Mobile Application Revenue Statistics 2024

Mobile Application Revenue Statistics 2024
September 15, 2024
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Mobile Application Revenue Statistics for 2024: In 2022, the global mobile application market valuation reported by Grand View Research was USD 206.85 billion, showing significant growth. This market is set to continue its upward trend with a Compound Annual Growth Rate (CAGR) of 13.8% from 2023 to 2030, driven by several key factors:

• Increased Internet Usage: Primary driver is the surge in internet adoption, particularly in emerging economies like Brazil, China, and India.
• Growth in App Purchases: Online retail sector expansion, exclusive e-commerce offers, and discounts boosting app purchases.
• Rising Mobile Gaming Popularity: Significant increase in gamers spending on mobile gaming apps.
• Impact of COVID-19: Pandemic spike in game, social media, and entertainment app downloads surpassing other categories.
• Type Segmentation: Apple App Store leading in 2022 due to iOS-based apps for devices like iPhones, iPods, and iPads.
• Application Categories: Diverse market including gaming, social media, entertainment, health, tourism, retail, education, etc.
• Regional Analysis: Market spans across North America, Europe, Asia-Pacific, and LAMEA.
• Google Play Store’s Potential: Expected substantial growth, providing accessibility to Android users worldwide.

How Big Is The Mobile Application Development Market?

Market for mobile app development is extensive globally, one of the largest markets around the world. Cloud-based solutions have reduced on-site development drawbacks, enhancing app creation business.

• Market Valuation (2021-2022): Reached USD 206.73 billion from USD 187.58 billion in 2021.
• Growth Rate (2021): Experienced a significant 20.45% year-on-year increase.
• Forecasted Growth (2020-2025): Predicted expansion of USD 653.91 billion between 2020-2025, CAGR of 20.65%.
• App Download Trends (2016-2021): 63% growth in downloads from 140.7 billion in 2016 to 230 billion in 2021.
• Projected Growth of App Downloads (2022-2030): Estimated 13.4% growth from 2022 to 2030, reaching USD 565.40 billion by 2030.
• Mobile App Revenue Forecast (2025): Expected to surpass 613 billion U.S. dollars, driven by mobile games.
• App Store Revenue (2020): Store revenue around $80 billion in 2020.

(Source: appmysite.com)

• 2015 Revenue Overview:
  • Total Revenue: $35.8 billion.
  • Gaming Apps: Contributed 83% of total revenue.
  • Non-Gaming Apps: Made up 17% of revenue.
  • Analysis: Gaming apps dominated, showing popularity and profitability.
• 2016 Revenue Trends:
  • Total Revenue Increase: Grew to $44.8 billion.
  • Gaming Revenue Share: Slightly decreased to 82%.
  • Non-Gaming Revenue Share: Rose to 18%.
  • Insight: Gaming apps continued dominance, with slight rise in non-gaming app revenue.
• 2017 Market Growth:
  • Revenue Growth: Increased by $9 billion, reaching $53.4 billion.
  • Context: Represents substantial year-over-year growth.
• 2018 and 2019 Revenue Patterns:
  • Growth Continuation: Steady total revenue increase.
  • Gaming Revenue Percentage: Dropped to 77%.
  • Non-Gaming Revenue Percentage: Increased to 23%.
  • Observation: Gradual shift with non-gaming apps gaining larger market share.
• 2020 Revenue Breakdown:
  • Total Revenue: Reached $80.6 billion.
  • Gaming Revenue Share: Further reduced to 72%.
  • Non-Gaming Revenue Share: Increased to 28%.
  • Conclusion: Non-gaming apps capturing more market share steadily, indicating diversification in app usage and monetization strategies.

These bullet points outline evolving dynamics of mobile application store revenue from 2015 to 2020, displaying consistent total revenue growth and gradual shift in revenue contribution between gaming and non-gaming applications.

• Total Market Revenue (2022): Expected to reach US$420.80 billion in 2022, providing an overview of the app market’s financial size.
• Revenue Growth Rate (2022-2027): Anticipated CAGR of 8.83%, leading to US$673.80 billion market volume by 2027, indicating healthy market expansion.
• Revenue Streams (2022): In-app Purchases expected to reach US$149.90

The app market boasts diverse income sources, as illustrated by these revenue streams.

• Downloads and Revenue Per Download (2022): A projection of around 235.30 billion downloads is expected, with an average revenue per download of US$1.79. This metric offers insights into the profitability of app downloads.
• Top Revenue-Generating Country (2022): China leads in revenue generation with US$162.90 billion, underscoring its significant market share in the global app economy.

Mobile Apps Market during the Forecast Time

(Source: technavio.com)

• The global Mobile app market size is anticipated to grow by approximately USD 1,095.9 billion between 2022 and 2027, with a compound annual growth rate (CAGR) of 22.97 percent.
• An increase in smartphone users, a focus on AR apps, and the expansion of online commerce are key drivers of market growth.
• The mobile apps market report extensively covers market segmentation by platform (Android Market, iOS Market, and others), Type (Gaming, Music and Entertainment, Fitness, Health, Social Networks, etc.), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

Mobile Application Market Top Players Company Profiles.

• Intellect Soft LLC – With 100 employees, Intellect Soft boasts a revenue per employee ratio of $90,800, reaching a peak revenue of $9.1M in 2022.
• Microsoft Corporation – Microsoft’s revenue for the twelve months ending June 30, 2023, was $211.915B, marking a 6.88% year-over-year increase.
• Google, Inc – Out of a total revenue of $69.8 billion, search ads contributed $40.4 billion (57.8% of revenue).
• Hewlett Packard Enterprise Company – With an annual revenue of $29.655B in the twelve months ending July 31, 2023, showing a 5.99% year-over-year increase.
• Cognizant Technology Solutions Corporation – Cognizant Technology Solutions’ revenue for the twelve months ending September 30, 2023, was $19.434B, up by 0.35% year-over-year.
• IBM Corporation – In the same period, IBM generated USD 60.5 billion in revenue and USD 9.3 billion in free cash flow.
• Broadcom, Inc – Broadcom’s revenue for the twelve months ending July 31, 2023, was $35.454B, showing an 11.91% year-over-year increase.
• Verbat Technologies LLC- Verbat’s revenue stands at $19.8 Million.
• Netflix.Inc – Netflix’s revenue for the twelve months ending June 30, 2023, was $32.126B, a 3.53% increase year-over-year.
• Apple, Inc. – Apple’s total net sales amounted to 29 billion U.S. dollars in their 2023 financial year.

Age-related Statistics on the Usage Of Mobile Applications Worldwide

(Source: appmysite.com)

The demographics of mobile app use reveal distinct behavioral patterns among users across different age groups regarding mobile applications. The data on mobile app usage by age shed light on intriguing usage trends, elaborated in the following sections:

• App Users Distribution by Age – Teens and young adults tend to spend more time using apps, with 18 to 24-year-olds averaging 112.6 hours of app use per month.
• App Downloads by Country – In 2022, China recorded 111 billion mobile app downloads, followed by India with 29 billion, and the United States with 12.24 billion.
• App Usage by Country – In 2022, Indonesian smartphone users spent an average of 5 hours and 39 minutes daily on mobile apps, showing a four percent increase from 2021.
• Genre Representation of Android Apps – During Q2 2022, certain mobile app categories were more used by male users than female users, with 92% of automotive and car apps accessed by men.
• Top Apps Preferences by User Age – Research indicates that the top-preferred apps by millennials are… (continues)
  • Amazon, Gmail, and Facebook are the apps that one simply cannot do without. Seventy-five percent of Gen Z users consider Snapchat as the best platform for staying connected, while 71% vote YouTube as the top choice for long-form content.
  • When it comes to app categories and age groups, Generation Z (born after the nineties) is a generation that devotes most of their online media time to apps. Additionally, they spend 30% more time using their favorite apps compared to the average population.
  • Regarding social media app usage, individuals aged 20 to 29 spend the most time on social network applications. Youngsters aged 13 to 19 are almost equally engaged with digital apps. Conversely, the usage of social media apps decreases significantly for individuals above 40 years old.
  • The impact of age on app engagement reveals that younger users are the most active across all app categories. During the 2nd quarter of 2022, comic apps saw increased engagement from the 18-24 age group. Furthermore, over half of downloads in the audio and music category came from Android users aged 18-24. Around 30% of magazine and news app downloads were made by users aged 50-64, while 22% of parents’ apps were downloaded by individuals aged 25-34.
  • For millennials, apps serve as a solution to boredom, with around 74% admitting to opening an app when bored (Source: ComScore). This presents an opportunity for creators to develop engaging content like videos, blogs, etc., to keep users entertained and alleviate their boredom.

  Mobile App Download Statistics & Usage Statistics

  • With over 6.3 million smartphone owners worldwide, the mobile application market’s growth is not surprising. The use of apps and smartphone penetration continue to increase steadily, showing no signs of slowing down.
  • Research reveals that the majority of Americans check their phones an astounding 262 times a day, approximately once every 5.5 minutes.
  • By 2023, mobile apps are projected to generate over $900 billion in revenue.
  • The Apple App Store boasts 1.96 million downloadable applications.
  • It is estimated that there are 2.87 million apps available for download on the Google Play Store. Google Play Store.
  • About 21% of millennials use apps more than 50 times daily.
  • Almost half of the population uses an app at least 11 times a day.
  • Mobile apps account for 70% of US internet-connected media consumption.
  • An average smartphone user uses 10 apps daily and 30 apps monthly.
  • Surprisingly, 98% of worldwide mobile app revenue comes from free apps, with only a small fraction representing paid downloads.

  

  (Reference: buildfire.com)

  • Global app downloads indicate a higher volume through Google Play Store compared to the Apple App Store. Notably, both stores experienced an increase in download percentages from 2019 to 2020.
  • Statistics show that Google Play Store downloads surged by 31%, while the Apple App Store witnessed a growth rate of just 2.5%.
  • In conclusion, the data suggests that Google Play Store garners more downloads and is expanding at a faster rate.

  

  (Reference: buildfire.com)

  Most Popular Google Play Store App Categories

  The success of an app category can be gauged by its penetration rate. According to Statista, these app categories have the highest penetration among Android users.

  However, some categories of leading Android apps need to be viewed skeptically. For instance, certain top categories on the list (like communication apps) are likely pre-installed on all Android devices.

  • Tools — 99.81%
  • Communication — 99.93%
  • Business Apps — 99.33%
  • Video Players & Edit— 96.63%
  • Travel & Local — 95.7%
  • Social Media Apps — 95.02%
  • Productivity — 91.67%
  • Music & Audio — 88.38%
  • Entertainment — 83.85%
  • News & Magazines — 81.11%
  • Photography — 75.77%
  • Books & Reference — 70.74%
  • Lifestyle — 65.67%
  • Personalization — 61.62%
  • Games (Casual) — 58.86%
  • Games (Puzzle) — 56.5%
  • Games (Arcade) — 55.08%
  • Shopping — 35.79%
  • Games (Action) — 34.19%
  • Weather — 32.46%

  Future Forecasts of the Mobile Application Industry: What will the future hold?

  

  (Reference: appmysite.com)

  • App download forecasts suggest that by the year 2026, consumers will download an estimated 143 billion mobile apps via the Google Play Store, marking a 30% increase from 111 billion apps downloaded in 2021. Similarly, predictions indicate that the Apple App Store will witness 38.
    • Over the next five years, there is an expected increase of approximately 15 percent in app downloads, totaling billions.
    • Predictions for Mobile Payment: The global mobile payment market should see a growth to 18.84 trillion US dollars in 2030, up from 2.98 trillion US dollars in 2023, showing a 30.1 percent annual growth rate over the forecast period.
    • Future of App Stores: Apple’s App Store is projected to surpass 125 billion US dollars in spending by 2027. Combined user spending on Apple’s App Store and Google Play is estimated to exceed 181 billion US dollars.
    • Forecast for Top App Categories: Apart from gaming apps, categories like social games, entertainment, and productivity are expected to dominate non-gaming app categories. Entertainment and social apps are likely to jointly hold a revenue share of six percent by 2026.

    Miscellaneous Facts About Mobile Application Statistics 2023

    • The number of downloadable apps globally has surged by 82% since 2016.
    • In 2022, users spent a cumulative 3.8 trillion hours on mobile applications.
    • After a month, 6% of Android app users and 4.3% of iPhone app users continue to use the app.
    • As of 2021, around 2 million new apps were introduced.
    • In 2021, the app stores witnessed spending amounting to $320,000 per minute.

    Conclusion

    The mobile app market is rapidly growing and has become an integral part of the digital realm. This growth is largely fueled by the increasing popularity of smartphones and tablets, offering users a plethora of features and services through mobile applications.

    The demand for personalized and user-centric experiences is pushing app development forward. Users seek applications that cater to their specific needs, whether for gaming, socializing, productivity, shopping, or other purposes.

    Developers are responding to varied consumer preferences by creating numerous applications, leveraging the expanding base of smartphone users. Businesses face the challenge of adapting to evolving technologies and meeting market demands with the requisite expertise and technical capabilities for app development.

    In the competitive and dynamic industry, developers are striving to introduce new apps that align with consumer trends and preferences, aiming to meet the demands of a growing user base.

    Related:

    1. Insights on Mobile App Industry Statistics covering Millennial Preferences, Smartphone Users, User Retention, and Spending Trends
    2. Google Play Store Statistics 2024 – Including Ratings, Demographics, Brand Awareness, Revenue, and Price Distribution of Paid Apps
    3. Statistics on Video Game Industry 2024 – Revenue, Player Count, Demographics, and Preferred Gaming Devices
    4. Projections for Online Gaming Market Demand to Reach USD 276.0 Billion by 2033, Growing at 11.2% CAGR Worldwide