According to the latest report by IMARC Group, titled “In-App Purchase Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The global in-app purchase market size reached US$ 124.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 347.0 Billion by 2028, exhibiting a growth rate (CAGR) of 16.55% during 2023-2028.This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Industry Definition and Application:
In-app purchase (IAP) refers to the purchase of additional services and features in an application on tablets, smartphones, and computers. They are commonly available in consumable, non-consumable, and auto-renewing subscription-based variants. It provides access to additional features, digital goods, subscriptions, and premium content, directly within the application. It also provides access to promotions and helps to improve brand awareness and download rates. As a result, in-app purchases are extensively adopted across the health, fitness, gaming, education, learning, entertainment, music, travel, and hospitality industries.
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In-App Purchase Market Trends and Drivers:
The market is primarily driven by the increasing demand for smartphones across the globe. In-app purchases are specially made through smartphone-based applications to acquire access to premium content and features. In addition, the widespread product adoption in health and fitness applications due to the rising health consciousness among individuals is contributing to the market growth. The users can buy access to customized diet plans, regular health checks, trainers, and discounted products via in-app purchases. Moreover, the sudden outbreak of the coronavirus disease (COVID-19) pandemic has escalated the download of social media, gaming, and entertainment-based applications, which represents another major growth-inducing factor.
Besides this, the incorporation of digital wallets for in-app purchases to make the payment process smoother and faster is also contributing to market growth. Furthermore, the escalating product demand in gaming applications for purchasing hints, speed upgrades, and additional cosmetic items for characters is propelling the market growth. Other factors, including the rising penetration of high-speed internet, the escalating demand for e-commerce, healthcare, and educational applications, and the increasing expenditure capacities of consumers, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 347.0 Billion by 2028, exhibiting a CAGR of 16.55% during the forecast period (2023-2028).
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Consumable
- Non-Consumable
- Subscription
Breakup by Operating System:
- Android
- iOS
- Others
Breakup by App Category:
- Gaming
- Entertainment and Music
- Health and Fitness
- Travel and Hospitality
- Retail and E-Commerce
- Education and Learning
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Competitive Landscape with Key Player:
- Apple Inc
- Epic Games Inc.
- Google LLC (Alphabet Inc.)
- com Limited (Activision Blizzard Inc.)
- Netflix Inc
- Rakuten Group Inc.
- Sony Corporation
- Spotify Technology S.A.
- Tencent Holdings Ltd.
- The Walt Disney Company
- Tinder (Match Group Inc.).
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