Super Apps Market Expected to Reach $722.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Super Apps Market," The super apps market was valued at $58.56 billion in 2022, and is estimated to reach $722.4 billion by 2032, growing at a CAGR of 28.9% from 2023 to 2032.

Super app is an application that provides multiple features like messaging and payment services to the end-users, including businesses and consumers. Individuals can access various mini-apps over a single platform to experience consistent and personalized app services. It is a possibility that super apps will expand to support chatbots, the Internet of Things, and the metaverse in the future. In addition, this technology helps in achieving economies of scale and leverages the network effect of a larger user base and multiple mini-app teams.

Growing adoption of mobile services and increasing advancements in digital technologies are driving the growth of this market. In addition, the rise in government support for promoting the use of super apps is also fueling the growth of this market. However, data security, privacy concerns, and the high cost of super apps limit the growth of this market. Conversely, a rise in the integration of blockchain technology in super apps is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Depending on the platform, the android segment dominated the super app market share in 2021 and is expected to continue this trend during the forecast period, owing to the rise of internet services and digitalization trends in every sector including finance, retail, and insurance. However, the iOS segment is expected to witness the highest growth in the upcoming years, owing to the growing popularity of Apple's iPhone and iPad devices, along with strong brand recognition and customer loyalty associated with Apple.

Region-wise, Asia-Pacific dominated the super app market in 2021 and is expected to retain its position during the forecast period, owing to the rise in adoption of mobile services and increase in advancements in digital technologies which are the prime factors leading to growth in the demand for the super apps market. Moreover, increasing support from the government for promoting the use of super apps is increasing the rate of growth of this market. However, Europe is expected to witness significant growth during the forecast period, owing to increasing adoption in this region as consumers seek convenient and multi-functional platforms that offer a variety of services in one place, hence, driving the potential of super apps market.

At the onset of the COVID-19 pandemic, sudden disruption takes place in the globally, which had a significant impact on consumer trends. One of the most notable changes is the increased demand for contactless services, as people have become more cautious about physical interactions. This has led to a surge in the use of super apps that offer services such as online food delivery, grocery delivery, and online shopping. Many people are now using super apps to order food from restaurants and have it delivered to their homes, rather than consuming it in public. For instance, the article published by Adjust, in November 2021, it has be estimated that the number of food delivery app installations has increased by 25% globally in 2020, as compared to 2019,. Additionally, consumers are becoming more budget-conscious due to the economic impact of the pandemic, which may drive the market growth. Furthermore, the gradual shift has been observed in terms of consumer preference for super apps services in the wake of pandemic has increased the growth opportunity for global market. For instance, a shift is primary characterized by growing consciousness towards health and wellness among people, and in this context, super apps plays a prominent role to offer services, such as telemedicine, mental health support, and fitness classes. Therefore, the market has witnessed a significant growth prospect post pandemic scenario. Moreover, the pandemic resulted in the increased use of digital payments and many super app-building companies are now trying to increase their financial footprint. For instance, Gojek acquired Moka, an Indonesian Payment startup, for an estimated deal of $ 130 million. Overall COVID1-19 had a significant impact on the super app market with changes in services by the key players and reduction in demand for some services.

KEY FINDINGS OF THE STUDY

• By device, the Android segment accounted for the largest super app market share in 2021.
• Region-wise, Asia-Pacific generated the highest revenue in 2021.
• On the basis of end users, the business segment generated the highest revenue in 2021.

The global super app market is dominated by key players such as Alibaba Cloud, Cisco Systems Inc., Genexus, Qualcomm Technologies, IBM Corporation, Huawei Technologies, Agiletech Vietnam,  Elluminati Inc., Line Corporation and Go To. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.