Super Apps Market to Grow at Double Digit CAGR through 2028

The rise of Open Banking worldwide is facilitating super apps to use financial data from multiple sources to increase user experience helping in driving the global super apps market in the forecast period of 2024-2028.

According to TechSci Research report, Super Apps Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F, the Global Super Apps market is anticipated to register a robust growth during the forecast period, 2024-2028. Globally, more and more people are increasingly depending on smartphones for daily tasks as the number of internet users rises. Due to this, super apps have emerged, enabling users to complete multiple tasks within a single app, like ordering groceries, making payments online, and booking flights, etc.

Moreover, super apps integrate financial services into their platforms to give users a seamless user experience. This influences banks since more users may choose to use super apps being more comprehensive as compared to banking applications. Digital wallets integrated into super apps make it simpler for users to remain within the super-app ecosystem and lessen their reliance on cash and credit cards. As a result, it drives the growth in Global super apps market.

Growth in the Global Super apps market is also attributed to the expansion of Open Banking services worldwide. Super apps will be able to connect with greater number of partners as Open Finance and Open Data grows, enabling new products launches and a wider client base.

The growth of the e-commerce business and the adoption of mobile devices are few trends in the market for super apps becoming the key drivers of the market's expansion. Increasing attention to apps that incorporate numerous services and ongoing growth in enterprise apps are further driving the market for super apps globally.

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Global Super Apps market is segmented By Application, By Business Model, By Device, By Service. Based on application, the market is segmented into B2B and B2C market. Based on Application, B2C market is anticipated to be the largest segment attributed to growing population Furthermore, increasing internet penetration worldwide is leading to higher customer base resulting in increasing demand for super apps.

Based on business model, the market is segmented into Subscription Based, Commission, and Advertisement. Based on device, the market is segmented into Smartphone and Tablets, Based on Services, the market is segmented into Messaging, Invoice Payments & E-Wallet, Public Transportation & Travel Bookings, E-commerce, Food Delivery, Insurance Services, E-government Services, and Others.

Based on device, smart phones hold the largest market in 2022 and is expected to dominate the forecast period. Smart phones have become very popular worldwide. About 8.2 billion people around the world now use smartphones having 10% growth rate annually.

Asia Pacific region like China with large population with internet access is anticipated to register highest CAGR in the forecast period owing to the government initiatives attributing to the growth in the Super Apps Market.

Key market players in the Super Apps market:

• LINE Corporation
• Tencent Holdings Ltd.(WeChat)
•  Rappi, Inc.
• PhonePe Private Limited
• Tata Sons Private Limited (Tata Neu)
• Alipay.com Co Ltd
• Grab Holdings Limited
• Revolut Ltd
• Careem Networks FZ LLC
• Yandex LLC

 

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“The demand for super apps is anticipated to grow with a CAGR of 23.8% in forecast period, owning to the usage growth of machine learning and artificial intelligence in mobile app development. Artificial intelligence is a crucial component in the evolution of different smartphones. Manufacturers of smartphones, like Apple, Samsung, Huawei, and others, are using machine learning and artificial intelligence (AI) to create new Smartphone models and super apps. This is creating  lucrative potential for the market's expansion. Additionally, businesses are integrating AI into smartphones and tablets. AI enabled smartphones empower mobile applications, improving the performance of the varied data supplied by all users, supporting user decision-making abilities, which in turn supports the growth of the global market for super apps.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Super Apps Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Application (B2B, B2C),By Business Model (Subscription Based, Commission, Advertisement), By Device (Smartphone, Tablet), By Service (Messaging, Invoice Payments & E-Wallet, Public Transportation & Travel Bookings, E-commerce, Food Delivery, Insurance Services, E-government Services, Others), By Region, Competition has evaluated the future growth potential of Super Apps Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Super Apps Market.

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