The Mobile App Market Forecast 2030 projects 58 trillion hours of app usage and $2.2 trillion in revenue over the decade, highlighting significant growth in spending and downloads.
The mobile app economy has experienced phenomenal growth since its inception in 2008. Steve Jobs once speculated that the iOS App Store might become a billion-dollar marketplace. Fast forward to 2023, and the app economy, including Google Play, is projected to generate a staggering $2.2 trillion in revenue between 2021 and 2030.
According to Latest report, in-app spending through app stores will see a 267% increase over this decade compared to the previous one. This growth is mirrored in the number of downloads, expected to reach nearly 2.9 trillion, up 123% from the prior decade.
This article delves into the market analysis, trends, and opportunities, offering a brief outlook on the future of the mobile app market.
The app economy's projected revenue of $2.2 trillion from 2021 to 2030 is a testament to its robust growth. In 2023 alone, consumer spending on apps hit a record $171 billion, showcasing a strong rebound from the 2% decline experienced due to global inflation, reduced disposable income, privacy changes, and pandemic market corrections. This resilience highlights the app market's ability to adapt and thrive despite economic challenges.
In-app spending is set to grow by 267% over the decade, with $288 billion projected for 2030 alone. This significant increase is driven by the rising number of app downloads, which are expected to reach nearly 2.9 trillion between 2021 and 2030. This surge in downloads indicates a growing consumer reliance on mobile apps for both entertainment and utility.
The forecast also reveals that mobile users will spend over 58 trillion hours on apps over the decade, averaging nearly 16 billion hours each day. This massive amount of time spent on mobile devices underscores the app's enduring appeal as a platform for both entertainment and practical applications.
The mobile app market presents several key trends and opportunities for stakeholders:
Interestingly, apps are set to surpass games in consumer spending by 2030. While games have historically dominated the revenue charts, the sheer volume of app downloads is shifting the balance. By 2030, apps are expected to account for 50.3% of the market, up from 37% in 2023.
This shift presents opportunities for app developers to innovate and create engaging, monetizable content that appeals to a broader audience.
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The Entertainment category, particularly OTT and Short Video apps, is expected to see a 120% growth in spending between 2023 and 2030. This category will make up 18% of annual consumer spend by 2030, driven by the increasing global demand for mobile entertainment.
The surge in demand for OTT and Short Video apps offers significant opportunities for content creators and service providers. With global spending on these apps expected to double, there is a lucrative market for high-quality, engaging content.
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Consumers in developing markets are projected to drive the fastest growth in app spending, attention, and downloads. While mature markets like the United States, China, Japan, and Korea will account for two-thirds of consumer spend by 2030, regions like Central America, South America, and Africa will see compound annual growth rates of 12.0%, 10.9%, and 10.8%, respectively.
This presents a massive opportunity for app developers to tap into these emerging markets.
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With in-app advertising revenue reaching $362 billion in 2023, there is a significant opportunity for advertisers to leverage the growing user base and engagement on mobile apps. This trend is expected to continue, providing a substantial revenue stream for app developers and advertisers alike.
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The mobile app market is poised for remarkable growth over the next decade, with projected revenues of $2.2 trillion and significant increases in both downloads and user engagement. The shift in consumer spending patterns, the rise of entertainment apps, and the growth in developing markets present substantial opportunities for app developers and stakeholders.
As the app economy continues to evolve, it will unlock trillions in economic value, driving consumer transformation and innovation.
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