The App Economy Hits $950 Billion Mark In 2018 - MobileAppDaily
News

The App Economy Hits $950 Billion Mark In 2018

The tremendous growth is ensured by 3.4 billion smartphone users.

The App Economy Hits $950 Billion Mark In 2018

According to the sixth annual report, the graph of App economy continued to shoot upwards with a total hit of $950 Billion. The compiled report is based on data from the U.S. Bureau of Labor Statistics, the U.S. Economic Census, National Center for Education Statistics and industry sources. 

The era of mobile application has become so dominant that, around two out of three organizations utilize undertaking applications, from inquiry to utilities. There is an expected 28 billion application empowered internet-of-things gadgets.  Moreover, the app economy is anticipated to generate almost 440,000 more jobs by 2024.

Roya Stephens, director of communications for the App Association, stated, “It’s not just the games on your phone or the social networks, it’s enhancing the industries that have contributed to these states economies and made them more efficient.”

The year 2017 concluded with 3.4 billion smartphone owners in total and app download of about 175 billion from the Apple App Store, Google Play and other third-party sites. These huge figures speaks about the volume of success the mobile industry has garnered in past couple of years. 

The App Association includes 5000 mobile app makers and connected device companies, that houses about 4.7 million developers, software engineers, and system managers, with a yearly package of $86,000.

The report additionally disclosed an alarming trend that voiced the deficiency of skilled workers and an absence of web access in some parts of the country. As disclosed, there are about 34 million people in America who are left without the feasibility of broadband. The industry is expected to rise much further if the last lot also get connected with app access.

Stephens further added, “We see access to broadband as a key barrier, but also as a growth potential. We see states like Montana, yes (internet access) is a challenge, but it’s also an opportunity to bring more people online if it’s addressed.”

Currently, United States is going through a crunch of job applicants due to lack of educated workforce. Last year, 59,000 graduates successfully completed their computer science course, when there are about 500,000 computing jobs lying vacant country-wide.

With an unprecedented boom in the mobile tech industry, the number of cybercrime cases also saw a major jump from the previous years. A study stated, consumers were hit by almost $3 trillion worldwide. The primary reasons listed for such exploits were the absence of end-to-end encryption and lack of 285,000 cybersecurity professionals to take on such threats.
 

Tanya <span>Editor In Chief</span>
Written By
Tanya Editor In Chief

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.

News

Anubis Banking Trojan Targeting Banking Apps to Steal Passwords

4 min read  

The Anubis banking trojan is back again to haunt Android users. The Mobile banking malware was spotted last year and was found to be on the Android devices via infected downloads done over the Google Play Store and carries malware for Android devices.After making its way into the device, Anubis

News

Detroit is Using A Mobile App to Deal with Local Issues

4 min read  

The mobile application is changing our world and daily life activities that we never imagined. From banking, to booking a cab everything can be done over smartphone just by one click isn't that amazing. Enterprises are engaging with the application for revenue growth much more than ever. Mobile

News

Bendigo Bank Adds Apple Pay After the Legal Disagreement Over iPhone NFC

4 min read  

Bendigo Bank supports Apple pay now and the platform is compatible with various debit and credit master cards. Bendigo Bank lost the fight in March this year to get the access to the NFC chip used in iPhones so that they could have offered their own integrated digital wallets to its customers. For t

News

Apple Will Rule Till 2021 The App Industry Statistics Says

4 min read  

As we all are aware of mobile app industry there are two leading platforms Android and Apple. Android leads in a number of users across the globe while Apple dominates in terms of revenue. App Annie just predicted that Apple will continue to dominate the mobile app business til 2021. Revenue generat