The Global Super Apps Market size is expected to reach $240.7 billion by 2028, rising at a market growth of 26.0% CAGR during the forecast period.
A super app is a cellphone application that combines apps that simplify common tasks. It caters to all of a user's needs in a single location. Moreover, Super App lowers the need to download many applications to complete various tasks. Examples of super applications are online shopping,social networking, and banking.
Increasing internet & smartphone usage and increased e-commerce and digital payment use are among the drivers driving the expansion. A super app is a single application that provides multiple functions, such as digital payments, social media, and booking taxis and movie tickets. Moreover, the application provides e-commerce services. As the super app provides most functionalities, users are not obligated to swap between smartphone apps for various use cases. The vast number of services provided by super applications contributes to their high daily usage and user engagement.
The global population is spending more time on mobile devices and downloading apps. The younger generation is more active than, the older population using mobile applications. Additionally, mobile payments are gaining popularity, and cashless payment techniques like mobile wallets or QR code payments are being adopted.
The large unbanked and underbanked population, as well as the presence of prevalent super app players, are contributing to the expansion of the super apps market. As a result, the market for super apps is consolidated, with a considerable share held by market leaders. Established market participants and new entrants provide aggressive price concessions to retain customers and acquire a competitive edge.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PhonePe Private Limited (Flipkart Private Limited) (Walmart, Inc.), One97 Communications Limited (Paytm Payments Services Limited), Kakao Corp., Tata Group (Tata Sons Private Limited), Ant Group (Alipay) (Alibaba Holding), Grab Holdings, Inc., LINE Corporation (Z Holdings Corporation) (SoftBank Group Corp.), Revolut Ltd., GoTo (Citrix Systems, Inc.) and Rappi, Inc.
A super app is a cellphone application that combines apps that simplify common tasks. It caters to all of a user's needs in a single location. Moreover, Super App lowers the need to download many applications to complete various tasks. Examples of super applications are online shopping,social networking, and banking.
Increasing internet & smartphone usage and increased e-commerce and digital payment use are among the drivers driving the expansion. A super app is a single application that provides multiple functions, such as digital payments, social media, and booking taxis and movie tickets. Moreover, the application provides e-commerce services. As the super app provides most functionalities, users are not obligated to swap between smartphone apps for various use cases. The vast number of services provided by super applications contributes to their high daily usage and user engagement.
The global population is spending more time on mobile devices and downloading apps. The younger generation is more active than, the older population using mobile applications. Additionally, mobile payments are gaining popularity, and cashless payment techniques like mobile wallets or QR code payments are being adopted.
The large unbanked and underbanked population, as well as the presence of prevalent super app players, are contributing to the expansion of the super apps market. As a result, the market for super apps is consolidated, with a considerable share held by market leaders. Established market participants and new entrants provide aggressive price concessions to retain customers and acquire a competitive edge.
COVID-19 Impact Analysis
Digital payments have gained popularity as a result of the COVID-19 pandemic. As a result, there was an increase in the use of super applications and the services they provided, like digital payments and e-commerce. Technology has grown increasingly essential during the COVID-19 pandemic. Individuals can no longer ignore productivity, technology, and internet access daily. In addition, both employees and students use technology to complete their work and academics. All of this has provided long-term growth potential for mega applications. The pandemic outbreak has so had a positive effect on the super apps market.Market Growth Factors
Growing trend of open banking
Open Banking offers banks an excellent opportunity to take the lead in producing super apps by employing open banking frameworks & APIs to integrate an ecosystem of various industry products & services into a single app. Alternately, banks may develop partnerships with super app platforms that provide payments & banking services via their robust open APIs. Due to the increasing popularity of open banking, the market is anticipated to expand significantly in the future years.Rising use of smartphones
The advent of 4G & 5G network technologies, growing carrier competition, and the uniformity and upgrading of operating systems. Modern cell phones have a huge selection of apps. According to the survey, every smartphone user utilizes more than thirty applications per month to do activities. These apps span a range of categories, from entertainment to social media to commerce to travel. Tech businesses are influenced by the idea of super applications to get rid of this because it enhances user experience and unifies all digital services into a single app. As a result, increasing smartphone usage is predicted to promote market growth.Market Restraining Factors
Security issues with super apps
Super apps require a massive amount of data storage. If these sources are compromised, all the inputs and outputs from users may also be compromised. As a result, users' personal information, including contacts, transaction history, payment card details, and favorite locations, is readily accessible to attackers. Most fintech-based super apps are founded on a simple, lightweight design. As defined by industry standards, they aim to make operations and functions seamless. Thus, separating user experience from trade security is extremely difficult. These security vulnerabilities may limit the use of super apps, consequently impeding market expansion.Platform Outlook
Based on platform, the super apps market is segmented into iOS, android and others. The iOS segment covered a considerable revenue share in the super apps market in 2021. Regular software upgrades and security fixes are among the perks iOS devices provide. Thus, iOS devices tend to be more secure than android devices. In addition, iPhone demand is increasing due to rising disposable incomes and iOS's advantages over Android. This strengthens the case for utilizing iOS-based super apps.
Device Outlook
By device, the super apps market is bifurcated into smartphone, tablets and others. In 2021, the smartphone segment witnessed the largest revenue share in the super apps market. Due to their smaller size compared to tablets, smartphones are more portable. Also, smartphones are an excellent alternative for communication because they allow users to send & receive messages as well as place and receive calls. Also, because of their size, smartphones may be used one-handedly and fit in a pocket or purse. As a result, customers prefer to use a smartphone for super app services like using a QR code to pay at a grocery store.Application Outlook
On the basis of application, the super apps market is divided into financial services, transportation & logistics services, e-commerce, social media & messaging, and others. The financial services segment garnered a significant revenue share in the super apps market in 2021. Financial services include insurance, electronic wallets or payment, and investment services. When customers sought contactless payment solutions, digital payments intensified in the aftermath of the COVID-19 outbreak. In addition, super applications enable unbanked and underbanked users with digital banking services, allowing them to acquire financial products and conduct online banking.End-user Outlook
Based on end user, the super apps market is classified into businesses and consumers. In 2021, the businesses segment registered the maximum revenue share in the super apps market. Using the Business-to-Business (B2B) revenue-generating model, exceptional applications make income from commission fees, advertising fees, and other sources. Advertising produces substantial money for top-tier applications. Companies utilize the super apps platform to advertise their products & services and pay based on the clicks their advertisements receive. In addition, they create income by charging drivers a percentage of their earnings, and restaurants pay commissions.Regional Outlook
Region wise, the super apps market is analyzed across North America, Europe, APAC, and LAMEA. In 2021, the Asia Pacific region led the super apps market by generating the highest revenue share. Asia-Pacific has a large population and increasing internet and smartphone adoption. Government backing for market participants such as China's WeChat (Tencent) drives the growth of super applications in China. Moreover, after the COVID-19 pandemic, e-commerce sales in Asia-Pacific nations grew substantially. This is anticipated to increase the region's adoption of super apps.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PhonePe Private Limited (Flipkart Private Limited) (Walmart, Inc.), One97 Communications Limited (Paytm Payments Services Limited), Kakao Corp., Tata Group (Tata Sons Private Limited), Ant Group (Alipay) (Alibaba Holding), Grab Holdings, Inc., LINE Corporation (Z Holdings Corporation) (SoftBank Group Corp.), Revolut Ltd., GoTo (Citrix Systems, Inc.) and Rappi, Inc.
Strategies Deployed in Super Apps Market
- Nov-2022: Paytm, a subsidiary of One97 Communications Limited, came into partnership with Citcon USA LLC, an all-in-one payment platform. Under this partnership, Paytm would combine into Citcon's global payments network and would allow international brands to accept payments across India.
- Nov-2022: Revolut announced the launch of Revolut Chat, an instant messaging feature in the super app. With this launch, the company would serve customers across UK and EEA and chat as well. Additionally, the app could be used to send and request funds to and from other customers as well.
- Sep-2022: Paytm partnered with Flipkart, an e-commerce company. Under this partnership, both companies would make sure of deeper penetration of digital payments in smaller cities and towns and would accelerate the digital revolution in the country in which Paytm had been at the forefront of driving financial inclusion across India.
- Aug-2022: Paytm announced a partnership with Samsung stores, a global electronics company. Through this partnership, companies would aim to benefit from smart payments and also its loan service through the deployment of point-of-sale devices. The partnership would allow customers to purchase Samsung devices including smartphones, laptops, television, and smart watches.
- Jul-2022: PhonePe took over OSLabs, an India-based company that created the Indus App Bazaar. This acquisition would accelerate PhonePe's Super-app intent. Moreover, with this acquisition PhonePe would pursue its objective to create a homegrown horizontal app store, grocery delivery, online shopping, etc.
- Mar-2022: Revolut introduced the Financial Super App, a single app where consumers can manage all aspects of their financial life, across the United States. The product was launched to deliver customers high visibility and control over their money.
- Nov-2020: Revolut announced the launch of Google Pay for its customers in Bulgaria, Austria, Estonia, Greece, Latvia, Lithuania, Hungary, Portugal, Netherlands, and Romania. Google Pay allows Android users to make fast and simple payments online, in-store, in-app, and more.
- Mar-2020: Revolut came into a partnership with Metropolitan Commercial Bank. In this partnership, Revolut launched its financial super app, an innovative digital banking platform trusted and used by more than 10 million people globally, to customers in the US.
- Jun-2019: Revolut announced the launch of Apple Pay support to its customers in 12 additional countries. Apple Pay delivers Revolut customers with easy and secure access to pay in stores, in-app, and online through Apple devices.
Scope of the Study
By End-user
- Businesses
- Consumers
By Platform
- Android
- iOS
- Others
By Device
- Smartphone
- Tablets
- Others
By Application
- Social Media & Messaging
- Financial Services
- E-commerce
- Transportation & Logistics Services
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- PhonePe Private Limited (Flipkart Private Limited) (Walmart, Inc.)
- One97 Communications Limited (Paytm Payments Services Limited)
- Kakao Corp.
- Tata Group (Tata Sons Private Limited)
- Ant Group (Alipay) (Alibaba Holding)
- Grab Holdings, Inc.
- LINE Corporation (Z Holdings Corporation) (SoftBank Group Corp.)
- Revolut Ltd.
- GoTo (Citrix Systems, Inc.)
- Rappi, Inc.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 4. Global Super Apps Market by End-user
Chapter 5. Global Super Apps Market by Platform
Chapter 6. Global Super Apps Market by Device
Chapter 7. Global Super Apps Market by Application
Chapter 8. Global Super Apps Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- PhonePe Private Limited (Flipkart Private Limited) (Walmart, Inc.)
- One97 Communications Limited (Paytm Payments Services Limited)
- Kakao Corp.
- Tata Group (Tata Sons Private Limited)
- Ant Group (Alipay) (Alibaba Holding)
- Grab Holdings, Inc.
- LINE Corporation (Z Holdings Corporation) (SoftBank Group Corp.)
- Revolut Ltd.
- GoTo (Citrix Systems, Inc.)
- Rappi, Inc.
Methodology
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