The Intelligent Apps market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. An increasing number of smartphone users across the globe, the rising adoption of AI technology, and the increasing trend of mobile app-based advertising across verticals to fuel this market's progress.
Rapid urbanization, changes in business environments, rise in investment, and business intelligence solutions for managing IT environments positively affects the intelligent apps market. The rising developments & integration of technologies such as artificial intelligence and machine learning are expected to increase the market revenue.
According to the 2020 report published by GSMA, there are over 3.5 billion smartphone users worldwide by the end of January 2020.
During the COVID-19 period, where all the industries saw a dip in their market trend, the intelligent app market saw a significant increase in the trend. For instance, introduction of the Arogya Setu app by the Indian government to track and spread awareness about the COVID-19 throughout the country. Till present, the app has generated over 9.8 crores downloads within the country.
On the basis of type, market is segmented into consumer apps and enterprise apps, out of which, the enterprise apps segment is anticipated to grab the largest share in the market as the incorporation of artificial intelligence and machine learning abundantly assists in the business transformation. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of deployment model, the market is segmented into on-premise and cloud. The cloud deployment segment in the global intelligent apps market is projected to grow with a significant CAGR over the forecast period. Cloud-based intelligent apps solutions are becoming the popular choice among users, as the cost related to infrastructure maintenance is reduced.
On the basis of vertical, market is segmented into retail and e-commerce, BFSI, manufacturing, education, healthcare, telecom and others. Among all, manufacturing sector is supposed to generate highest revenue followed and retail and e-commerce. In the manufacturing sector, the intelligent app’s importance is rapidly increasing which are based on a SaaS analytical cloud application that stores, acquires, and makes the decision for operational data from shop floor systems including, machines, test stations, sensors, equipment and simulation machines combined with data from HC
Ms and ERP. AI and ML are the key technologies that maximize productivity by mitigating quick decisions in case of downtime.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America holds the highest share. Although, the market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising adoption of advanced technologies in the region. According to the India Brand Equity Foundation, the country’s e-commerce sector is predicted to reach USD 99 billion by 2024. However, in 2019, online retail penetration stood at 4.7% and is expected to reach 10.7% through 2024.
The global intelligent apps market is further classified on the basis of region as follows:
Our in-depth analysis of the global intelligent apps market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing Usage of Smartphones and the need for advanced devices are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Data security and lack of technical expertise are estimated to hamper market growth.
The market in North America region will provide ample growth opportunities owing to the rising demand for intelligent apps by various industries for analysing data.
The major players dominating the intelligent apps market are IBM, Google LLC, Apple Inc., Amazon Web Services, Microsoft Corporation, CloudMinds Technology Inc. and Oracle Corporation among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, by deployment, by vertical and region.
With respect to type, the enterprise apps segment is anticipated to hold the largest market share since the enterprises have started using smart apps in various use cases.
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