Meditation industry is growing rapidly to become a multibillion dollar industry with the increasing awareness about improving mental health. The force of incremental growth of the wellness trends and important of practicing meditation is combining with the recent developments in technologies. This is boosting the number of people installing mindfulness meditation apps on their smartphones. The mindfulness meditation apps market finds its foundation in the increasing use of smartphones and growing awareness about meditation and health & wellness practices.
A mounting number of scientific research papers proving the benefits of practicing meditation are popularizing the trend of practicing meditation through mindfulness meditation apps. Leading players in the mindfulness apps market are focusing on raising millions of dollars from investors as the number of paying subscribers of mindfulness meditation apps is multiplying rapidly. Offering premium content with actionable insights about improving mental health through meditation is becoming a popular trend in the mindfulness meditation apps market.
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Mindfulness Meditation Apps Market – Notable Developments
- In September 2018, Headspace – a California-based company and one of the biggest mindfulness meditation apps – announced that it has acquired team, products, and technologies of Alpine.AI – an Artificial Intelligence (AI) company – to develop an indispensable health assistant. The Headspace apps serves more than 31 million members, and with this acquisition, the company is aiming to leverage Alpine’s expertise in machine learning technologies to offer its members more conversational experience with the use of its mindfulness meditation app.
- Another leading mindfulness meditation app – Calm – announced in February 2019 that it has raised US$ 88 million, which will lead to valuing the sleep and mindfulness meditation app at nearly US$ 1 billion. The company announced that the funding included investments from Ashton Kutcher's Sound Ventures, Creative Artists Agency along with its existing investors Insight Venture Partners. The company already has over 1 million paying subscribers and, with the funding it has received, the company aims to offer more premium content to its subscribers spread across the world.
- In June 2018, 10% Happier – a mindfulness meditation app that offers meditation courses – announced that it has raised approximately US$ 3.7 million in a new funding, which makes its total funding worth US$ 5 million. 10% Happier is also a popular mindfulness meditation app that offers a corporate mindfulness program for Apple Inc.
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Mindfulness Meditation Apps Market Dynamics
Mindfulness Meditation Apps Market is Likely to Expand Rapidly as a Content Business
Prior to the rise of smartphone apps, mindfulness or meditation was only limited to the way how beginners learn to practice meditation. However, with the increasing awareness about the importance of meditation and mindfulness along with the rise of smartphone apps, need for presenting the experience of these practices is making content a pillar for the growth of the mindfulness meditation apps market. Thereby, leading players in the mindfulness meditation apps market introducing content in audio visual format, which will soon redefine the future of the market and make it a lucrative market for content businesses across the world.
Growing Importance of Mental Health will Change the Mindfulness Meditation Apps Market Dramatically
Currently, a major percentage of the global population is highly aware of the prevalence of mental illnesses over the world, which is making discussions about mental health highly important. Players in the mindfulness meditation apps market are capitalizing on the needs of consumers to focus on their physical as well as mental health and for which, they depend on practicing meditation.
With the growing usage of smartphone apps, a mounting number of users are installing mindfulness meditation apps, in order to overcome highly prevalent mental illnesses such as stress, tension, and anxiety. Thereby, increasing discussions about mental health and mental illnesses are harnessing consumers’ interest meditation and mindfulness, which is likely to bolster growth of the mindfulness meditation apps market in the upcoming years.
Increasing Growth of the Meditation Industry will Boost the Mindfulness Meditation Market
The meditation industry has been witnessing unprecedented growth with the increasing importance of treating mental illnesses and needs for staying mentally healthy. Leading players in the meditation industry have been resorting to the technology and encouraging consumers to improve their health with a smartphone or a gadget, which is often considered as a major source of anxiety and many other mental illnesses. Consumers are willing to engage in more fruitful activities while they are using their smartphones, and leading players in the mindfulness meditation market are capitalizing on these trends to monetize their mental health apps.
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The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.