Global Mindfulness Meditation Apps Market is Expected to Register Growth at a CAGR of 41.01% and Gain a Valuation of US$ 4,206.12 Mn by 2027
The global mindfulness meditation apps market is expected to register growth at a CAGR of 41.01% during the forecast period of 2020 to 2027 and gain a valuation of US$ 4,206.12 Mn by 2027.
The market for the mindfulness meditation apps was accounted for US$ 270.39 Mn in 2019.
The mindfulness meditation apps market is prognosticated to expand on the back of several factors including increase in the prevalence of mood disorders among people of all age groups and improving spending power of population in many developing and developed nations.
Furthermore, the mindfulness meditation apps market is being driven by a rise in awareness among people on the availability of mindfulness meditation apps.
The popularity of different mindfulness meditation apps is being increasing in the recent years owing to their ability to assist in improving self-awareness and self-regulation. This factor is resulting into revenue-generation opportunities in the mindfulness meditation apps market.
Many companies operating in the mindfulness meditation apps market are increasing researches in order to address issues faced by target end-users and developing the designs and content of their apps. This factor is helping in the expansion of the mindfulness meditation apps market.
Several mindfulness meditation apps offer animation videos on different aspects such as the functioning of the mind, tracker, and reminder for tracking mind activities. As a result, there is significant growth in the adoption of such mindfulness meditation apps by populace of all age groups and genders, which in turn, is fueling the global mindfulness meditation apps market growth.
A rapid expansion of the global education industry has lead to increased levels of anxiety and stress among students together with a significant rise in the social and emotional challenges. Hence, numerous educational institutes across the globe are increasing the adoption of mindfulness meditation apps. This factor is propelling the global mindfulness meditation apps market.
What Factors are responsible for Global Mindfulness Meditation Apps Market Growth?
The mindfulness meditation apps market is set to chart in tremendous growth over the forecast period between 2019 and 2029. In recent years, highly demanding and stressful nature of day-to-day activities driving individuals to seek solace is creating immense awareness about meditation. Inhumanely long work hours and increasing nuclear family setups to look after small children and household responsibilities are becoming reasons for mental health disorders. Mindfulness and meditation have surfaced as a panacea for such mental ailments that are beyond medical treatment.
Over the years, big technology companies have capitalized on this opportunity with the introduction of meditation apps that promise to reinstate and rebuild mindfulness amongst users.
The mindfulness meditation apps market report analyses various factors to have an impact on the growth trajectory of the said market over the 2019- 2029 assessment period. Furthermore, growth indices, demand drivers, challenges, business landscape, and geographical outlook of the mindfulness meditation apps market for the aforementioned forecast period covered in this report. The qualitative analysis and insightful information of the mindfulness meditation market presented in this report serves as a useful guide for market stakeholders. The impact of COVID-19 on this report further adds to the value of this report.
Global Mindfulness Meditation Apps Market: Vendor Landscape
At present, the mindfulness meditation apps market is highly consolidated. Two players – Calm and Headspace – hold about 70% of the market share. The two companies are capitalizing on their first entry in the market and are aggressively partnering with offices, colleges, and social spaces to consolidate their position in the mindfulness meditation apps market.
According to available data, Calm has been downloaded 50 million times. Design simplicity of the app cleverly built with the help of sleep psychologists is a key factor behind the monumental popularity of the app.
Key Trends in the Global Mindfulness Meditation Apps Market:
The demand for mindfulness meditation apps has been escalating with the leaning of millennials for wholesome way of life. Work-life stress and a spate of personal and social engagements that impact everyday energy level and disturbs sleep are resulting in explosion of interest in meditation. According to findings of University of Pennsylvania School of Medicine, about one in every four Americans suffer from acute insomnia.
Furthermore, in 2018, a study conducted by American Psychological Association points out that Generation Z is likely to suffer from worst mental health issues and thus resort to alternative therapies. This has aroused the interest of investors to capitalize in the market, and thus has been an incredible factor in developing easily comprehensible meditation apps that cater to mental health issues such as anxiety, insomnia, depression, and self-care.
The two digital application stores iOS App Store and Google’s Play store have played a significant role in building the mindfulness meditation apps market. Today, these app stores are critical platforms, making meditation apps available to both beginners and expert practitioners.
Which region holds the largest market share in the Global Mindfulness Meditation Apps market?
North America, at present, is at the fore of the mindfulness meditation apps market. As meditation is slowly becoming part of everyday lives of Americans, individuals are seeking mindfulness apps on their smartphones to obtain maximum benefit of the therapy. Individuals are recognizing mindfulness and meditation to be the ultimate way to de-stress and unwind.
Asia Pacific is another promising region in the mindfulness meditation apps market. The region being home to the therapy, and growing adoption of the therapy to beat everyday stress are reasons for growth of mindfulness meditation apps market in Asia Pacific.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
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