Report : South & Central America Mindfulness Meditation Application Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Operating System (iOS, Android, and Others) and End User (Individual and Corporate)
At 26.6% CAGR, the South & Central America Mindfulness Meditation Application Market is speculated to be worth US$ 36.87 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America mindfulness meditation application market was valued at US$ 8.95 million in 2022 and is expected to reach US$ 36.87 million by 2028, registering an annual growth rate of 26.6% from 2022 to 2028. Growing awareness about meditation and surging focus towards personalization are the critical factors attributed to the market expansion.
Over the past five years, machine learning and artificial intelligence have transformed the healthcare industry. Especially during this COVID-19 outbreak, confined to their own homes, the number of people looking for virtual wellness services has grown exponentially. As a result, the wellness industry vendors continuously aim to integrate new technologies to optimize their product experience. For example, California-based Headspace has tapped into artificial intelligence to improve its health and wellness apps globally, with a growing industry on the horizon. It offers guided meditation, mindfulness, sleep, exercise, and focus content through the web, Android, and iOS Applications. The integration of AI has allowed Headspace to derive real-time data and provide suggestions accordingly. Due to this, the company has experienced an increase in user count, with a total count of 52 million.
Furthermore, the growing need for self-regulation has created the demand for services such as online meditation for managing stress and other disorders in adolescents, opening up new opportunities in the global market for mindfulness meditation applications. Bipolar disorder, anxiety, and other mental health disorders are some of the most common problems faced by young people today. Mindfulness Meditation Applications help individuals achieve peace through mental training through meditation, deep breathing, simple yoga exercises, and other exercises. Hence, the increasing exercise of self-awareness and self-regulation is expected to promote development and create new market opportunities.
On the contrary, concerns regarding privacy of users' information and increased cyber-attack hurdles the growth of South & Central America mindfulness meditation application market.
- Based on operating system, the mindfulness meditation application market is segmented into iOS, Android, and others. The android segment is expected to hold largest market share in 2022 with a share of 88.5%, amassing US$ 7.92 million. It is projected to garner US$ 33.25 million by 2028 to expand at 27.0% CAGR during 2022–2028.
- Based on end user, the market is segmented into individual and corporate. Individual segment held the larger market share in 2022, with a share of 69.1%, amassing US$ 6.19 million. It is projected to garner US$ 24.63 million by 2028 to expand at 25.9% CAGR during 2022–2028.
Our regional analysis states that Brazil captured 70.7% market share in 2022. It was assessed at US$ 6.33 million in 2022 and is likely to hit US$ 26.87 million by 2028, exhibiting a CAGR of 27.3% during the forecast period.
Key players dominating the South & Central America mindfulness meditation application market are Breethe; Headspace; Inner Explorer, Inc.; and Meditation Moments.
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