Delivered August 11, 2020. Contributor: Michelle A.
To understand the competitive landscape of the global meditation app market in order to determine where the white space is to enter the market.
According to a market report published by Prophecy Market Insights in June 2020, the market size of the global mediation apps market was $153.6 million. This is expected to grow at a compound annual growth rate (CAGR) of 8.3% to reach approximately $341.9 million in 2029.
Prophecy names some prominent players in the space as Mindfulness Everywhere Ltd.; Committee for Children; Ten Percent Happier; Smiling Mind; Deep Relax; Inner Explorer, Inc.; Insights Network, Inc.; Stop, Breathe, & Think PBC; and Simple Habit, Inc.
Fact.MR reports that the space is highly consolidated and two apps account for nearly 70% of the global market. These are Headspace and Calm. The key second tier companies are Insights Network; Breethe; Stop, Breathe, & Think PBC, Smiling Mind, while the key third tier companies are Deep Relax, Inner Explorer, and Ten Percent Happier.
Sensor Tower reported the top 10 meditation apps by both revenue and downloads for 2019. By revenue, the top 10 were Calm, Headspace, Breethe, Insight timer, Waking Up, 10% Happier, Mindfulness with Petit Bambou, Meditopia, Simple Habit, and BetterMe. The list by downloads was similar but there were two apps not on the revenue list: Aura, and Sanity & Self.
The attached spreadsheet has been created in order to provide all the details for each app in one place.
Summary of Findings
We were able to find the key players in the global meditation app space based on market reports, number of downloads, and revenue. For purposes of our recommendations going forward, we focused on the quantitative data provided by downloads and revenue, rather than the lists provided by the market reporting companies.
Additional time in the initial hour was spent creating the spreadsheet for the data and finding th3e websites for the 12 companies included.
Only the project owner can select the next research path.