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Mobile application market forecast to surpass $600 billion

21.04.23 00:00
The usage rate of mobile internet users exceeded more than half of the world's population for the first time during the coronavirus pandemic. As a result, the mobile data economy is still expanding, with a rise in purchases conducted through mobile applications.

The mobile application market continues to grow in parallel with technology development.

Yasin Kaplan, the founder of the Digital Marketing School, predicts that the mobile application market will surpass $614 billion by 2026, with in-app purchases being the main revenue model.

Kaplan points out that 97% of apps on Google Play and 94% on the App Store are downloaded for free, stressing the importance of digital marketing strategies to increase user engagement.

"There are important digital marketing strategies that we have come across for applications to be used more by users. As Digital Marketing School, we apply these strategies to our mobile application customers and enable them to reach higher audiences by reducing costs," he noted.

$415B in revenue

Mobile applications have become an essential part of our daily lives and a significant revenue economy.

The mobile application market, which has become one of the largest sectors in income, closed in 2022 with a revenue of $451 billion.

According to multiple research studies, the mobile application market is expected to increase in the coming years. As Kaplan predicts, it could exceed $614 billion by 2026.

New tech concepts

As the use of mobile devices continues to increase, new technology concepts such as the metaverse, NFC and artificial intelligence are entering our lives, and Kaplan believes that the mobile application market will also evolve and adapt to these new technologies.

Kaplan notes that application costs on the App Store are more expensive than on Android, emphasizing the importance of digital marketing strategies to increase user engagement.

"There are digital marketing strategies that come across on Google and Meta to offer applications to users more through digital marketing strategies or to make existing applications more frequently used by users who have downloaded them," he said.

"As Digital Marketing School, we apply these strategies to our mobile application customers and deliver them to higher audiences by reducing costs. At the same time, we also contribute to the mobile application market by providing education related to mobile application marketing," he noted.

3.8M active users

Kaplan highlights that only 3.8 million active applications exist in the Google Play store.

Of these applications, 85% are available apps, and 15% (537,000) are games, he noted. In addition, approximately 97% of the 3.2 million apps, which consist of content such as stores, e-commerce and news sites, can be downloaded for free on Google Play.

"The main revenue model comes into play through purchases made after downloading the app or game. In March alone, 82,243 new apps were published on Google Play. On the other hand, there are 1.7 million apps in the App Store, with 1.5 million being non-game and 216,000 being game apps," Kaplan said.

He added that about 96% of these apps could also be downloaded for free.

"In the last month, 32,986 applications were published on the App Store. These statistics demonstrate that publishing applications on iOS are more challenging than on Google Play in terms of both software technology and policies," he said, Daily Sabah reports.