According to the latest report by IMARC Group, titled “In-App Purchase Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027. The global in-app purchase market size reached US$ 103.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 323.7 Billion by 2027 exhibiting a CAGR of 20.20% during 2022-2027.
Industry Definition and Application:
In-app purchase (IAP) refers to the purchase of goods and services within an application through smartphones, tablets, and computers. It comprises auto renewable and non-renewing subscriptions and consumable and non-consumable purchases. It enables developers to offer the applications for free while unlocking paid feature, upgrading to the paid version, and offering special products for sale.
It assists consumers in making payments through app wallets, cards, and third-party wallets. It enhances the app user experience, generates high revenues, provides more content exposure, and improves brand loyalty. It also provides promotional offers to gain the attention of many users. As a result, IAP is widely utilized in gaming, education, entertainment, and fitness industries across the globe.
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Market Trends:
Presently, the rising reliance on smartphones among the masses, along with the low data tariffs, represents one of the primary factors strengthening the growth of the market. Besides this, the growing utilization of digital wallets and online payment solutions to enhance security is offering a positive market outlook. Apart from this, the increasing demand for IAP in health and fitness applications due to the growing health consciousness among individuals is positively influencing the market.
Moreover, the rising adoption of several promotional strategies by key market players, such as loyalty programs, cashback offers, and referral programs, is bolstering the growth of the market. Furthermore, the increasing product demand in gaming applications for purchasing speed upgrades is contributing to the growth of the market.
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
Competitive Landscape with Key Player:
- Apple Inc
- Epic Games Inc.
- Google LLC (Alphabet Inc.)
- King.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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