With more people using mobile devices than ever, we see an explosion of smartphones and tablets on the market, promising greater functionality and convenience. A barrage of mobile apps further adds to the users’ experience. No wonder the Mobile apps market is expected to mark over $935 billion in revenue by 2024.
Do you want to know some mind-boggling facts and estimates about mobile apps, their downloads, and their usage? Here are the top 10 recent mobile app statistics that you should know and use to make your app in line with your target market in 2024 and beyond.
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Key Mobile App Statistics for 2024
The number of people using smartphones will continue to grow. Also, mobile apps have taken the world by storm, and according to one estimate, the app economy will be worth $7 trillion within five years. That’s more than the entire GDP of every country in the world combined!
Number of Mobile App Users Worldwide
Do you have any idea how the demand for mobile applications is increasing day by day? If you don’t know about this and are looking for mobile app development, then do not get confused and look at the growing number of mobile applications that tell the popularity and authenticity of the mobile applications.
By 2024, the number of mobile users worldwide is grown to 7.26 billion. The following image (source: Statista) shows the forecast number of mobile users worldwide from 2020 to 2025.
Social Media Apps are the Highest Downloaded Apps
Nearly 37 billion apps have been downloaded globally from the App Store and Google Play. TikTok becomes the fifth app to surpass 3.5 billion downloads in total. Instagram downloads decreased by 7% from quarter to quarter, yet it was still the app’s second-best total since at least 2014.
Most downloads from the top three publishers in the globe last quarter were from their separate portfolios of non-game apps: Meta, Google, and ByteDance. The other top 10 businesses were mostly game publishers. The leading publisher for the quarter was Meta, which surpassed 600 million downloads to take second place to Google.
Number of Apps
According to Statista, consumers are expected to download 143 billion mobile apps from the Google Play Store in 2026, up from 111 billion apps downloaded in 2021, a nearly 30% increase. In contrast, users are expected to download over 38 billion apps from the Apple App Store in 2026, up about 15% from the number of downloads in 2021.
So it could be considered that Google Play Store is more accessible because of Android’s market share. You can also look at it and realize that the Google Play Store could be a more competitive market for your app. What competitive markets are best for your business is up to you now. You can hire app developers & get an app developed of your choice.
Global Mobile Advertising Spend
Global Mobile Advertising Spend is anticipated to record 362 billion US dollars globally in 2023. According to the most recent figures, spending would reach around 402 billion by 2024, an increase of 4.6% from the previous year.
Mobile Ads have become one of the best ways to increase your market value. With the help of Mobile Advertising, you can do this. How? Do you know that any free apps gain revenue by selling ad space? So use this opportunity to buy ad space in that popular free app and make your presence known to users. Have a free app? This is your opportunity to sell ad space to gain revenue.
Daily Internet Access
In the year 2024, people will be spending far more time on Mobile Devices. According to GWI research, the “average” global internet user uses the internet across all devices for almost 6 hours, 40 minutes daily. The amount of time people spend on an average daily has increased by 4 minutes (+1.0%) from the last year. Four minutes per day add up to 1.5 billion extra days of internet use by the end of 2024.
According to the most recent data, people worldwide are expected to log on for more than 780 trillion minutes in 2024 alone.
Most people access the internet through mobile devices. Users aren’t going to wait until they have access to a laptop to do their research; they want immediate results. Considering this fact, you are suggested to switch to a mobile app if you are looking for a successful business.
Mobile App Retention
The user retention rate should be the main consideration when creating a mobile app. We are aware that maintaining higher user retention rates is not always easy, but it is crucial to attempt various strategies.
Let’s first define what the mobile app retention rate means.
The mobile app retention rate calculation depends on how long customers use the app after installing it. The higher the mobile app user retention rate, the longer most users use the program continuously. The 30 days following an app user’s installation on a mobile device are used to assess the user retention rate for mobile apps.
Read Also: Top 15 Tips To Improve App Conversion Rate in 2023
The user retention rate varies depending on the type and genre of mobile app development. The typical mobile app retention rates by industry type are shown below:
Mobile App Revenue
According to app sales data, mobile apps might generate over $935 billion in revenue this year. The popularity of smartphones and tablets increased in-app advertising and paid downloads revenue. Global mobile app revenue was $365 billion in 2018, and a five-year forecast predicted that the revenue would triple.
Publishers of both gaming and non-gaming apps anticipate continued revenue growth through 2021 and beyond.
If you weren’t sure about the mobile app demand, rest assured. The demand for mobile apps is high. Over the past ten years, app revenue has increased significantly, and this growth is expected to continue. It is not too late to begin your mobile app journey.
App Outlook Matters
Mobile app development services are now focusing on predictive analytics and artificial intelligence, which will be used in future apps to offer better UX and UI. Let’s have a look at some of the reasons why users prefer mobile apps, as per yellowfinddigital.
Read Also: Mobile App Monetization in 2024: What You Need to know?
Mcommerce Purchase
The outburst of COVID-19 boomed mobile commerce sales in 2020. About 18% of consumers turned to online shopping.
However, the effects of the pandemic have a lasting impact on mobile trends. It has already surpassed $360 billion, and it appears that the ongoing expansion of mCommerce is inevitable. By 2025, it is predicted that this value will have virtually doubled, totaling $710 billion.
But how many online retailers have mCommerce websites? The market for mobile eCommerce is anticipated to account for 41.6% of all eCommerce sales by the end of 2023 and 44% by 2025, gradually balancing the ratio of mobile to eCommerce.
Global Market Share
In 2021, the mobile application market’s gaming application sector had the highest revenue share (42.94%+). The market is also predicted to maintain its dominance during the forecast period due to a remarkable estimated increase in the population of gamers and, as a result, the number of mobile gaming applications in countries like China and India.
Additionally, iOS, Android, and Windows are the three primary Operating System (OS) platforms utilized to develop mobile games. Although many games were downloaded to Android OS in 2019, iOS made more income due to the greater prevalence of premium games.
From 2023 to 2030, the music and entertainment application segment will experience a noteworthy CAGR of over 13.9%. This part covers music and entertainment applications, including Netflix, HBO NOW, Tinder, Spotify, YouTube, Amazon Prime, and Hulu. In terms of music and entertainment income in the US in 2018, Netflix came second to YouTube.
Due to the rising popularity of streaming services, there has been a significant increase in the use of music and entertainment apps. With the help of live streaming apps like Netflix, YouTube, and Instagram, users can share live videos with a larger audience and interact with them frequently.
Free vs Paid Apps
Your monetization strategy should be one of the first considerations when developing a mobile app. You might consider imposing fees for app downloads. But if you charge for it, will people still download your app?
Let’s compare the quantity of free and premium app downloads. Global downloads are almost exclusively free. Free apps generate 98% of all app revenue worldwide, but only a small percentage of consumers are prepared to pay for downloads.
Less mobile users will download the app if you charge for downloads at first. This is because most individuals are accustomed to receiving free downloads.
Just have a peek at your smartphone. Do you have any installed applications that you paid for? If you do, you’re not the majority.
Paid app users, however, are more likely to be active users. They won’t spend money on something they won’t ever utilize. But you may still make money with your software without charging for downloads.
If you run an existing company and have an app as an extension, you should give out free downloads to attract more customers. No one expects users to pay for downloads. This is because the vast majority of programs that are sold in the Apple App Store and Google Play Store are free.
Which to offer? Free apps or paid ones? Well, this depends on your choice and priority, like how you plan to bring in revenue and how you’ll engage new users and keep them coming back. Keeping into consideration this need, you can make a choice.
Also Read: 40 Top App Ideas for 2023: It’s High Time To Get Started
Final Words
The year 2024 will remain significant for the mobile app market. Every data we studied reveals that, even though mobile usage and penetration are at an all-time high, the trend is still rising. In order to better understand the mobile app market from a download and usage viewpoint, utilize this blog post as a reference.
If you are planning to start your business with an android, then you can hire mobile app developers. Here, you can have a good and affordable service.
Good luck with your startup!
