Shopping Application Market Size is Estimated to Witness 14.0% CAGR till 2028
The global Shopping Application Market size is expected to reach USD 2.17 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.0% from 2022 to 2028. The market growth is attributed to the growing demand for hassle-free online grocery shopping across the globe. Real-time translation in multiple languages across the globe is bolstering the market growth.
The digital era had emerged across emerging economies such as China and India, which, in turn, is propelling the market growth. Moreover, a surge in the adoption of digital wallets in North America is propelling the market growth. FirstSiteGuide had reported that 61% of U.S. consumers buy their products online through several shopping apps.
Key players are focusing to provide a wide variety of app choices with certified user ratings to judge the product. The key players are offering a quick order recorder with an advanced user interface. Multiple companies are providing monthly shopping reminders to provide updated product catalogs. The evolution of AI-based features in shopping apps will boost the market growth.
The Apple iOS store marketplace segment will register the highest growth rate over the forecast period. This can be credited to the growing demand for secured operating systems from the consumers in the U.S. and the U.K. Faster access and lucrative user interference features are refueling the market growth. Cloud storage, automatic shopping app updates, and an access-pass to expert validated advice for shopping apps are expected to promote the market growth during the forecast period.
Asia Pacific held the largest revenue share of over 45.0% share in 2021 due to the rising demand for personal care products from consumers in China and India. The growing trend in China to adopt augmented reality-based shopping platforms is propelling the market growth. Product comparison features and multiple payment options will drive the market in India.
Related Press Release@ Shopping Application Market Report
Shopping Application Market Report Highlights
- Asia Pacific captured the largest revenue share of over 45.0% in 2021. This can be credited to the growing investment in the 3D product visualizations based shopping apps from the key players of China and India
- The Google play store marketplace segment held the largest revenue share of over 55.0% in 2021. This can be credited to the rising demand for the certified authentic products from the consumers in the U.K. and the U.S. At present, several shopping apps available on the play store are providing certified products
- The Apple iOS Store marketplace segment is projected to register the highest CAGR of 15.3% from 2022 to 2028. This can be attributed to the growing demand for multi-device enabled shopping services from consumers in developed economies such as the U.S. and France
- Central and South America is projected to register the fastest CAGR of 17.7% from 2022 to 2028. Soaring demand for personalized shopping app in Brazil is estimated to escalate the market growth over the forecast period