News

The App Economy Hits $950 Billion Mark In 2018

The tremendous growth is ensured by 3.4 billion smartphone users.

App Economy 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.
 

Manish <span>Content Strategist</span>
Written By
Manish Content Strategist

With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!

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