Ever wonder how much time we spend browsing our mobile apps every day? Going by the statistics, an average US consumer spends close to 198 minutes each day using mobile apps and checks their phone nearly 80 times a day! In fact, mobile apps have become an extension of our everyday lives. We use these apps for nearly everything be it booking a ride, watching videos, messaging friends, browsing the web, reading e-books or listening to our favorite podcast.
In this blog, we will take a look at some noteworthy mobile app growth statistics for 2020 and beyond. So let’s dive in.
1) Revenue Generation
In 2016, the revenue from app downloads, in-app purchases, and advertising was close to $88 billion. The number is expected to cross $188 billion by 2020-a whopping increase of 113%. And the figures don’t seem to surprise us. The demand for mobile apps has mushroomed over the past few years and users have become more comfortable with making in-app purchases.
2) Social Media
In light of the obsession, social media has created, it comes as no surprise that smartphone users are spending the majority of their time on social media platforms be it Facebook, Instagram, Twitter or LinkedIn. If statistics are to be believed, 20% of their time is spent on social media apps alone.
Social media apps are also the most downloaded apps. Going by 2018 stats, WhatsApp was the most downloaded app followed by Facebook Messenger and TikTok. This social media frenzy shows no sign of slowing down in the days to come.
Close to 25% of mobile apps are gaming apps. Gaming apps are 2.5 times more than the second-highest category, business apps and 3 times more than the third-highest category, education. Notwithstanding this, only 65% of the smartphone users have at least one gaming app on their devices.
In contrast, more than 90% of all users have at least one web browser, communication app, social and shopping app on their devices. Apparently, the demand for gaming apps isn’t in sync with their supply. That said, the advancement in 5G and Virtual Reality (VR) will boost the market for gaming in 2020 and beyond.
4) Mobile Commerce
Online shopping is in vogue. As per recent statistics, 43% of smartphone users consider online shopping as one of their favorite online activities. In fact, around 83% of online shoppers use shopping apps on their devices. Conversion rates from these apps are 70% higher when compared to mobile websites. The frequency of purchase from mobile apps is also higher-around 66% of e-commerce app users shop at least once a week.
Thanks to AI, shopping apps today offer a hyper-personalized user experience. Besides, now we have wallets such as Google Pay and Apple Pay to facilitate digital payments. In view of these developments, we expect a whopping rise in mobile commerce in 2020 and beyond.
5) Internet of Things (IoT)
According to a prediction by Gartner, there will be approximately 26 billion connected devices by 2020. This will include countless ‘smart’ objects such as home appliances, sports equipment, biometric devices, and controllable power sockets. These devices will be a part of the Internet of Things (IoT) and will communicate through an app on a smartphone that will act as a remote control. Advances in IoT will trigger the demand for customized mobile applications.
6) Machine Learning and Artificial Intelligence (AI)
While these technologies have been there since the 1970s, it is only recently that machine learning and artificial intelligence have gained traction. A popular example of AI in mobile devices include bots such as Siri and Google Assistant.
Artificial intelligence helps mobile apps study a lot of user information to draw insights about their usage patterns and preferences. This helps them create a hyper-personalized experience for the user.
As per a study, the AI industry is estimated to reach $40 billion by 2020. Advances in deep learning technologies will pay the way for increased use of AI in apps.
7) Mobile Wallets
According to predictions, the global mobile wallet market will touch $500 billion by 2020. These days, mobile wallet companies are creating all-in-one applications that offer lucrative deals to attract users. These companies are also collaborating with financial companies and service providers to provide users with a seamless experience. Consumers are increasingly using wallets to transfer money, recharge mobile, pay utility bills, book tickets and buy stuff. The likes of Google Pay, Apple Pay, and Samsung Pay are paving way for seamless growth of this industry.
8) Mobile App Security
In 2018 alone, 194 million app downloads were made. Most of these apps gain access to a lot of personal information of the user such as name, email address, phone number, and even personal contacts. In many cases, these apps have critical vulnerabilities related to security algorithms that can be easily exploited. This has compelled app builders to take concrete steps to augment security features. Across the world, spending on information security is growing and is expected to reach $124 billion by the end of 2019.