Business - Eastern Asia

Eastern Asia

In 2022, the Business market in Eastern Asia is projected to reach a total revenue of US$1.07bn.
This represents a significant growth in the market.
Looking ahead, the market is expected to continue growing at an annual growth rate of 9.72% (CAGR 2022-2027), resulting in a projected market volume of US$1.77bn by 2027.
Breaking down the revenue sources within the Business market, in-app purchase (IAP) revenue is expected to reach US$619.30m in 2022.
This indicates a strong demand for additional features and functionalities within business-related applications.
Additionally, paid app revenue is projected to reach US$87.19m in 2022, highlighting the willingness of users to invest in premium applications catering to their business needs.
Another significant revenue stream in the Business market is advertising revenue, which is expected to reach US$365.10m in 2022.
This suggests that businesses are actively utilizing advertising platforms to reach their target audience and promote their products or services effectively.
In terms of user engagement, the number of downloads in the Business market is projected to reach 1.83bn downloads in 2022.
This indicates a high level of interest and adoption of business-related applications in Eastern Asia.
Furthermore, the average revenue per download is currently expected to amount to US$0.58, demonstrating the potential for monetization within the market.
When comparing the Business market in Eastern Asia to other regions globally, it is noteworthy that in China generates the most revenue, with a projected revenue of US$994.70m in 2022.
This emphasizes the strong presence and market dominance of the United States in the business segment.
Overall, the Business market in Eastern Asia is poised for substantial growth, driven by various revenue streams and a growing user base.
These projections indicate a promising future for businesses operating within this market segment in the region.

Key regions: Asia, United States, Europe, China, India

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.