The term app refers to software application designed and developed to run mobile devices, smartphones and tablet computers. The app economy working deliberately is developing new apps and providing great efficiency to consumers. Nowadays, everyone is using mobile apps and a research says that it is just the beginning.
According to the ReCode, on “app economy” and standards analytics tool marker App Annie, things are about to explode. AppAnnie has estimated that the app economy will be worth of $6.3 trillion from $1.3 trillion last year.
In “app economy”, money comes from different sources. These may be by buying and downloading new apps, buying products from these apps and the advertising revenue generated by these apps. Travel apps and gaming will continue to be on the hot list. People in South Korea, Brazil, Mexico, India, and Japan are spending more than four hours a day on their mobile apps and usage is rising tremendously.
The mobile shopping could be the leading driver. The mobile commerce market is now immensely strengthening across the globe. It accounts for about 90 percent of mobile app usage. These apps have taken the e-commerce to an entirely new level and are expected to rise even further. Despite being in its initial stages, the significance of m-commerce can`t be denied.
E-commerce has become a mainstream with countless mobile app services, as consumers rely more on their smartphones as compared to their desktop computers. With the rising popularity of handheld devices, the consumer base of mobile commerce has widened. Worldwide people are using their smartphones to make purchases, reading, education, entertainment, ticketing, resource planning, trading etc. Moreover E-commerce giant like Amazon.com, Alibaba, Uber and several other mobile apps has fueled our app technology as consumers are more likely to resort to impulse purchases.
Another big factor will be mobile payment services like Apple PaySquare, and PayPal. These are predicted to be the rival of credit cards usage over the next few years. In addition, many traditional retailers–including Walmart and Target–are investing heavily in e-commerce field and mobile shopping solutions. This is to complement in e-store browsing.
The reports found that more than 65 percent of mobile users downloaded and installed at least one app in May 2017. The app economy isn’t necessarily driven by new downloads as it is by usage. According to the ReCode story, App Annie predicts that global usage of app technology will double but so will the time and money spent on it. On average, a typical person will spend around $1,000 (up from about $350), using their mobile apps by 2021.
All of this will create opportunities for thousands of entrepreneurs, tycoons, traders to develop solutions, manage data, nurture customers and secure transactions. The app economy is the best place to invest money to get more profit in a shorter time.