Why It’s A Time Of Impressive Growth In The App Industry

If you have been following our blog series about applications, you will already be aware that creating your very own app can bring some very real and tangible benefits to your business, whichever industry or sector you may be operating in. And, as the latest figures show, there are more and more organisations waking up to the fact that investing in a bespoke app can be a very sound move indeed.

The Fastest Growing Segment Economy

Indeed, the app industry is growing at such a rapid pace, it has been named as one of the fastest growing segment economies globally, with an annual growth rate having been set at a staggering 27% as far back as 2014. Now, in 2021, the global value of the mobile app market is well in excess of $106 billion, and is on track to climb to a staggering $407 billion in the next five years.

This impressive growth can be largely attributed to the way in which people now engage with the internet, turning increasingly to mobile technology such as smartphones and tablets over the desktop personal computers of the past. Furthermore, the growth of the e-commerce industry (which has itself been accelerated beyond previous predictions thanks to the Covid pandemic) has fuelled demand for new and innovative ways for customers to enjoy a seamless retail experience across platforms and devices.

Enterprise apps, apps for health and fitness, and the profits gained from the in- app purchases in gaming apps have also significantly contributed to the high market value. The gaming sector is the largest component of app industry profits, although entertainment and music is expected to take up a greater share in the future.

New Technology Opens Up New Possibilities

It has also been noted that the latest computing developments such as Artificial Intelligence (AI), and Machine Learning (ML) are creating new opportunities for app development. The potential of these technologies has been recognised by major players such as Apple, Huawei, and Samsung, meaning that the latest smartphones will be able to host some truly innovative apps which could harness these incredible AI and ML processing capabilities. Forward-thinking businesses will be able to benefit from this technology too, by developing apps that intelligently derive a host of insights from user data.

The Future Is Wearable

The ascent of the app industry looks likely to continue, as our love affair with portable technology shows little sign of abating. Indeed, fresh developments in the arena of wearable technology are opening up new avenues of opportunity for the astute app developer and businesses alike. The launch of the latest smart glasses by Ray Ban, and the growing capabilities of smart watches, show again that the brands that can deliver a great online experience across an ever-widening range of devices will be benefiting from increased customer loyalty, and profits, too.

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