What's Behind the Massive Market of App Development in India?

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What's Behind the Massive Market of App
Development in India? Meta - Explore the dynamic
world of App Development in India. Discover the
key factors driving its massive market growth in
our insightful blog. Did you know India ranked
third in the world's smartphone market? And it
ranks second to the US in terms of smartphone
users, with about 250 million active Indian
users. Over the last decade, the country has
witnessed tremendous growth in the mobile app
segment due to increased smartphone penetration,
affordable internet, and accessibility.
Therefore, the massive market of app development
in India continues to become the world's leading
in technology and mobile app development. Accordin
g to a report, India holds a prominent market
share for Google Play and is forecasted to grow
further. The Covid pandemic has had a much more
positive impact on the mobile app development
industry than on any other sector. In the year
2020, Indian users crossed 24 billion app
downloads, which is the second largest after
China. With the emergence of technology in the
mobile app development industry, several new app
categories have emerged, including gaming,
entertainment, health fitness, long-form
short-form video content, learning education,
and hyperlocal delivery. Additionally, prominent
app categories like shopping, gaming, and finance
have been witnessing continuous growth. In this
article, we will discuss the powerful force
behind the massive market of mobile app
development in India. What Makes App Development
in India A Massive Market? Undoubtedly, app
development in India is a massive industry, and
the driving force behind it is the app
categories. Yes, you have heard it right! The
mobile app categories have had a profound impact
on the industry. But how? Let's talk about
them Mobile Gaming Apps The gaming industry has
seen tremendous growth in recent years. Gaming
has become more immersive and realistic thanks to
technological advancements, such as 3D graphics,
Virtual Reality, and Artificial Intelligence. A
survey by Rakuten Insight revealed that most
Indian gamers of all age groups preferred their
mobile phones to play online games. This
preference was highest among gamers aged 16 to
24, with 89 percent using their phones. The
number of Indian online gamers increased by 8,
from 360 million US dollars in 2020 to 390
million in 2021. Gaming will be the driving force
behind the new digital ecosystem for commerce.
The number of paid gamers is expected to triple
in the next five years, reaching 240
million. Social Media Apps Social media has long
been a part of our lives in India. Indians spend
an average of 2.36 hours every day on social
media platforms, and the number of social media
users is increasing steadily in 2022, reaching
467 million due to better internet access among
people. Out of the total population of India,
about 47 or 658 million people use the internet.
The media industry in India has a lot of
potential for growth in all segments as the
income and lifestyle of
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people are changing. This also affects the
different trends on social media in India that
are emerging. In this digital age, social media
helps us to connect and interact with
others. There are many social networking apps
that allow us to communicate with each other.
According to a BCG report, the ME industry in
India is forecasted to grow between US 55-70
billion by 2030. The market is forecasted to grow
at a CAGR of 17 between 2020 and 2023. Fintech
Apps India is a global leader in fintech
adoption, with 87 of its people using fintech
services, compared to the global average of 64.
This is due to the Digital India initiative, a
supportive policy environment, and a large pool
of talented professionals. India has transformed
from a cash-based economy to an economy with the
world's second-highest fintech adoption rate. The
last two years have significantly changed
customer behavior and expectations for digital
experiences in various industries, including
financial services. This led to a huge increase
in demand for the Indian Fintech market. The
Fintech industry has three main segments
lending, transactions, and investments. The
lending segment is evolving, the transactions
segment is mature, and the investments segment is
emerging. Fintech and tech giants are using
technology to challenge the sector. More than 80
of Indians with bank accounts in metro cities use
mobile banking apps. Health apps Smartphones have
become a powerful tool for patient care with the
advances in mobile technology and the growing
number of mobile users. Fitness apps have
witnessed a surge in downloads and usage as more
people are unable to go to the gym due to time
constraints. As a result, people are spending 40
more time on weight loss and exercise apps, with
twice as many active users. Telehealth usage also
increased at the beginning of the Covid-19
pandemic as consumers and providers looked for
safe ways to access and provide
healthcare. Deloitte Global estimates that global
investment in mobile mental health apps will
reach 500 million by 2022. Apps can not only
help meet the high demand for mental health care
but also make it more accessible. eCommerce
Apps The pandemic has accelerated India's shift
to a mobile-first economy, as millions of
customers and businesses adopted digital
transactions. The digital and e-commerce sectors
have seen the most remarkable and unexpected
growth as they boomed after the Covid-19
crisis. With a population of about 1.4 billion
people, India has a vast demographic advantage
that makes mobile apps very important for
e-commerce. Apps enable e-commerce businesses to
personalize their offerings, understand their
customers better, and engage with them more
frequently. They also help them to target these
customers with relevant products based on their
browsing behavior. India adds about 25 million
new smartphone users every quarter, which shows
the significance of apps and e-commerce.
Conclusion
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So, that's it for this blog! The market for app
development in India has already contributed to
the country's economy. And the driving force
behind its success is the emerging mobile app
categories. As technology continues to evolve and
new app categories keep adding, the app
development industry in India is poised to become
the world leader.