With almost 3 billion people using smartphones worldwide, it is no surprise that the mobile app industry is growing and flourishing. Smartphone penetration and app usage are growing at a steady rate, and it doesn’t seem like this trend will stop any time soon. Not to forget the 1.3 billion tablet users, a number that has doubled in just 6 years.
If you take a minute to look at people around you as you go about your day, you’ll notice that everyone else is glued to their device as well. As a matter of fact, stats have it that the average smartphone owner looks at their device every 12 minutes. 10 percent of individuals check their mobile devices every four minutes.
Smartphones have become an integral part of our lives. We use them at home, on the street, at work, while eating, in bed, and almost every other place. In fact, chances are you are reading this piece on your phone. But just what is everyone doing on their device? Well, most of mobile time is spent on applications.
This is certainly good news for those who intend to develop apps. However, to be successful, two things need to occur: People need to download the application and need to use it on a regular basis in the intended way.
Important Mobile Application Stats
- There are about 3 million apps on the Google Play Store and 2.2 million on the App Store.
- Mobile applications are expected to generate $189 billion in revenue by the end of this year.
- About 50% of individuals open an application over 11 times per day.
- 21% of millennials open at least one of their favourite apps over 50 times a day.
- 57% of all media usage in the digital arena is from mobile applications.
- The average smartphone owner uses at least 30 applications each month.
Paid Vs. Free Apps
When you are working on an application, one of the first things you’ll need to decide is how to monetise it. After all, it is one of the primary reasons you’re creating an app, right? Charging an app during download may be something that has crossed your mind, but how many will pay for it? According to stats, most of the app revenue (98% to be precise) comes from free apps. Just a fraction of smartphone users is willing to pay for app downloads.
Do not get me wrong, though. I am not advising you to completely scratch the idea of releasing a paid app. Depending on what you’re offering, there are advantages to both routes.
If you decide to charge for downloads from the onset, you can expect fewer people to download it. That is because most of the smartphone users are used to getting apps for free. Just take a quick look at your device. How many apps did you pay for? Chances are it was none! However, individuals who get paid apps are more likely to be engaged, as they want to benefit from something they paid for.
When you make an app free, you can still make money by incorporating ads. There are various ways to do this, and it depends on your niche or the role of the app. You can also implement a strategy where people pay to get the ad-free or a premium version of your application. This helps them avoid the intrusion and relatively poor experience that ads tend to give when using an app.
Mobile apps have become part and parcel of our daily lives and 2020 will still be a big year for this industry, particularly because we have been forced to rely on digital solutions as we battle the coronavirus. Even though smartphone penetration and usage is at an all-time high, every data piece we’ve analysed shows that the industry is still going upward.
This is great news for anyone who plans to launch an app or already owns one, or someone using an app incubator. However, you cannot develop and manage an application without staying abreast of the latest trends and research. That’s why it is advisable to do your homework and at least use this guide as a reference to help you comprehend the mobile application industry.