In the modern age of science and technology people are on the move and they are using mobile application platforms to reach the desired destination. Whether by using laptops, tablets or android phones they get all the information they need and within a very short period of time. It is due to this reason that mobile apps market is gaining much popularity in today’s world. It is expected to grow 270% from $ 70 billion in 2015 to $ 189 billion by 2020 according to some market researchers. |
Time spent in app development is expected to increase by 114% in the future and app for games would account for 55% of the total earned revenue. The other categories are also expected to develop quickly and quality time spend on shopping and transportation apps is expected to rise threefold. Today the app publishers are coming from every industry sector, whether games, media, entertainment, business, banks, airlines, retailers, ride sharing services, government agencies and contributing to the overall digital interaction thus transforming the world into a small global village.
Marketing the app is as important as developing it in the first place. To fully capitalize the economic growth of the app publishers need to focus on future market opportunities, when planning for the various business scenarios, including launching of the products, performance goals, international expansion and portfolio management. They must have the end in mind and accordingly plan the steps for the apps to get better recognition among the crowd.
It is expected that by the year 2020 both the app advertising and app stores will be exceeding their combined total revenue of 2015 and the former’s share of revenue would increase from 58% to 62%. The two major factors contributing to this uprise are a dramatic increase in the time spent in app development and doubling of the use of smart phones and tablets to 6.2 billion by 2020. Apart from game publishers, advertising will also fuel its share of revenue from 34% in 2015 to 45% in 2020. Facts also show that by the end of 2015 Asia Pacific has witnessed a larger growth in the overall revenue than America, though much of its growth is driven by China and by the year 2020 it will provide more than $ 85 billion to the publishers. The US market on the other hand delivers high advertisement rates and more brand dollars therefore it would remain the single largest market for delivering $ 59 billion in 2020 compared to $ 54 billion from China.
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