The Trends and Growth of the Mobile Application Industry
Updated: Jan 6
Hello everyone! Welcome to Blingy’s Tech Tuesday Column! For #techtuesday, we will discuss about all the aspects of technology. Today we will be looking at the general overview of the mobile application industry.
Multiple statistical results have shown that the mobile app industry grew at a fast pace in the past decade. According to Grand View Research, the global mobile application market size was valued at $106.27 billion in 2018, increased to $154.05 billion in 2019, and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. Further, according to Statista, the total number of app downloads in 2020 is $218 billion U.S. dollars with gross consumer mobile app spending at $143 billion, increased from $204 billion downloads and $120 billion spent in 2019. The mobile application industry continues to rise, expected to generate revenues of approximately $581.9 billion by the end of 2021.
Now we might wonder why mobile app industry is growing at a rapid pace. We listed out some major factors:
- Rise in internet penetration has resulted in higher data usage in developing countries in the past decade.
- The internet emerged as the prime medium of communication through technological devices.
- Improved skills and knowledge in software development, using different machine learning programs to create a wide variety of applications that fits user’s preferences and needs better.