North America is projected to hold the largest market share of the intelligent apps market due to the use of technologies such as AI, cognitive computing, and analytics in various use cases across enterprises, customers, and government markets. The presence of several AI developers and technology solution providers that are developing smart apps for various business verticals contribute to the growth of the intelligent apps market.
Asia Pacific is expected to witness the highest growth in the intelligent apps market over the forecast timeline. Huge adoption of smart apps, due to the increased penetration rate of IoT devices is one of the major factors contributing to the market growth. In this region, China and India will observe a significant growth in the intelligent apps market due to the massive uptake of Internet-based devices and cloud-based applications. Various efforts taken by government agencies to fuel the internet adoption in this region will also contribute to the intelligent apps market growth. For instance, in January 2017, the Chinese government invested around USD 14.5 billion in the state fund to support internet companies and other information technology-related innovations in conventional industries.
Intelligent Apps Market is slated to grow rapidly in the coming years led by surge in digital data generated from connected devices along with growing smartphone penetration. The market is gaining momentum due to the growing popularity of apps that use the functionalities of AI, cognitive computing, and machine learning to deliver advanced outputs that can be used in applications, including virtual personal assistants, chatbots, enterprise applications, and prioritizing emails.
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The proliferation of the consumer apps, triggered by the rising demand for business mobility, will generate the need to use apps that can expedite business transformation and deliver new insights while unleashing higher levels of productivity. Significant benefits delivered by these apps, when combined with key trends such as IoT and data analytics, open new business prospects. Although the adoption of smart apps will witness a high demand over the forecast period, high costs associated with the implementation of AI solutions and concerns about the safeguarding the customer data act as restraining factors for the growth of the intelligent applications market.
As per the deployment model, the cloud-based model is expected to observe the highest growth rate in the intelligent apps market. These apps are gaining popularity among business users as they reduce the costs related to hardware maintenance.
Currently, the Google Play and Apple App Store hold a major share of the intelligent apps market. Among these store types, Apple App Store is expected to grow at the highest CAGR over the forecast period as Apple has incorporated machine learning algorithms on its mobile devices and apps ensuring more data security. The growing consumer demand in the premium segment for apple services will also fuel the market growth.
The media and entertainment segment will augment the growth of the intelligent apps market. The implementation of AI technology to enhance the speed of media production processes and to personalize the content based on data from user activity and behavior will contribute to the market growth. As user experience personalization is one of the critical factors for the media and entertainment industry, the demand for AI software will increase over the forecast timeline.
The intelligent apps market size in the retail sector is expected to increase between 2018 and 2024. Retail and consumer goods companies are embracing these apps to gain valuable data insights to optimize their supply chain, product sourcing operations, and for customer acquisition. Many e-commerce businesses are using these apps to understand their customers and provide enhanced user experience.