Mindfulness Meditation Application Marke Growth, Analysis and Forecast Upto 2027
According to a new research study by Fact.MR, the mindfulness meditation application market was valued at ~US$ 134 Mn in 2018, and is estimated to grow by ~7% Y-O-Y in 2019. Influenced by a multitude of factors, spanning from ubiquity of ‘self-care’ trend to growing practice of mental health exercises, the market for mindfulness meditation application is likely to see strong growth over the years to come. Growing preference for meditation as a viable method to unwind is serving as a major sales propellant of mindfulness meditation application market.
Mindfulness Meditation Application Market in Numbers
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Digital Wellbeing with a ‘Right’ Set of Features - A Winning Imperative for Brands
As the quest for best type of mindfulness meditation application continues, market players vie to understand what makes the consumers tick. Brands are pulling their socks up to offer the right blend of features in their offerings, for beginners as well as veterans, which will better serve the evolving requirements of consumers.
Some of the most desired features include guided meditation, one-to-one chat support, notifications & reminders, and progress trackers, and manufacturers are considering the aforementioned for adding value to consumer experiences. Applications for both Android and IOS operating systems are being developed with comprehensible onboarding interfaces, so that consumers get easy access to all the available features.
Key Challenges Besetting Growth of Mindfulness Meditation Application Market
The mindfulness meditation market remains a ‘highly consolidated’ space, wherein prominent brands ‘Headspace’ and ‘Calm’ claim nearly 70% of the overall market share. The influence of these brands in the global market space remains unshakable, given that they not only have the ‘first-mover’ advantage but also have extensive reach. While Headspace raised its game by building multiple high-profile partnerships with prominent brands like Casper and American Airlines, Calm made some major headlines by winning the ‘2017 iPhone App of the Year’ award from the Apple’s App Store.
The leading brands are also collaborating with smartphone companies, with an aim of getting the mindfulness meditation applications installed in phones scheduled for launch. The report states that a strategy of this kind not only helps in building a broader customer base for the key market players, but also helps in leveling up the brand awareness. For instance, in 2019, Calm ventured into a strategic partnership with Samsung, upon which the features of the Calm app will be available in the Samsung’s health app. Emerging players and new entrants in the mindfulness meditation application market space are offering premium services on a trial basis to reinforce their market standing.
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Mindfulness Meditation Application Market in Numbers
- The mindfulness meditation application market is likely to see an incremental opportunity of ~ US$ 184 Mn between 2019 and 2029. With self-care blooming as the latest health and wellness trend, meditation apps are gaining their due and entering the ‘most searched’ and ‘most downloaded’ lists of applications.
- The market for mindfulness meditation application is poised to exhibit strong growth at a CAGR of ~8.5% during the time period of 2019-2029.
- North America will continue being the leading market for mindfulness meditation application, with majority of Americans practicing meditation on a regular basis. With people seeking ways to unwind and de-stress, citizens across the U.S. and Canada are making use of mindfulness meditation applications on a regular basis.
https://www.factmr.com/connectus/sample?flag=S&rep_id=3075
Digital Wellbeing with a ‘Right’ Set of Features - A Winning Imperative for Brands
As the quest for best type of mindfulness meditation application continues, market players vie to understand what makes the consumers tick. Brands are pulling their socks up to offer the right blend of features in their offerings, for beginners as well as veterans, which will better serve the evolving requirements of consumers.
Some of the most desired features include guided meditation, one-to-one chat support, notifications & reminders, and progress trackers, and manufacturers are considering the aforementioned for adding value to consumer experiences. Applications for both Android and IOS operating systems are being developed with comprehensible onboarding interfaces, so that consumers get easy access to all the available features.
Key Challenges Besetting Growth of Mindfulness Meditation Application Market
- Limited transparency prevails as a key drawback of mindfulness meditation applications. Consumers find multiple applications flooding the internet, but a very few of them backed with solid research findings. Such instances dent consumer confidence and mark and this, in turn, creates significant challenges for the aspiring brands vying to make it big in mindfulness meditation application market space.
- Higher subscription rate remains a key stumbling block to the growth of mindfulness meditation market. Majority of subscribers display significant reluctance to pay for these apps, owing to their high subscription costs. Consequently, companies are extensively focusing on effective price benchmarking as an essential cornerstone for boosting their subscription bases, given that price has and will continue to be a crucial consideration of consumers.
The mindfulness meditation market remains a ‘highly consolidated’ space, wherein prominent brands ‘Headspace’ and ‘Calm’ claim nearly 70% of the overall market share. The influence of these brands in the global market space remains unshakable, given that they not only have the ‘first-mover’ advantage but also have extensive reach. While Headspace raised its game by building multiple high-profile partnerships with prominent brands like Casper and American Airlines, Calm made some major headlines by winning the ‘2017 iPhone App of the Year’ award from the Apple’s App Store.
The leading brands are also collaborating with smartphone companies, with an aim of getting the mindfulness meditation applications installed in phones scheduled for launch. The report states that a strategy of this kind not only helps in building a broader customer base for the key market players, but also helps in leveling up the brand awareness. For instance, in 2019, Calm ventured into a strategic partnership with Samsung, upon which the features of the Calm app will be available in the Samsung’s health app. Emerging players and new entrants in the mindfulness meditation application market space are offering premium services on a trial basis to reinforce their market standing.
Have Any Query?? Ask Our Industry Expert:
https://www.factmr.com/connectus/sample?flag=AE&rep_id=3075
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