It’s hard to conceive that it’s only been ten years since the iPhone app store launched and bringing a rise to the smartphone age. Because of the integral role applications have played within that time span a common question that always comes to mind pops up for those interested in investing their time and energy in the industry. What does the future of the Global Application Economy look like? In short, we have good news especially if you are in any ways epilated with a mobile application company. The future forecast shows that the market will continue to grow on all fronts. Here is more in-depth look at what you can expect the application market to look like within the next five years.
In the time since apps have evolved from being a fun distraction to being essential for customers and most business practices trends have remained consistent. The download rate continues to climb year after year, good news for those looking to invest in technology or mobile application stocks. In 2017 there were 4 billion mobile devices connected to the internet that contributed to 178 billion annual app downloads, leading to customers spending more than $81 billion in revenue. Considering the progression of how far we have come in the ten years the future of mobile applications looks brighter than ever.
The global economy continues to grow more and more every year. If it continues at this rate individual markets will move through various phases of market maturity.
The 1st phase has to do with experimentation and will be measured by new smartphone users as they continue to try different apps while looking for their favorites
The 2nd phase is the expansion where consumers stick to their preferred apps. The consumers in this phase will cause growth rates to slow, but the download rates will stay consistently high. People will be more engaged with their apps and spend to dive deeper into the app’s features.
The 3rd phase is maturation where users will continue to spend on their apps of choice while the developer is able to monetize the apps better so that they lead to fast growth in apps store spend, in-app spend, and e-commerce.
It is not just about when new developments in the industry will arrive; it also has to do with where. Within the next five years, areas across the globe will be moving towards the future of mobile devices as the number of installed devices continues to thrive. Not only does this create a vast number of opportunities for developers around the world; it also sets the stage for new apps through product innovation. New publishers will need to encourage downloads in the extremely competitive market yet to come and use alternate tactics that rely on large user bases more consistently.
Within the next five years, new leaders will emerge. China will be number one by downloads and considering the forecast provided by AppAnnie it is inevitable that they will remain the world leader in the global app economy.