The Asia Pacific intelligent apps market is poised to account for above 25% share by 2027. The expansive smartphone penetration and the growing retail & e-commerce industry are spurring the regional market growth. For instance, in 2019, the online retail transaction value in China was reported to be approximately USD 1.5 trillion, accounting for 25% of the worldwide transactions. Considering the figures, enterprises across diverse industry verticals are expected to adopt digital business infrastructure, contributing to the demand for intelligent apps.
Focus on inorganic growth strategies by key players to augment market share
The industry has witnessed several new product developments and technology partnerships to strengthen its market presence. For instance, in February 2021, IBM Corporation entered into a partnership with Palantir Technologies for technology innovations. Under this partnership, the companies planned to integrate their cloud data platform with Palantir’s operations platform. Through this integration, the companies are expected to collaboratively simplify the development and deployment of AI-powered intelligent apps. This is further anticipated to enable the companies to gain a competitive edge over other players.
Some of the key players operating in the intelligent apps market include Avaamo, Amazon Web Services, Inc., Apple Inc., Baidu Inc., Bigml, Facebook, Google LLC, Hewlett Packard Enterprise Inc., IBM Corporation, Intel Corporation, Oracle Corporation, Salesforce.com, Inc., SAP SE, Sentient Technologies, and ServiceNow.