The advent of smartphones with apps running on them is perhaps the biggest technical phenomenon of recent times. Smartphones have become the remote control of your lives, with things happening with just a tap through various mobile apps. With the help of mobile apps, you can easily explore restaurants, book a taxi or have a seamless mobile retail experience. With $86 billion in 2014 revenue and 27% annual mobile app industry growth, the global mobile app economy is leading the way in technology growth. Asian countries are expected to outpace growth in terms of app downloads and usage.
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Mobile application market statistics:
In 2019, the size of the mobile app industry market size was $154.05 billion and expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. Some of the applications like Mobile game applications, mobile music and entertainment applications, mobile health and fitness applications, mobile social network applications, Mobile retail and e-commerce applications and other mobile applications.
Revenue share by segment:
The industry of mobile applications is segmented by market, app category, and region. According to the central market, it is categorized as the Apple iOS store, Google Play Store, and other markets (Microsoft, Huawei, etc.) by app category. The market is divided into games, entertainment and music, health and fitness, travel and hospitality, retail and e-commerce, Education and learning and others (navigation, utilities, and news) in the region were analyzed across North America, Europe, Asia-Pacific and Lamia.
Revenue share by stores:
The Apple Store segment had the largest share at 62% in 2020. The large market share is partly due to the significantly higher revenue rate of iOS apps for premium app money and higher revenue generation. The growing number of iPhone and iPad users worldwide contribute to the segment’s growth. Additionally, in 2022 mobile gaming expenditures will make a significant portion of total revenue.
Revenue share by types:
The game segment holds the largest share at 42% in 2020 due to the extraordinary increase in the number of games. With the number of mobile gaming applications in economies such as China and India, this group is expected to remain dominant. There are also three main operating systems (OS) platforms for mobile game development: Android, iOS, and Windows. Android will account for a huge percentage of game downloads in 2022, even as iOS generates more revenue.
Revenue per download:
The mobile app industry statistics show that the growth of mobile apps in terms of revenue is also huge. From $97.7 billion in 2014, the industry has continued to grow year over year. It generates approximately $693 billion in 2021, $808.7 billion in 2022 and $935 billion in 2023. It is also worth noting that most of the mobile app revenue comes from video platforms. As this type of content continues to grow in popularity and usage, in fact, four of the five non-gaming apps with the highest consumer spending are video apps like Netflix, Tencent Video, IQIYI and YouTube.
In addition mobile gaming is on track to record $120 billion in consumer spending by the end of 2021 in the first half of the year. Global consumer spending has reached nearly $45 billion. This could mean that you might want to enter the area. It is time to plan and implement the development of your mobile app.
Future of mobile application industry:
Mobile app development is a fast-growing industry. As the number of mobile devices and Smartphone increases day by day, businesses are developing innovative mobile apps to attract potential customers. Using mobile apps to reach customers is ideal for large and small businesses. You can easily keep your audience engaged and interested when you use a business mobile app. The future of the mobile app industry statistics is very bright. It is a good idea to develop a cross-platform application to reach your customers.
The two examples of how mobile technology is changing are Smartwatches and fitness trackers. The Internet for Things (IoT) allows technologies such as remote control for home appliances, heating and security systems. There is no doubt that these are the future of IoT with innovations such as connected cars, google glass, health monitors, fitness trackers and the latest smartwatch. The future of mobile applications seems to integrate perfectly with every aspect of your life. The future of the business of apps development isn’t just about mobile phones and tablets. In fact, you are heading into the era of expertly powered cloud computing. Mobile app development for IoT will be better in the future.
Reasons behind mobile app industry growth:
Smartphone user growth:
With the rise of affordable smartphones, lower data prices and short replacement cycles, The Smartphone industry has seen rapid adoption over the past few years. The following report shows how Smartphone users grew from 1.57B in 2014 to 2.53B in 2018 and this data is expected to exceed 3 billion by 2022.
Growth of Android and iOS platforms:
Android and iOS are two giant app platforms that have built their top positions in the past few years. When it comes to mobile operating systems, these two players are irreplaceable. In the battle between them, both have similar features.
Mobile app usage growth:
Mobile has now conquered the desktop’s position by making it a secondary touch point for digital users. With the increasing number of digital users, the business of apps can now grab up to 65% of their digital media time.
FAQ:
Why have mobile apps become so popular?
Apps are popular for being convenient and always innovating. They changed the world when they were first developed, and now you cannot separate yourselves from the model.
Why are customers so engaged with mobile apps today?
The app attracts the fundamental psychological impulses of human behaviour. Using an app to go directly to something is easier than using a web page. It makes it easier and more convenient to achieve things.
Conclusion:
Mobile apps are one of the essential things in the eCommerce industry growth. Users can participate through the mobile app, which makes communication easy and develop a relationship of trust and loyalty. The mobile app is easily accessible and contains all the necessary information needed when purchasing a product.