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Tue, 07 Dec 2021 11:30:02 -0600
2018-03-26 Print

Mobile App Market Will Be As Big As the Internet In 2020


The mobile application market is predicted to grow by more than 270 percent by 2020! That means revenues are going to jump from $70 billion in 2015 to about $189 billion in 2020.

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This comes after App Annie, a market researcher released its new report, which shows that the time spent in apps have already increased 114% from 2014 to 2016. As far as trends go, it is fair to assume that the mobile app market is going to be as huge as the internet in 2020, because by that time games will be accounting for 55% of app store revenues.

Other app categories will also continue to grow quickly, along with transportation and shopping apps, which are going to dominate online shopping. It is also expected that by 2020, in-app advertising will play a major role, and the app store revenue will also increase very quickly. Almost all categories in app will have strong growth, and revenue generated from apps will increase from 58% to 62%. There are lots of different factors that will lead to this growth in revenue, but the two main factors are the increase in time spent on apps, and the doubling of smartphone and tablets sales by the year 2020.

Game publishers will also have a major role to play in the growth of the mobile app market, because they will be pushing to get the majority of the revenue. Advertising will also lead to an increase in app publishers, and it is expected that their revenue will increase from 34% ($24 billion) in 2015 to 45% ($85 billion) in 2020, which is a significant jump!

IT solutions and analysis of the mobile application development platform market

Another aspect of the mobile app marketing is that there will be a growth of 57% in the overall market share, led by the cloud-based segment, which will dominate the industry. Cloud based solutions are incredibly popular, because the software is cost-effective, scalable, and effective. It can also be implemented easily, with a subscription-based pricing model, and will not require any upfront infrastructure changes or upfront costs.

This has led to a greater number of enterprises implementing cloud based application solutions, which includes MBaaS and cloud integrated development environment. It is expected that this trend will continue growing increasingly in the coming years.

Segmentation by end-users

According to a market study, the BFSI segment will also look to make a significant impact on the market in the coming years, because market research analysts have estimated that the market is going to account for about 21% of the market. This will mean that banking services are going to need more application development tools for creating native apps, and for providing digital banking services.

It will also affect online security features, which are always a concern in mobile banking. Developers will then need to test these mobile applications from different angles in order to integrate them with different add-on features for quick and secure transactions.

Mobile Security

The growth of the mobile app market will mean that there will also be a growth in the number of threats and security attacks on the mobile app industry. This will lead to a demand of better in-built features for security for iPhone and Android applications. It will lead to app developers focusing on coming out with stronger data encryption in their mobile apps, and the majority of these apps will be the center of attention in the coming years.

The Trending of Chatbots in mobile

A lot of people have already started using chatbots and view them as a great way to get help with numerous tasks online. The most famous chatbots currently are Siri, Alexa, and Allo, but mobile app developers are looking to come out with new and better features. They are always looking to understand how these chatbots work, and by the year 2020, there will be chatbots that will talk like human beings, and will have their own personalities.

Conclusion

Statistics indicate that mobile app usage will continue to increase leading up to 2020, and the market for mobile apps will be as big as the internet. There are going to be numerous trends that you will have to watch out for, which include AR and VR chats, along with the domination of the IoT. This will mean that people will enjoy greater user experience, along with better security and more privacy with mobile apps.

 
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