According to the recent report by Future Market Insights (FMI), the super apps market is estimated to stand at USD 887.30 billion by 2033. Over the forecast period, the market is assessed to trail at a CAGR of 27.5%. For the year 2023, FMI has estimated the market to be worth USD 78.16 billion.
Key Business Drivers of Super Apps as Analyzed by the FMI Team
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People across the globe are witnessing an expeditious increase in their screen time, accounting for their high mobile utilization and app download.
The young generation devotes relatively more time to mobile apps than the elder generation. The age group of people from 18–24 years spends around 112.6 hours monthly. People under 25 to 34 years of age spend around 102.5 hours monthly. In addition to this, there has been an increase in the adoption of mobile payments due to their convenience and safe use. As a result, people are showing an inclination towards cashless payment methods like QR code payments and mobile wallets that are offered on super apps.
Asia Pacific to Expand at a Significant CAGR
In Asia Pacific, super apps have experienced a high rate of adoption. The surging adoption in the region holds around 60% of the global population and has a total of 4.3 billion, which has given a solid push to the market in general. Additionally, the large proportion of yet-to-be super-app consumers in the region is predicted to catalyze market growth over the coming years. The presence of well-known super app players in the region is also adding to regional growth.
| Attribute | Details |
|---|---|
| Super Apps Market Value (2023) | USD 78.16 billion |
| Super Apps Market Forecast Value (2033) | USD 887.30 billion |
| Super Apps Market CAGR (2023 to 2033) | 27.5% |
The market generated a revenue of USD 61.3 billion in 2022. Looking forward, the market is set to register a CAGR of 27.5% to reach USD 78.16 billion in 2023. By 2033 end, the market is anticipated to reach a market valuation of USD 887.30 billion.
In the preceding years, super apps witnessed a rise in adoption owing to robust digitalization and the adoption of novel technologies. In 2020 and 2021, the market especially marked a significant installation of super apps as students and professionals followed online education models and worked from home, respectively.
Many services offered by super apps like on-demand delivery and e-commerce services observed considerable demand. Furthermore, internet users who made online purchases went up by 7% between 2019 and 2020.
FMI surveyed the market for growth on a short-term basis, medium-term basis, and long-term basis.
Principal Consultant
| Duration | Market Analysis |
|---|---|
| Short-term Growth (2022 to 2025) | The market is anticipated to stand at a valuation of USD 127.06 billion by 2025. As smartphone users are increasing, the number of potential users for smartphones is expected to grow over the upcoming years. Furthermore, new updates owing to new technological advancements are expected to facilitate super apps to work effectively on low-cost smartphones. Thereby, widening their reach to a wide audience. |
| Medium-term Growth (2025 to 2028) | By 2028 end, the market is estimated to surpass a market worth of USD 263.35 billion. Super apps are expected to witness the integration of financial services like lending, digital wallets, insurance, etc. As conventional financial institutions, with the inclusion of financial services, underserve many individuals the scope of the market is projected to increase. Super apps for banking services are also a lucrative sector on which the manufacturers can scale over the upcoming years. |
| Long-term Growth (2028 to 2033) | The market is projected to amass a total of USD 887.30 billion by 2033. Over the projected period, the super apps having robust privacy and security features are anticipated to be adopted by users concerned with data security and privacy. Since cybersecurity threats are consistently increasing, the installation rate of super apps is likely to surge. |
The Android segment generated a significant amount of revenue in the historical period, accounting for over 61% of revenue share in 2022. FMI has assessed the segment to observe a meteoric rise in the forecast period, registering a CAGR of 28% simultaneously.
The adoption of android phones is significantly high in regions like Asia Pacific and Latin America. This can be attributed to the affordability of Android phones. People with low discretionary income in these regions have several cheap alternatives to Apple Inc.’s iPhones. In addition to this, Android is open-source software and can be customized as per manufacturers’ requirements. Android is designed for every company’s smartphone excluding Apple, while iOS is designed solely for Apple Inc.’s products, such as iPhones and iPads.
The iOS segment comes next in line, in terms of CAGR. The segment depicts a terrific growth rate, expanding at 26.6% CAGR over the assessment period. This platform is prominently deployed in developed countries like the United States, the United Kingdom, Canada, and Japan.
Due to the many advantages associated with the use of iOS devices, such as security patches, and systematic software updates, iOS is considered to be a secure platform. However, Apple Inc. offers a relatively small number of apps than Android devices. Another limitation of iOS devices is difficulty in file transfer.
The smartphone section holds a massive share of the market, accounting for 75.6% of revenue share in 2022. This section is projected to expand at a CAGR of 28% over the forecast period. The easy portability of smartphones in comparison to tablets, due to their compact size, is facilitating its adoption among users.
Smartphones are widely used electronic devices for communication as they allow users to send and receive calls and messages. In addition to this, thanks to their compact size, smartphones conveniently fit into pockets and purses, and can be used one-handed. As a result, super apps are convenient to use in smartphones for services including QR code payments for grocery shopping. The market has ample options for consumers to select smartphones, in accordance with their budget.
Smartphones for services including QR code payments for grocery shopping. The market has ample options for consumers to select smartphones, in accordance with their budget.
The super apps for social media and messaging are accounting for a significant market percentage. The segment held 27.3% of the overall market in 2022 and is expected to register a 27% CAGR over the projected period.
A few categories of widely used apps include entertainment apps like social media, communication, and gaming. Almost 58% of respondents revealed that social media, gaming, and communication ranked as the top-used categories.
Users devote a significant amount of time to social media apps, with 131 minutes spent on them per week on average. Therefore, super apps engender significant revenue through social media and messaging segments.
The businesses segment generated a considerable revenue of 61.6% in 2022. The segment is anticipated to depict a 27% CAGR over the projected period. Significant revenue generation of super apps from the Business-to-business (B2B) model from commission fees, advertising fees, and others is leading to segment growth.
Advertising engendered considerable revenue for super apps. Take, for example, China-based WeChat, which makes a substantial amount of revenue from blogs related to public accounts. Brands use super app platforms to advertise their services and products. They also pay for the number of times clicks, which are generated by advertisements. In addition to this, businesses also get proceedings from restaurants and drivers, which are charged for commissions.
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China to Hold Large Portion of Market Revenue
China’s super apps industry is projected to account for the maximum market share over the forecast period. The country is also predicted to expand at a significant CAGR over the next decade. The country is home to the world’s largest population and has a deep penetration of the internet and smartphone.
China-based market participants like WeChat receive governmental support, which, in turn, boosts the adoption rate of super apps. Alipay is another widely known super app market player in China.
Post the coronavirus outbreak, e-commerce sales have gone through the ceiling. The online retail sales of China, as recorded by United Nations Conference on Trade and Development (UNCTAD), have gone up by 4.2% from 2019 to 2020. This is estimated to propel the installation of super apps in the country.
The super apps market is consolidated in nature, with top players vying for a large market share. New players and established players are providing vigorous price incentives to hold the existing consumer base and enjoy a competitive advantage over other players.
Key players are launching apps equipped with features aimed at enhancing customer experience. In January 2022, for instance, Paytm officially declared that Paytm Money, its subsidiary, introduced an intelligent messenger that goes by the name of Pops. The intent behind this new launch was to assist customers with new insights, recommendations, stock, and other services.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Regions Covered | North America; Europe; Asia Pacific; Latin America; The Middle East and Africa |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, NORDICS, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa, Northern Africa, Türkiye |
| Key Segments Covered | Platform, Device, Application, End-user, and Region |
| Key Companies Profiled | WeChat (Tencent); Paytm; Gojek tech (goto); Tata Neu (Tata Sons Private Limited); Grab; Rappi Inc.; Revolut Ltd; LINE Corporation; Alipay (Ant Group CO., Ltd.); PhonePe (Flipkart.com); Kakao Corp. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
North America is anticipated to account for 12.4% of the market share in 2023.
Asia Pacific is expected to be worth USD 887.3 billion by 2033.
Super Apps are providing basic services from payments, ride-hailing to food delivery.
The increased need for convenience and the expanding penetration of mobile internet.
The rise of omnichannel commerce and the increasing importance of data analytics.
1. Executive Summary | Super Apps Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Platform 5.1. iOS 5.2. Android 5.3. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Device 6.1. Smartphone 6.2. Tablets 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Financial Services 7.2. Transportation & Logistics Services 7.3. Social Media & Messaging 7.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-user 8.1. Businesses 8.2. Consumers 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. WeChat 19.2. Paytm 19.3. Gojek tech 19.4. Tata Neu 19.5. Grab 19.6. Rappi Inc. 19.7. Revolut Ltd 19.8. LINE Corporation 19.9. Alipay 19.10. PhonePe 19.11. Kakao Corp. 20. Assumptions & Acronyms Used 21. Research Methodology
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