Why The Mobile App Industry is Booming for Entrepreneurs
By David Hamann, editor of Biznessapps
For inspired entrepreneurs, the mobile app industry is one the most exciting markets. Its growth is clear, with global mobile app store revenue set to increase to $51 billion in 2016 and exceed $1 billion in 2020.
Consumers are literally glued to their screens, and their consumption of mobile apps is only set to rise. Apps are without a doubt an industry with an incredible amount of profitable business opportunities.
Why is the mobile app industry booming?
Now is genuinely the most exciting time to work in the mobile app industry. Mobile is quickly becoming the main platform where consumers spend most of their time, and there’s an incredible demand for new, interesting forms of entertainment via phones. Top categories include Retail, Productivity and Messaging , and the industry’s demand for games is also continuing.
Consumers are now more comfortable than ever shopping on their phones; plus, they are also becoming very savvy with mobile technology. Mobile devices are now permeating everyday life, and many would find it difficult to survive without them. With this level of reliance and content consumption via mobile devices, the app industry is set to continue it’s growth over the next five years.
The marketplace is also experiencing rapid growth from opportunities across the globe. With emerging markets like India, Mexico, Brazil and Indonesia, there are thousands of new mobile users everyday.
Interestingly, these markets are creating rising levels of demand for mobile apps, but they also present new challenges. For example, due to less disposable income in emerging markets, there are a number of low cost phones available.
Cheaper phones means a smaller screen size and lower performance capabilities, which app developers need to account for. There are also regional and cultural challenges such as adapting to the language, localized events, and niche markets.
App developers, therefore, need to adopt a localized marketing strategy that adapts to their regional consumers’ preferences.
Time Spent in Apps
The platforms consumers interact with changes their behavior and their preferences of the channels they use. Between 2014 and 2015, the time spent using apps on Android phones increased by 63%.
With this rise of mobile consumption, users are tending to spend more time using their apps as they are immersed in each app’s ecosystem. This highlights that mobile apps are now even more engaging for consumers, offering a user friendly experience that holds their attention.
One of the biggest ways this has changed consumer behavior is the influence mobile has had on search engines. Traditional search engines such as Google are experiencing a decline, as users search for information natively via their social media apps rather than seeking it via their web browsers.
If they have a question, they might tweet it via their Twitter account or search for relevant hash tags. This clearly highlights how engaged mobile users are with their apps, as they utilize it for all their needs—information, content, and entertainment.
The mobile app industry is clearly experiencing an uplift. It’s a very exciting and promising field to invest in for entrepreneurs who are expecting to continually see a rise in demand. App downloads and revenues are increasing, while users are becoming increasingly engaged with strong UI designs and a better user experience.