Super App Market, Size, Share, Segmentation, ByDevice, By Platform, By Application, By End-users And By Regions | Global Market Forecast 2024-2032

Super App Market Report Scope & Overview:

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The Super app Market size was recorded at USD 75.5 Bn in 2023 and is expected to reach USD 706.2 Bn by 2032, growing at a CAGR of 28.2 % over the forecast period 2024-2032.

The affordable rate of the Internet and the variety in choices of smartphones, as well as the increasing popularity of integration of advanced features such as AI in mobiles, and increasing use of e-commerce and digital payments, are some of the factors driving the growth of Super app market. According to the study on the sales of the smartphone market, the no. of smartphones shipped is around 1.2 Billion in 2024. The market growth is also supported by growing demand for seamless, efficient experiences with payments, online shopping, Entertainment, and study purposes across the globe. Therefore, the growing demand for cashless commerce and financial inclusion has a positive impact on the market. Additionally, an increase in technological advancements such as the integration of AI in mobile functionality and improvement in the app features to signify the user’s experience offer drastic growth opportunities for investors in this industry.

The increasing rate of downloading multifunctional apps and efficient browsing has increased the screen timing of people. According to the market study on the rate of use of mobile apps, the largest number of installed apps on phones are recorded in the age categories of the Generation Millennials (defined as those born between 1981 and 1996). In Line With that, the younger ones, are seen having more screen time using mobile apps, as Compared to the elder generation. The people of the age group between 18 to 24 years old spent around 114-115 hours on the phone, playing games, scrolling shopping apps, or on entertainment sites each month.

 Additionally, there is a growth in the use of mobile wallets and QR code payments, which are examples of cashless payment methods that are becoming more popular. For Instance, the popular apps that are mostly used by the young generation globally are, WeChat, Whatsapp, Paytm, GooglePay, Alipay (fintech app), Grab (used to order foods), PhonePay, Uber, etc. In March 2024, according to the Chinese Multi-functional social media platform, the active WeChat monthly active users are around 1.35 Billion. In Addition to that, WhatsApp is also becoming more popular among various age groups, and the revenue generated by the WhatsApp Business is more than $ 380 Million, in 2023.

Some top companies that influence the super app market are GoTo, Alibaba Cloud, LINE Corporation, Tata Group, AgileTech Vietnam, GeneXus, Cisco Systems Inc., IBM Corporation, Elluminati Inc., and Huawei Technologies Co., Ltd.

Moreover, the Government also provides grants to the companies for the development of super apps. And also promotes the collaboration of super app with service providers to ease the user’s experience. For Instance, An Indian government-supported app, India's Unified Mobile Application for New-age Governance (UMANG) is a mobile-based platform providing over 20,000 public services with the help of different applications here. Another, LifeSG in Singapore is a government super app offering various citizen services. Indonesia will cut down multiple government apps to eight super-apps for private & public services integrations.

MARKET DYNAMICS:

KEY DRIVERS

• The rising trend of Mobile phones and the internet and the shift towards digital payments and online shopping.

With smartphones, connectivity, and all that online shuffle of money & shopping - the super App market is in demand. Smartphones are cheaper, and the Internet is more common, which means there is a huge number of people who bypassed desktop computers entirely in favor of using mobile apps for their day-to-day tasks. Super apps can conduct frictionless transactions directly with their customers, due to digital payments and online shopping further promote this activity. Furthermore, end-to-end commerce technology has been adopted by marketplaces and merchants to facilitate seamless online shopping and payment through e-commerce platforms, allowing customers to shop from anywhere.

MobiCash's white paper highlights that excellent applications can provide merchants with an easy and cost-effective way to engage in m-commerce and enable seamless personal e-commerce that helps increase conversion rates. This shows how the integration of e-commerce and digital payments with super-apps is a key factor in their growth.

According to an ECS Payments article, the rise of super wallets or super apps in emerging markets is fueled by the demand for digital payment solutions that can function beyond banks and other payment processing companies. This further strengthens the link between the adoption of digital payments and the growth of the premium software market.

RESTRAINT

• High costs associated with the development of super app and freight from the highly competitive market.

OPPORTUNITY

• Growing public and private investments in the super app market and integration of Blockchain technology to provide secure and efficient services.

Greater amounts of capital are being invested into super apps, from both companies and governments. This investment is how super apps can introduce new functionality, bring themselves to new customers, and provide more services. The investment brings new features or new tools in banking, shopping, or various fields. For Instance, Fierce (in 2023), has raised funds of around $10 Million, to provide customers with an efficient banking service platform through super app development. Some amount of government support can come into play too, in enabling super apps to reach the unbanked.

Moreover, by facilitating seamless DeFi integration, safe and instantaneous transactions, lower costs, quicker settlements, greater confidence and transparency, and wider financial inclusion, the incorporation of blockchain technology into super applications can improve transaction management. These advantages create fresh chances for the market for super apps to expand.

Key Market Segmentation Analysis:

By Device:

• Smartphone

• Tablets

• Others

In this segmentation, the smartphone segment led the market with more than 75% of the revenue share in 2023. Because smartphones are much smaller than tablets, they can be transported more easily. In addition to the above, smartphones give good communication features, as well as we can send and receive messages or make phone calls, without having many disruptions. In line with that, users prefer to pay a bill at the local grocery store using super app services such as making QR code payments on their smartphones. Also, Users have a choice in every budget range for smartphones as compared to Tabs.

Other device segments such as desktops, MacBooks, smartwatches, and other wearable devices are growing at a significant rate. The trend of smartwatches and related devices is growing among young generations due to the integration of smart features such as GPS, Health tracking devices, and so on.

By Platform:

• iOS

• Android

• Others

In this segmentation, the Android segment led the market with more than 60% of the market share in 2023. Due to the lower cost of Android phones, it is the dominant choice globally, with some regions like Asia Pacific and Latin America having a higher adoption rate. Individuals with lower income levels in these countries have much cheaper options than Apple Inc.'s iPhones. In addition, Android is open-source software and offers customization options. Android is for all corporate smartphones except Apple, while iOS is only for Apple Inc.'s iPhone and iPad.

According to the study on the Android market, in the overall Tablet market, nearly 46% of the market was occupied by the Android version, and the most used version in 2023, is the Andriod 13 which is around 21% as compared to others.

By Application:

• E-commerce

• Financial Services

• Transportation & Logistics Services

• Social Media & Messaging

• Others

In this segmentation, the social media & Messaging segment led the market with around more than 28 % of the revenue share in 2023. Messaging, social media, and games are the most commonly used forms of entertainment apps. Simform, an American technology company, discovered that games, social media, and messaging were the top three application categories used. In addition, users spend the most time on social media, averaging 140 minutes per week. Therefore, great apps generate most of their revenue through this segment of apps.

The U.S. is at the top of the Gaming market, generated around $ 6 billion in 2023, and occupies up to 27% of the market share. In Addition to that, the Indian Gaming market is also booming at a significant rate. According to the Entertainment Council report of Winzo, India earned revenue of around $ 3.1 billion in 2023.

By End-users:

• Consumers

• Business

In this segmentation, the Business segment led the market with more than 60% of the revenue share in 2023. Through a B2B monetization model, Super Apps generate revenue through advertising fees, commissions, and other means. Ads generate significant revenue for premium apps. For instance, there are many super apps developed in 2023-24, which boosts the revenue of the market and customer’s attraction towards the app. Walmart Go (U.S), provides various functions such as product scanning, payment, grocery delivery etc. In addition to that, Klarna (Swedish payment app), and Rappi (Latin America), offer various services with one platform such as food delivery, courier service, etc., and Tencent (China), has numerous business and personal blogs on its platform and generates significant revenue from blogs linked to public accounts.

REGIONAL ANALYSIS:

Asia Pacific holds the dominant position in the Super app market with more than 45% of the market share in 2023, due to the massive population and expanding internet consumption and smartphone penetration.

In countries like India where the super apps market players are also supported by the government, which helps them to establish the market in various domains. The Ministry of Agriculture and Farmers Welfare announced in March 2022 that the Indian government would be launching an app for farmers amalgamating existing mobile apps/digital resources. The Indian government is also set to introduce an expansive electric car app (even as the govt has put in place 479 charging stations under FAME phase I by July 2022). In Addition, the Indian government plans to launch a great app for electric cars in August 2022 (as the government has installed 479 charging stations under FAME phase 1 by July 2022. In addition, 50 charging stations have been commissioned and installed Under FAME phase 2. Such government initiatives should promote the implementation of super programs in different countries.

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For Instance, apps such as PhonePay & Patym (India), Alipay (China), and Kakao Corp.  (South Korea) are some key players that are providing services with the best features and customer satisfaction. 

KEY PLAYERS:

The major key players are Paytm, Gojek tech (goto), WeChat (Tencent), Grab, Rappi Inc., Revolut Ltd, LINE Corporation, Alipay (Ant Group CO., Ltd.); PhonePe (Flipkart.com), Kakao Corp.,Tata Neu (Tata Sons Private Limited); GeneXus, Alibaba Cloud, Cisco Systems Inc., AgileTech Vietnam, Huawei Technologies Co., Ltd., GoTo, Elluminati Inc., Tata Group, LINE Corporation, IBM Corporation and others in the final report.

Paytm-Company Financial Analysis

Recent Developments:

• Mahindra Finance and IBM have announced their collaboration to develop a super app in the field of finance, which will provide, a single digital interface to operate multiple businesses within Mahindra Finance.

• On July 15, PlaysOut, a global gaming technology company (CUMA), will utilize the Tencent Cloud Mini Program Platform (TCMPP) to become the first mover in driving content ecosystems for global super apps. According to the release, that alliance seeks to jump-start entertainment, gaming, and other sectors of the global digital industry.