Technology

4 Facts You Should Know Before Entering the App Market

There is a continuous increase in the use of applications, and therefore the app market is growing at an enormous speed. More and more people are using mobile devices and apps. This is the main reason for the expediential growth of the app market, but now there is a variety of other devices where you can use apps – tablets, smart TVs, smartwatches, etc. 

It is so easy just to take out your phone from your pocket, open an app like Amazon, buy anything you need in a matter of seconds and have it delivered to your home. With the help of apps, you can learn languages, track your productivity, connect with people miles away or just watch cat videos. The competition in the app market is massive. If you want to be on the top, you should always find ways to keep your users with regular updates, including new functionalities, or just establish yourself as a known brand that people prefer. 

If you are still not sure if you need to go in the direction of developing an application – don’t wait. The potential is humongous, and the number of potential customers is not to neglect. Here are 4 facts that you should know about the app market. 

  1. The enormous revenue of the app market industry

According to Business of Apps, the annual app revenue for 2020 was more than $111 billion. Android and iOS dominate the market, but other app stores for various devices also get their fair share. 

SensorTower even predicts that the revenue of apps can reach $270 billion by 2025 if the average yearly growth rate remains more or less the same — around 18-19%. The revenue is generated by paid apps, in-app purchases, in-app ads, and subscriptions. This is why the revenue might vary a lot from app to app. The most promising categories are games, social networking, productivity, utility, and tools. Do your research and see what competitors are doing. Do similar or even better to outperform them easily. 

  • The potential number of downloads is countless

When we take as initial data the downloads for 2020 across different markets and stores, which were more than 143 billion, and the predicted compound annual growth rate of 10%, you can imagine what the numbers can be in a couple of years. 

The competition between the apps is very high because there are at least 20 apps for almost any purpose you can think about. And all of them have their public and loyal users. This shows that developing an app will surely help you grow your business even if you steal a slight amount of those overall annual installs. If you become, for example, a known Flutter developer and introduce new apps regularly, you will already have a public willing to download each one.

  • The number and the diversity of apps 

When we talk about the 2 major market players, we can see that on Apple App Store, there are over 1.96 million apps available for download and on Google Play Store — over 2.87 million apps. They vary between their purpose, functionalities, how they monetize, and if they are compatible with different devices. 

Think about almost anything and try to find an app about it. You probably will find not only one. So, when it comes to choosing an app, the first most crucial factor is, of course, the price. Another factor that is gaining more and more importance is if the app is compatible with different devices. People like to be able to sync their apps between their phones, tablets, smartwatches, and more. However, some apps are created and optimized only for a specific device, like, for example, a smart TV. So, it is always better to check the app stores on each device to find some apps that might be available only for it, like some of those free apps for Amazon Fire TV Stick. If you want to watch different movies, shows, and videos, you will find an app for you that has everything you need. The increase of downloads of entertainment apps for smart TVs was enormous, especially during the pandemic, so this is also something that you should consider while developing your app. Making your app compatible and available for different devices might be your advantage against competitors. 

  • How much time do people spend using apps

The diversity of the available apps is making your phone more and more valuable. This is why the average time that people spend on their phones is growing. But since we are not using apps only on our mobiles anymore, you can count the time you spend reading a book on your Kindle app, watching the Netflix app on your smart TV, or tracking your steps on your smartwatch as time spent using different apps. The presence of applications in our life is in every aspect. This is why it is predicted that people will be using apps even more and more with time. Make sure to be present on the market that will surely grow, and people will dedicate their time to it. 

Conclusion

The app market is where you should be. As mentioned in the 4 facts, most people already have at least one device on which they regularly use apps. So, the potential of this market is enormous. Even when talking only about the mobile app market, the year-to-year growth has been very stable since the app stores were introduced. And everyone predicts that this will continue this way. Don’t miss this chance and go into the app market industry.

Fry Electronics Team

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