The mobile app market is growing at an unprecedented rate lately. With this extensive adoption of smartphones taking businesses in all routes to match the modern flow in the tech domain, the usage of mobile apps has grown significantly. The prevalence of mobile app development has hit the mainstream less than a decade ago, and is upending the way of all businesses.
Researches say that in 2016, the global mobile app market was projected to expand 24 percent to reach $51 billion in gross revenue across all the app stores. And by 2020, gross revenue across all app stores is expected to reach $101 billion, globally.
Mobile app economy has been observed the increasing graph in the existing and the emerging markets and is expected to double in the coming five years.
Mobile app development continues to flourish
The business intelligence company – App Annie notes that 900 billion hours are collectively spent on using mobile apps, upto 25% in 2016. This includes all apps, along with video and game apps specifically dominating the landscape. Moreover, it was also estimated that if the trend is steady, 2017 will be the first year we spend one trillion hours using apps, worldwide.
Mobile world is huge in all industry domains, almost constitutes the entire world. Tapping into almost all niches, from ecommerce and retail to banking, from education to finance & insurance, from real estate to gaming and anything you can think of, mobile apps have taken over the world. The the entire credit goes to mobile app development companies investing resources, skills and money in this trending specialization each day.
An Inside story – Statistics on Mobile App Economy
- Businesses that are moving towards mobile app development and leveraging their existing strategies accordingly are about to play a major role in the global economy in the upcoming years.
- The report by BI intelligence company states that, the global app economy will double by 2020 then it is at present. The mobile app industry has dragged in different niche in the recent past.
- The same report stated about the gaming industry, it is about to reach $74.6 billion and the gross revenue will spur to $101 billion by the end of 2020.
- There is a rise in 5% from 2016, where around 1.5 billion smartphones were sold to end users.
- Internet of Things is anticipated to contribute globally to app economy as the web of devices is becoming more widespread each day. It is estimated that the connected devices will go up to 20 billion by 2020.
- The four big app economy countries includes China, US, Brazil and India in the same order from the top. Study says that only 7% users owning a smartphone use browsers while the rest 93% use apps for the same tasks.
- The total number of mobile app downloads will go up to 284 billion by 2020 globally reflecting a considerable rise in the economy overall.
The biggest takeaway of this report is the mobile app industry is still growing rapidly.
Growth and revenue goes hand in hand. The revenue generated clearly depicts the growth of mobile app development and business can gain profits. It is clearly expected that the next twelve months will see the accelerated growth and revenue across different industry verticals. Mobile app economy can highly end up benefitting many developers.
Mobile has become the present and future and very soon mobile app development companies will disrupt the technology space. If you are a business owner who is still waiting for discovering the capabilities and opportunities of the mobile market, then it is almost the high time to reach professional mobile app development company.
Write to us on email@example.com to hire dedicated app developers for your ideas to turn into reality and get futuristic mobile applications on your table now!