Mobile Apps Expect A Revenue Of $935 Billion In 2023

The mobile apps industry is thriving, thanks to more than 6.3 billion smartphone users across the globe. Even now, smartphone penetration and app usage are increasing steadily. Additionally, many businesses are shifting to digital mobile-first solutions for their products and services. The mobile app development market is flourishing with the demand for mobility solutions.

The impact of everything is such that the mobile app market expects revenue of $935 billion in 2023.

What will drive this massive revenue?

Number Of Hours Spent On Mobile Apps Are Increase
According to reports, in 2021 alone, global users spent 3.8 trillion hours using mobile apps. This accounts for an average of 4.8 hours of daily mobile app usage in 2021. It is up by 30% from the hours spent on mobile apps in 2019. Facebook, TikTok, and YouTube are the top apps showing maximum usage.

Interestingly, when mobile internet usage is skyrocketing, at the same time, desktop internet usage is falling. Also, 90% of mobile internet time is spent on apps. There are more than 2.9 million apps in the Google Play Store, including apps related to Lottery Sambad, and 4.75 million apps in Apple App Store.

In 2021, the number of apps downloaded by users across the globe was 230 billion. It accounts for more than 435,000 apps downloaded per minute in the previous year. People love to use apps even to check Teer Result. The popularity of the apps is such that 70,000 apps are released monthly in Google Play Store and 32,000 in Apple App Store.

Global Consumer Spending Is Increasing For Mobile Apps
In the third quarter of 2021, the overall consumer spending in Apple App Store was $33.6 billion, and $35.7 billion in Google Play Store. In the first half of 2021, the overall spending on in-app purchases, premium apps, and subscriptions saw a growth of 15.1% compared to the same time in 2020. The overall top-grossing apps are TikTok, Piccoma, YouTube, Google One, Disney+ and Tinder. Most of the App Store Revenue came from TikTok, YouTube and Tinder. On the other hand, the highest-grossing apps in the Google Play Store were Google One, Piccoma and Disney+.

Out of all the apps available in the Apple App Store, 20% are gaming apps. It is twice the number of business apps present in the App Store. The other popular categories of mobile apps are business, education, lifestyle, utilities, entertainment, food and drink, travel, health and fitness and productivity. Unsurprisingly, 95% of smartphone users have social networking apps. It is followed by chat/messages, entertainment, video, maps, shopping, and gaming apps.

Usage Of Different Apps
Most smartphone users spend 50% of their mobile app time engaging in social and communication apps. Therefore, this category not only witnesses maximum downloads but also consumes the maximum of their time. Also, entertainment apps like Netflix are top-rated among smartphone users. Other app categories that consume considerable time are mail, browsers, news, music/radio, finance, and bank.

Surveys also discovered that 70% of millennials significantly use social networking apps. Messaging apps follow it. In short, most millennials are interested in staying connected with their friends and family. Interestingly, 21% of millennials open apps present in their smartphone more than 50 times a day. 30% of the users open apps close to 21-50 times. The data indicate that apps designed for the millennials will see a significant loyal user base considering that they manage to keep the users hooked to the apps.

Mobile Apps To Generate $935 Billion In Revenue By 2023
In 2014, the revenue from my mobile app was just $97.7 billion, which is expected to increase to $935.2 billion next year. The number might indicate that paid apps rule the app market. However, it is not the case. In fact, 92% of the apps in the Apple App Store are free, and 96% of the apps in the Google Play Store are free. Most of the revenue for the app developers come from the free and freemium models, along with ads, add-ons, and upgrade monetization model. The mobile app market is experiencing huge growth, which is here to stay in the upcoming years.