Publishing: May 2021 | Report Code: IM11766 | Available Format: PDF
Intelligent Apps Market Overview
The global intelligent apps market is expected to witness notable growth during the forecast period (2019–2024). There are numerous factors supporting the market growth, including increasing smartphone penetration, surging demand for app-based advertising solutions, and rising need for advanced analytical tools among enterprises. Moreover, the adoption of technologies such as artificial intelligence (AI), cognitive computing, and machine learning (ML) is helping companies obtain structured data that can be used in applications such as chatbots and personal assistants.
On the basis of deployment, the intelligent apps market has been bifurcated into cloud and on-premises. Of these, the cloud category held the larger share in the market in 2018. Moreover, the category is projected to witness faster growth during the forecast period. This can be mainly attributed to the advantages offered by cloud deployment over on-premises deployment, such as flexibility related to data accessibility, low maintenance costs, and easy deployment of applications.
Based on store type, the intelligent apps market has been classified into Google Play, Microsoft Store, Apple’s App Store and others, wherein “others” include Shopify app store and MyApp store. Of these, Apple’s App Store is projected to exhibit the fastest growth in the market during 2019–2024. This can be attributed to the growing number of app users, development in app features, and the availability of new apps on the store. Moreover, growth in the consumption of content in the entertainment category is one of the major factors contributing to the market growth in this category.
Geographically, North America held the largest share in the intelligent apps market in 2018. This can be mainly ascribed to the early adoption of advanced technologies, including AI, cognitive computing, and big data analytics; development of smart apps for various business verticals; and the high presence of AI developers and technology solution providers in the region. Further, during the forecast period, the market is expected to exhibit the fastest growth in the APAC region, owing to the increasing adoption of smart applications by enterprises, rising penetration rate of IoT-equipped devices, growing digitization, and increasing internet penetration in the region.
Intelligent Apps Market Dynamics
One of the key trends observed in the intelligent apps market is the increasing preference for app-based advertising among enterprises. The major factors responsible for the shift toward app-based advertising include increasing smartphone penetration and rising number of mobile internet users. AI enables connectivity among devices and facilitates collection of data about the users and their preferences, based on which intelligent apps make decisions, predict user behavior, provide the information based on previous searches, and auto-reply to emails and messages. In addition, intelligent apps assist in reducing mobile advertising frauds by monitoring and analyzing data 24x7. Intelligent apps also provide benefits to companies in terms of increased work efficiency and higher return on investment.
The increasing adoption of advanced technologies such as AI and ML is one of the major factors driving the intelligent apps market. Intelligent apps primarily use these technologies to deliver advanced analytical output based on the data generated from different applications. They support customers by offering them a personalized shopping experience and assist companies to map the future requirements of consumers, thus facilitating improved sales.
Increasing demand for enterprise applications is another key factor supporting the growth of the intelligent apps market. Industries such as banking, financial services, and insurance (BFSI), retail & e-commerce, and healthcare are witnessing exposure in terms of the utilization of intelligent apps to automate business operations and offer consistent customer support. For instance, in May 2018, Bank of America Corporation launched an AI-enabled virtual assistant, Erica, which can perform various financial operations, such as making money transfers, providing a weekly snapshot of month-to-date spending, and alerting customers about upcoming recurring charges. Thus, the growing demand for enterprise applications is expected to continue driving the market growth.
Intelligent Apps Market Competitive Landscape
The global intelligent apps market is fragmented in nature and characterized by high competition. The players in the market are increasingly focusing on product launches, mergers & acquisitions, and partnerships, to expand their product portfolio and capture a larger market share. For instance, in October 2018, Oracle Corporation launched AI-based Oracle Digital Assistant, which enables companies to build their personalized digital assistants. The system understands context, derives intent, and comprehends user behavior to automate routine tasks, such as rescheduling meetings and approving expenses on behalf of the user.
Some of the major players in the intelligent apps market are Apple Inc., Google LLC, SAP SE, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Intel Corporation, Samsung Electronics Co. Ltd., Avaamo Inc., and Salesforce.com Inc.
The report covers country-wise intelligent apps market analysis. Some of the major countries covered in the report are the U.S., Canada, France, Germany, the U.K., Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Turkey, Saudi Arabia, and the U.A.E.
Intelligent Apps Market Segmentation
Market Segmentation by Type
Market Segmentation by Deployment
Market Segmentation by Store Type
Market Segmentation by Industry
Market Segmentation by Region
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