In today’s fast-paced world, the mobile app market is taking major strides. Many enterprises now regard mobile application development as a goldmine because of the revenue these apps are capable of generating.
Mobile apps are software applications developed to be used on mobile devices. These applications dominate over their web-based alternatives in terms of usage. When using a phone, tablet, or even a smart-watch, mobile apps can be faster and easier to use than traditional websites. In other words, mobile apps are taking over. According to research, people spent more than 90% of their screen time using mobile applications.
Looking at mobile application markets, the number of app downloads grew to an astonishing 194 billion, showing a 10% increase compared to the previous year. These numbers are expected to skyrocket in the future, allowing creators and publishers to reach unprecedented numbers in terms of revenue.
As the applications market as a whole grows, so does its revenue estimation. It is expected to reach $935 billion by 2023. Currently, there are about 2.9 million apps for Android users on the Google Play Store, while the Apple App Store has about 2.09 million apps. Many app development companies, such as The App Bros, focus on creating apps for both Android and iOS.
2021 App Revenue Stats
There are over five million apps currently on the market.
Users are spending $380 billion worldwide on in-app purchases.
The Apple App Store generated $31.8 billion and Google Play generated $36.7 billion in sales in Q1 2021.
98% of Google Play Revenue comes from free apps.
Consumer spending on the App Store will hit approximately $200 billion by 2025.
App Monetization Options
Mobile apps are a fantastic way for business owners and entrepreneurs to make improvements and add to their companies. Getting your app monetization model figured out is crucial when developing an app. These days, many wonder how they can generate revenue from mobile apps. Some of them include, but are not limited to:
Requiring a paid subscription plan to use the app.
Integrating in-app advertisements and getting paid from ad networks.
Charging a small amount per download.
Offering in-app products for purchasing.
As mentioned earlier, statistics show we are living in a technological world. Based on the estimation of downloaded apps worldwide every day, we can securely state that the app market is growing rapidly and has plenty of tricks up its sleeve to continue growing.
The App Bros
If you have some app ideas up your sleeve, seize the moment and start creating. From educational, productivity, to food and drink apps, The App Bros has helped several brands bring their mobile app ideas to life.