Mobile apps are not only restricted to the games and entertainment they constitute news, shopping, business, ventures, bank, airlines, and anything we can think of. Mobile app economy contains the whole world which includes the users one side and the providers another side, in between developers those are responsible for the ongoing evolution every day. Mobile app development and its future totally depend on Mobile app economy.
Talking about economy, mobile app economy contributes a significant portion of nation's economy and makes a lot of jobs available. Annie app and Newzoo are the firms known for identifying the ongoing trends, analyzing the data and providing global mobile app revenue and forecast. They also put some light on smartphone penetration, global mobile app ecosystem and financial condition of mobile app industry.
Let's have a quick insight of some mobile app economy forecast by these firms
- According to Annie app, the global app economy will be almost double by 2020. Since 2007, mobile app industry has shifted from game & entertainment focused to a non-ending range by rapid transformation every year. With the modern app-based technology gross revenue rises from $41 billion in 2016 to $101 billion by 2020. On an interesting note game app-generated revenue is expected to grow $74.6 billion in 2020.
- As all the software related ventures and companies are targeting mobile app and they are involving app marketing strategy in their company's plans. Banks, airlines, food business, every business involves the app related service which directly affects the mobile app economy. This reclamation of the revenue is forecast on the basis of the users. Use of smartphones will increase in future resulting in more demands of mobile apps.
- Why is IoT important for mobile app economy? how does it affect mobile app industry? It is predicted that count of the web-connected devices will go up to 20 billion by 2020, some of the analysts suggested this count could go actually up to 100 billion with the increasing smart device users. This enormous increment in the user will positively affect the app economy and may change the predicted revenue and set new bars.
- India is the world's fourth-largest economy with annual figure 7.7. A Billion downloads in 2016 and will go to 20.1 billion by 2020. China, US, and Brazil are the only countries have bigger app economy than India. The wrong perception regarding the time spent on browsers, the Indian people spent 93% of the time on the app same as the rest of the world (only 7% comes from the browsers). Annie discloses that 25% of Android users in India use at least one ride app ( Uber, Ola etc.) which highest among all the four biggest app economy countries.
- The number of app downloads will increase dramatically in the coming years which will directly skyrocket the global app revenue. By 2020 the app downloads will be 284 billion across the globe, developing countries such as China and India will play a crucial role in this massive expansion. Smartphone penetration with the affordable devices based on Android platforms will be important in these countries to grow maximum revenue.
Mobile app industry is going to explode by 2020 in terms of revenues and downloads, if you are brand or business and yet to develop an app or app strategy you should consider it immediately. The mobile apps going to be future of brands or business and consumer interaction as the use of smartphones and apps are increasing at rapid rate day by day.