Navigation - Serbia

Serbia

The Navigation market in Serbia is expected to witness significant growth in the coming years.
According to projections, the total revenue in this market is estimated to reach €0.43m in 2022.
This indicates a positive trend in terms of market performance.
Furthermore, it is anticipated that the Navigation market will continue to expand at a compounded annual growth rate (CAGR) of 9.19% between 2022 and 2027.
This growth trajectory is expected to result in a projected market volume of €0.69m by 2027, showcasing the market's potential for development.
Breaking down the revenue sources in the Navigation market, it is projected that in-app purchases (IAP) will contribute significantly, with an estimated revenue of €188.20k in 2022.
Additionally, paid app revenue is expected to reach €101.90k in the same year, while advertising revenue is projected to amount to €136.60k.
In terms of user engagement, the number of downloads in the Navigation market is projected to reach 1.13m downloads in 2022.
This indicates a strong demand for navigation services among consumers in Serbia.
Currently, the average revenue per download stands at €0.38, reflecting the monetary value generated per individual download.
In a global context, it is worth noting that in China generates the highest revenue in the Navigation market, with an estimated revenue of €417.40m in 2022.
This comparison highlights in China's dominance in the market segment.
Overall, the Navigation market in Serbia shows promising prospects for growth, both in terms of revenue and user engagement.
With the projected figures indicating positive trends, it is evident that this market segment holds significant potential for businesses operating within it.

Key regions: Germany, Europe, Japan, Asia, South Korea

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.