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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.
The Competition Landscape
The mindfulness meditation application market has been characterized as a ‘highly-consolidated’ space, with two of the industry giants - Headspace and Calm - commanding ~70% shares. These companies, having the ‘first-mover advantage’, continue being at the top of their game and hold vast customer bases from multiple regions. These companies also gain humongous benefits from their definitive partnerships with workplaces, educational institutions, and smartphone brands, as the latter three assist these companies in substantial expansion of their subscriber bases.
Companies operating in the mindfulness meditation application market are paying attention to roll-out of new features boosting consumer convenience. Easy navigation remains a key factor dictating consumer decisions, and brands, in this regard, are focusing on crafting user-friendly interfaces. Moreover, brands are focusing on introduction of smart features, such as individual sound volume and sound timers, which would be instrumental in weaving fruitful customer experiences. Key players are counting on A/B testing functionality to test specific aspects of their offerings and fix the necessary spots. In addition, key players are also relying on A/B testing to analyze user responses to variants of in-app experiences. Companies in the mindfulness meditation application market continue to hinge on strategic partnerships and collaborations in a bid to reap benefits from shared resources and capabilities.
Key Factors Driving Growth of Mindfulness Meditation Application Market
- With increasing levels of stress and shrinking level of attention becoming more of a broader issue, consumers are actively relying on smart applications for relief. This, in turn, is creating a fertile ground for growth of mindfulness meditation application market through 2029.
- Convergence of academic curriculum and mental health education is bringing new opportunities for market players to capitalize on. Schools and universities are utilizing such apps to rewire the learning capabilities of students and help them thrive in academics.
- Rising practice of introspective awareness is working in favor of companies offering mindfulness meditation applications. Seminars on introspective awareness place significant emphasis on the umpteen benefits of mindfulness meditation, upholding the growth of mindfulness meditation application market.
- Growing prevalence of mental health disorders, such as mood disorders and anxiety disorders, across various age groups is resulting in a massive shift to mindfulness meditation as an effective remedy.
- Consumers are downloading mindfulness meditation applications to practice new ways of meditation amid all the daily hustle and bustle, propelling growth of mindfulness meditation application market.
- Increasing use of smartwatches and smart screens to have ‘round-the-clock’ connectivity with meditation apps has become a new norm for closely monitoring mental health and well-being. This, in turn, is likely to favor growing adoption of mindfulness meditation applications offering seamless IOT connectivity.
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.
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.
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