The global in-app purchase industry has been dominated by the Asia Pacific region. Rapid adaptation of latest technology in mobile applications is driving the growth of the in-app purchase market. Penetration of smartphones into the economy, along with 4G and 5G connections is accelerating the demand for in-app purchase applications. Technological advancement and urbanisation are also propelling the demand for in-app purchases. In-app purchase provides the benefit of the “freemium” business model, combining free and premium. The users have access to basic features for free but must pay a certain amount to access the premium feature or upgrade to a better version. It also initiates brand loyalty as the more users download your app and inundate it with reviews, the app gets preferential treatment from the app store itself. The revenue generated from sale of in-app purchases is necessary for development and maintenance of the application. Major players of the market are introducing new applications to the users and are introducing different strategies to upsurge their revenue and market share, in-app purchases are a great gateway to promote the facilities, thereby creating infinite opportunities for the market growth. The COVID-19 has positively impacted the growth of in-app purchase industry. There was a notable increase in the number of customers during the lockdown with significant increase in subscription of video streaming, gaming, and other health and fitness applications. Service providers launched various features, discounts, and functions to generate traffic.
The rising competition among the key players is also providing an impetus to the market growth. In August 2021, Apple Inc. (NASDAQ: AAPL) apple app store updated its prices in certain regions. In countries like South Africa, United Kingdom, and countries that use Euro currency, prices of apps and in-app purchases will decrease, excluding auto-renewable subscriptions. Prices will increase in Georgia and Tajikistan. The hike is due to tax changes and update of Exhibit B of the paid applications. Prices in Italy will also increase because of the change in the Digital Service Tax effective rate.
Market Analysis by Operating System, Type, App Category, and Regions:
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The major players in the global in-app purchase industry include Apple Inc., Google LLC, Tencent Holdings Ltd., Netflix Inc., Spotify Technology S.A., and Amazon.com, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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