A recent report published by Infinium Global Research on intelligent apps market provides an in-depth analysis of segments and sub-segments in the global as well as regional intelligent apps market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional intelligent apps market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global intelligent apps market. According to the report, the global intelligent apps market is projected to grow at a CAGR of 33.0% over the forecast period of 2018-2024.
The intelligent application is the process of using machine learning technology to create applications that use historical and real-time data to make predictions and decisions to deliver rich, adaptive, personalized experiences for users. Intelligent apps are being used in domains such as productivity, beauty, education, sales, manufacturing, and entertainment and mark the next level of development in mobility solutions. These apps implement the functionalities of cognitive computing, artificial intelligence, big data & analytics, and others. The intelligent application aims to reduce time to market for products and services and also reduce operational cost by improving efficiency and operational performance.
The rise in the need for advanced analytical tools and increasing demand for consumer applications and enterprise applications drive the global intelligent apps market. In addition, the growth of the Intelligent Apps market is strengthened by artificial intelligence and machine learning which abundantly helps in business transformation. Many e-commerce businesses are using intelligent applications for consumer applications to understand their customers and provide the enhanced user experience. They provide relevant data to the application user that needs it, at the appropriate time and with the proper context. Moreover, automation through conversations such as chatbots and the conversational interface is increasingly benefitting the enterprise applications. For the enterprise, chatbots can help automate help desk resources by handling routine requests with immediate responses, and then notify the correct person to handle further via push notifications or alerts. Hence, by automating complex problems through natural language processing, intelligent apps help in increasing productivity, improving response time, and help in real-time decision-making. However, the presence of a low level of awareness about products and services are curtaining market growth.
Furthermore, increasing the use of smartphones for greater business mobility, rising consumer expectations for rich contextual and personalized experience is driving the enterprise mobility, which in turn is likely to drive the intelligent apps market growth. Various search engines like Google and Bing and media service providers such as Spotify and Netflix are some of the intelligent apps users are interacting in the intelligent apps market.
As companies are charting their digital transformative initiatives, they need to add intelligent apps to their blueprint. Therefore, the companies will continue to use their legacy systems and they will increasingly find ways to leverage intelligent applications to enhance their business processes. This, in turn, is anticipated to create several growth opportunities for the key players in the intelligent Apps market. For instance, Organizations like Salesforce and Oracle are increasingly infusing AI into various enterprise applications that span sales and marketing, supply chain, HR, and other areas of business, providing them with actionable business and customer insights that enhance business results with the help of intelligent apps. Technological advancements regarding new product development and the increased market for big data and analytics are having a positive impact on market growth.
Among the geographies, North America is expected to be the largest revenue generating region owing 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. Moreover, Asia Pacific is anticipated to be the fastest growing region of the intelligent apps market. The growth in the Asia Pacific region is due to an increased rate of penetration of the devices. Moreover, India and aims are anticipated to observe significant growth due to the massive uptake of Internet-based devices and cloud-based applications.
The report on global intelligent apps market covers segments such as deployment, type, and applications. On the basis of deployment, the sub-markets include on-premises and cloud. On the basis of type, the sub-markets include consumer apps and enterprise apps. On the basis of applications, the sub-markets include BFSI, education, healthcare, and life sciences, media and entertainment, travel and hospitality, it and telecommunication, and e-commerce.
The report provides profiles of the companies in the market such as Google LLC, Facebook, Microsoft, IBM, Intel, Hewlett Packard Enterprise Company, Oracle Corporation, Sentient Technologies, CloudMinds, and SAP SE.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of intelligent apps market. Moreover, the study highlights current market trends and provides a forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.