Advanced Mobile UX Design Services Market Trends

Growth Drivers

• Increasing Penetration of the Internet - For many years, the internet has provided countless opportunities for individual fulfillment, professional development, and value creation. With the COVID-19 pandemic, it has become an absolute requirement for working, learning, acquiring basic services, and maintaining communication. Therefore, the rising penetration of the internet is expanding the enhancement in the UX design of smartphones, which is further estimated to propel the growth of the market throughout the forecast period. For instance, presently, nearly 5 billion people have been using the internet worldwide, representing around 64% of the global population.
• Growing Prevalence of Digital Banking - With the increasing use of digital transformation actions taken by banks, following the destruction caused by the Covid-19 pandemic, the number of users opting for digital banking has increased significantly. As a result, banks are striving to effectively incorporate their diverse offerings into a single, consistent digital experience by using better UX design in their mobile banking apps to keep up with the diversified competition. For instance, currently, around 2.7 billion people have been using digital banking services worldwide. By 2026, nearly 54% of the world's population is estimated to use digital banking services.
• Worldwide Rise in Mobile Gaming – For instance, in the first quarter of 2021, about 14 billion mobile games were downloaded throughout the world.
• Upsurge in Social Media Browsing - Over the last year, social media users increased by 226 million, reaching 4.72 billion by the beginning of July 2022. From July 2021 to July 2022, the global social media user base accelerated by more than 6%, with the most recent global total now surpassing 60% of the total population of the world.
• Massive Increase in Mobile Video and Music Streaming - A whopping 86% of US residents have at least one paid music streaming subscription, and 61% have at least one paid video streaming subscription.

Challenges

• Risk of Malware in Mobile UX Design - Cybercriminals utilize several strategies to infiltrate mobile devices and steal sensitive data. A single intrusion via a personal device has the potential to cause widespread malware and catastrophic, massive data loss. Bank Trojans frequently pose as legitimate programs to compromise users who use their mobile devices to transact banking activities, such as money transfers and bill payments. This kind of malware strives to acquire login and password information for financial accounts. For instance, in 2020, the count of new mobile ransomware Trojans expanded to around 51,710 across the globe, along with nearly 152,720 new mobile banking Trojans. Hence, the risk of malware in mobile UX design is estimated to hamper the market growth in the forecast period.
• Decreased Loading Speed of Pages
• Data Security and Cybercrime Threat