MarketsandMarkets expects the global Intelligent Apps Market size to grow from USD 11.34 billion in 2018 to 46.98 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 32.9% during the forecast period (2018–2023). The growing need to offer personalized experience is a major growth driver for the market.
Intelligent apps transform the way businesses are operating. Vendors in the intelligent apps market will benefit from the increasing automation of business processes through chatbots. Enterprises in major verticals including media and entertainment, BFSI, telecom, retail and eCommerce, travel and hospitality, healthcare and life sciences, and others (energy and utilities, manufacturing, and government and defense) have started realizing the benefits of deploying intelligent apps.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, due to the growing use of machine learning capabilities to analyze historical and real-time data to improve the performance.
The intelligent apps market by providers has segments of infrastructure, data collection and preparation, and machine intelligence services. Machine intelligence is expected to grow at the highest rate during the forecast period. Here, machine Intelligence service providers are playing a crucial role as they help developers make development process easy by offering specific pre-build models.
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The intelligent apps market by type includes consumer apps and enterprise apps. The enterprise apps segment is expected to grow at a higher CAGR during the forecast period. The intelligent apps market by store type covers Google Play, Apple App Store, and Others (Amazon app store, Baidu app store, Samsung Galaxy apps, and SlideME). Google Play is expected to grow at the highest CAGR during the forecast period, Google is coming up with innovative app offerings for enterprises as well as consumers.
The intelligent apps market by deployment mode has cloud and on-premises modes. The cloud deployment mode is expected to hold a larger market size and grow at a higher CAGR during the forecast period. The cloud-based applications are gaining traction, as they offer various advantages, such as low operational expenses, easy deployment, scalability, speed and flexibility.
The intelligent apps market by service is further classified into professional services and managed services. The managed services segment is expected to grow at a higher CAGR during the forecast period, due to the growing need to monitor and maintain application operations by managed service providers.
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The intelligent apps market by vertical covers BFSI, healthcare and life sciences, education, telecom, travel and hospitality, media and entertainment, retail and eCommerce, and others (energy and utilities, manufacturing, and govt and defense). Among the verticals, the media and entertainment vertical is expected to grow at the highest CAGR during the forecast period. Intelligent apps are becoming crucial for online entertainment channels in delivering personalized recommendations to users based on the genres users select or click on.
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