Mindfulness Meditation Application Market to Reach $307.1 Million, Globally, by 2031 at 12.4% CAGR: Allied Market Research

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Nov 30, 2022, 05:30 ET

PORTLAND, Ore., Nov. 30, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Mindfulness Meditation Application Market by Service Type (Paid (In-App Purchase), Free), by Deployment Model (Cloud Based, On Premises), by Operating System (iOS, Android, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global mindfulness meditation application industry generated $97.6 million in 2021, and is anticipated to generate $307.1 million by 2031, witnessing a CAGR of 12.4% from 2022 to 2031.

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Prime determinants of growth

Rise in application of sensor technology and smartwatches, growing awareness related to stable mental health along with increasing government initiatives promoting yoga and meditation drive the growth of the global mindfulness meditation application market. However, the lack of app transparency restricts the market growth. Moreover, the surge in rapid smartphone penetration present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a positive impact on the global mindfulness meditation application market, owing to implementation of the global lockdown which dramatically increased the cases of mental disorders and raised the need for mind-calming applications to combat the tension and anxiety.
The pandemic's effects are extensive and have benefited the market for mindfulness meditation application. During the lockdown, individuals were compelled to stay inside their homes and many lost their jobs during the pandemic. This gradually leads to a turn toward yoga, meditation, and spirituality. Since then, sensor technology-based health tracking applications, like those for mass customization and mindfulness meditation, have grown more quickly than before.

The cloud based segment to maintain its leadership status throughout the forecast period

Based on deployment model, the cloud based segment held the highest market share in 2021, accounting for more than two-thirds of the global mindfulness meditation application market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 13.1% from 2022 to 2031, due to rise in disposable income and growth in demand for new designs. A cloud mindfulness meditation application is a virtual portal that runs in a cloud computing environment rather than a physical server. It is created, hosted, and provided online using a cloud computing infrastructure that can be accessed remotely. This factor drives the segment. The report also analyzes the on-premises segment.

The Android segment to maintain its leadership status throughout the forecast period

Based on operating system, the Android segment held the highest market share in 2021, accounting for more than half of the global mindfulness meditation application market, owing to huge demand for android users in developing nations. However, the iOS segment is estimated to maintain its leadership status throughout the forecast period, and is projected to manifest the highest CAGR of 13.1% from 2022 to 2031. This type of operating system is widely popular in rich economies, as iOS users come from developed countries and those with economic affluence. The growing trend towards spirituality has also enabled Apple Inc. to recently develop its own health and fitness application.

The free segment to maintain its lead position during the forecast period

Based on service type, the free segment accounted for the largest share in 2021, contributing to nearly four-fifths of the global mindfulness meditation application market, and is projected to maintain its lead position during the forecast period. Free application services mean applications that have zero purchase or subscription models. The demand for such applications is more as customers can download with zero thresholds and later on delete it or customize it with zero down payments. However, the paid segment is expected to portray the largest CAGR of 14.6% from 2022 to 2031, attributed to rise in disposable income and demand for premium quality service.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global mindfulness meditation application market, and is likely to dominate the market during the forecast period. In addition, the same region is expected to witness the fastest CAGR of 12.7% from 2022 to 2031. With the presence of mystic gurus and spiritual cultures established in the South Asian region from ancient times, there is expanding demand for the mindfulness meditation application market. The report also discusses regions including the North America, Europe, and LAMEA.

Leading Market Players:

Inner Explorer, Inc.
Headspace, Inc.
Calm.com, Inc.
Ten Percent Happier
Smiling Mind
The Mindfulness App
Simple Habit, Inc.
Stop, Breathe, & Think PBC
Meditation Moments B.V.
Mindfulness Everywhere Ltd

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