For anyone running a business today, one thing that might somewhat confuse you is the application industry. Today, you must see it all the time; your business ‘needs’ an app. Without one, you are going to be left behind by your competition. It’s a worrying thing to hear, and more often than not can put us on the backfoot about trying to actually progress as professionals. So, if you are a business owner and you aren’t too sure how serious the app business is, let’s take a look at how big the app business actually is in 2020!
This should help you to decide whether or not your business should be making such a wise investment. The app business has grown exponentially in the last few years, so do you know just how big a part it will play in your professional future?
If you aren’t aware, then this page should go some way to making sure you fully understand what you are getting involved with. Make no mistake; the app industry is booming, and it’s easy to see why when you look into the figures behind this most rapidly growing of industries.
The growth isn’t stopping
Did you know that the app store shows no signs of slowing down?
Figures are being released all the time, but the proof in the pudding comes from the fact that app revenue data points to a 75% increase in app revenue globally since 2016. That is absolutely massive and is one of the clearest signs yet that the app industry is absolutely growing all the time.
Indeed, in 2018 the iOS App Store managed to pull in over $46 BILLION in revenue. Google Play Store, for example, was able to bring in around $24.8 BILLION in revenue. This shows you an industry that is moving increasingly towards being in the $100bn/year industry.
It’s an industry that shows absolutely no signs of slowing down. The app business is booming, and it appears to be in the rudest of health. With more apps opening up all the time, too, it’s likely to become an even bigger industry.
From immensely popular mobile gaming apps to business apps, there really is an element of opportunity for anyone looking to build and grow a business. It’s fertile ground for growth, development, and the opportunity to really start booming.
The growth is worldwide
Another factor to take into account is that the app business is a truly global empire. There is no real reason why you should have to worry about the app industry being localised or not. Unless you run a business that is tied geographically due to supply and the like, you could literally have an app that is picked up all around the world.
For example, we spoke about app growth above. Did you know that in China, since 2016, app revenue has grown by 140%?
This is just an example of how so many countries are now tapping into the mobile industry. Indeed, companies such as Sensor Tower suggest that by 2023 this industry could have doubled from its 2018 size, with an app revenue estimate of some $156bn. This shows you that this is an industry that has no by no means reached a peak. Nor is it a set for a drop of any kind – the app business is booming. There is no other way of looking at the kind of growth we are seeing.
Both the major app industries – iOS and Android via Google Play – are exploding in revenue. Billions are being poured into this particular industry.
It’s not just games, either
People see the billions swirling around the industry and presume it’s the major mobile games of the era which are making the majority of the money. But that is not really the case – we are seeing massive growth across the non-gaming industry as well. In 2014, just $3.7bn of app revenue came from non-gaming sources. In 2018, though? That was as high as $19.7bn – and it’s growing even more in the meantime.
There is no reason why app revenue will not continue to grow – and not only by a little, but a lot. This is a process that is seeing people literally tying themselves up into the app industry for the next decade or more. With the right idea and the correct design, an app for your business could be one of the most powerful and effective investments that you ever choose to make.
It will be game-changing for your business if you choose to make such an investment. the long-term opportunities that will come from having an app tied to your business is absolutely massive. With billions in the industry, there’s no reason to stop seeing apps as a big part of your digital future.
There’s no need for nihilism
One thing about the app business is that many see it as too competitive. Articles that can put you off are easy to find, telling you how the chance of making a successful app on a global scale is miniscule. And yes, the chance of making a mobile application that starts to turn hundreds of millions, even billions, of extra pounds in revenue is going to be quite the challenge.
For the average business, though, an app could play a crucial role in boosting your visibility and your likelihood to appeal to your target audience. That’s why there is no need for nihilism when it comes to app development in 2020 and beyond. The marketplace is crowded, yes, but few markets in the world have the almost unquenchable thirst of the app business. That’s why so many people today are focusing on building a business app.
Yes, the chance of becoming a global player depend largely on budget. The chances of improving your local, regional, and even national reputation, though? They are much more cost effective. Building a competent partner app to go along with your business is a wise decision, so make sure you don’t see the app business as beyond you.
With a competent and professional app developer, building a genuinely high quality app really is not the obstacle that some can make it sound.
