In 2019, global spending on mobile apps stood at $85 billion. Leading mobile app research firm Sensor Research estimates that this figure will double to $171 billion by 2024 – an annualized growth rate of 15%. For context, this is almost five times the predicted worldwide GDP growth.
Furthermore, the latest data indicates that, in contrast to the broader economy, the mobile app ecosystem is benefiting from the movement restriction mandates to contain the COVID-19 pandemic. Data for the first quarter of 2020 showed a 20% year-on-year growth for mobile app store downloads. Unsurprisingly, mobile games – already a $68.5 billion market in 2019 – had its best quarter ever, with over 13 billion installs, which amounts to 35% year-on-year growth. Most of us prefer to use either Apple App Store or Google Play Store.
