The mindfulness meditation app market is growing due to rising stress and depression levels, with Headspace and Calm leading the market. Corporate adoption is also increasing.
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.
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According to the report, enrollment in yoga sessions was prominent until meditations apps entered the fray, marking a new dawn for the mindfulness meditation application market. As an increasing number of people are perceiving self-care apps as a highly convenient and pragmatic approach, when compared to attending yoga classes, the application stores are witnessing a robust influx of meditation app
Corporate Spheres Turning to Meditation Apps – A Key Opportunity to Tap
High-performing workplaces, with a greater realization of importance of employee well-being, have also started incorporating meditation sessions and are highly relying on mindfulness meditation applications to achieve the same. Headspace, Calm, and other prominent players in market are eyeing profitable opportunities across corporate ecosystems. For instance, Headspace currently serves a clientele of nearly 250 corporates and the number is expected to grow exponentially in the near future. This trend has been prevalent for quite some time and is likely to intensify in the foreseeable years, as corporate offices have started overseeing employee well-being.
According to the study, download of mindfulness meditation application on android devices will continue to be way higher than that on IOS devices, with revenues estimated to value ~US$ 74 Mn. Android continues to rule as one of the widely-used operating systems offering innumerable options for versatility and customization, unlike IOS and other OS variants having several usage-centric restrictions. Consumers will continue showing marked inclination toward free services over paid ones, given that consumers are always on the lookout for free services with peak functionality.
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‘Headspace’ and ‘Calm’ Enhancing the First-Mover Advantage
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.
This study published by Fact.MR tracks the growth of global mindfulness medication application market for a decade-old period of assessment, 2019-2029. The report has envisaged 8% CAGR for the market between 2019 and 2029.
Chapter 1 – Global Mindfulness Meditation Application Market – Executive Summary
The executive summary in the research study on mindfulness meditation application market offers a quick in-depth summary of the market growth and sheds light on the key insights governing growth of the mindfulness meditation application market landscape. This chapter offers a concise opportunity assessment wherein the readers get to understand latent opportunities prevalent in the global market space.
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Chapter 2 – Global Mindfulness Meditation Application Market Overview
This chapter in the mindfulness meditation application market report gives a brief glance at the market coverage/ taxonomy of mindfulness meditation application market and talks about the key aspects instrumental for growth. The chapter offers a brief introduction and definition of the mindfulness meditation application market, which also helps readers with better understanding of the market fundamentals.
Chapter 3 – Key Market Trends
This chapter in the mindfulness meditation application market report talks about overarching trends impacting market growth. The chapter also talks about some of the product developmental trends crucial for readers to understand where the market is headed to.
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The article discusses the increasing demand for mindfulness meditation apps due to rising stress and depression levels.
They offer a convenient and effective way for individuals and corporations to manage stress and promote mental well-being.
Headspace and Calm are the leading companies, holding a significant market share.
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