2024 mobile app market forecast highlights pivotal trends redefining industry dynamics and user engagement in UK.
As the digital horizon expands, staying ahead in the mobile market is akin to winning a race before it even begins. The year 2024 promises to be a pivotal one, with groundbreaking trends poised to redefine the mobile app industry.
To ensure you're not just keeping pace but leading the pack, we've distilled the top five predictions that will shape the global mobile market. Dive into our comprehensive analysis and prepare to ride the wave of the future.
TikTok is on track to dethrone Candy Crush Saga, aiming to become the highest-grossing app with an anticipated revenue milestone of 15 billionin 2024. Despite Candy Crush reaching the 14 billion mark slightly earlier, TikTok's growth rate is notably higher.
TikTok's revenue in 2023 surged by 70% year-over-year, a pace 3.7 times faster than Candy Crush Saga's 19%. While Candy Crush has been monetizing since its 2012 release, TikTok's revenue acceleration began in earnest in 2016.
Disney+ and Genshin Impact are not far behind, with Disney+ expected to hit 7 billion within five years and Genshin Impact projected to cross 6.3 billion in just four years.
The mobile gaming industry appears to be on a path to recovery, heading towards a more moderate growth trend similar to pre-pandemic levels.
⚡ Global Mobile Game Market Report (Q3 2023)
However, this positive outlook is tempered by potential challenges, including the broader economic impact on consumer discretionary spending, advertising restrictions, the emergence of alternative app stores, and strict gaming regulations, particularly in China, the top gaming market globally. The industry's resilience will be tested as it adapts to these evolving conditions.
The mobile gaming sector is facing a -3% decline in consumer spending in 2023, with totals expected to reach $107.5 billion. This contraction is largely due to the financial pressures of high inflation and economic challenges, as well as a market correction from the elevated spending during the pandemic.
⚡ In-Depth Insights for Game Marketers: Data, FAQs, and Practical Solutions in 2023
Looking ahead to 2024, the industry is forecasted to experience a 4% year-over-year increase in consumer spend, achieving 111.4 billion, although this will not quite match the 115.8 billion peak seen during the COVID-19 pandemic.
The United States is anticipated to be the biggest contributor to this growth, responsible for 40% of the year-over-year increase. Japan and South Korea are also significant players, with Japan expected to account for 16% of the growth.
⚡ 2023 Game Industry Investment Landscape
The growth in spending for 2024 is set to be fueled by a variety of game genres, with RPGs, Match, Party, and Casino games leading the charge. Notably, RPG and Match genres are predicted to contribute to 1 out of every 5 of the overall growth.
⭐ Elevate your marketing game - Gaming App Marketing Solutions
As microblogging platforms like X and Threads face diminishing user numbers, the shift towards video-centric news and social networking marks a new era. This pivot reflects changing user behaviors and the evolving landscape of online media, where platforms must adapt or risk obsolescence.
X, commonly recognized as Twitter, is projected to witness its Daily Active Users (DAU) fall to 250 million, a significant decrease from the figures observed during Elon Musk's acquisition in April 2022, and even lower than its peak in July 2022.
The microblogging arena, as a whole, is seeing a decline. Threads, another microblogging platform, is expected to have its highest DAU count remain on July 7, 2023, with 61 million, as user activity levels out to around 20 million DAU by November 2023.
The year 2024 is likely to bring further declines for microblogging applications due to a combination of increased competition and changes in user preferences. Despite some platforms like X retaining a dedicated user base, the trend indicates a consumer shift from text-based social networking to platforms that prioritize photos and videos.
⚡ Master Marketing Landscape: 2023 Social Media Trend Insights
TikTok is set to further encroach on X's territory as a source for news, with 43% of US TikTok users now getting their news from the platform - a figure that has doubled in three years. In contrast, X has seen a decline in users turning to it for news, from 59% to 53% in the same time span, signaling the ascendancy of video-first news consumption.
By 2024, Generative AI will be ingrained in the mobile experience, with a vast array of apps incorporating AI to improve functionality and user engagement. From personal entertainment to business efficiency, AI's impact on app development and usage is set to be profound and widespread.
In the rapidly evolving tech landscape of 2024, Generative AI is set to become a staple in our digital lives. Apps with Generative AI capabilities are projected to witness a 40% increase in downloads year-over-year, signaling a major shift in user preference and functionality demand.
⭐ Catch up on the AI flood - AI App Marketing Solutions
The introduction of ChatGPT in 2023 marked a turning point, catalyzing a tenfold increase in AI-related searches in the US. The ripple effect saw Generative AI app downloads multiply by nine, with AI Chatbots leading the charge, boasting a staggering 72x growth. This trend is expected to fuel a diverse range of apps throughout 2024.
While AI chatbots have captured the limelight, other AI-powered applications have also seen significant growth. Downloads for apps integrating AI features have jumped by 60%, with photo editing, video editing, and beauty apps emerging as popular subgenres embracing AI.
ChatGPT's peak usage during workdays underscores its role in enhancing productivity. As businesses continue to seek out time-saving tools, the adoption of AI-driven apps is poised to escalate, driving consumer spending and app innovation in the professional sphere.
⚡ Bard AI Extensions & AI-Powered App Developers: A Glimpse into the Future of Mobile App Development
The landscape of social media is undergoing a transformation, with in-app purchases emerging as a key battleground for revenue in 2024. As platforms innovate to retain users and increase earnings, the shift towards direct consumer spending is set to redefine the economics of social engagement.
In the dynamic world of social media, 2024 marks a significant shift from traditional advertising revenue to direct consumer monetization. Social platforms are increasingly seeking to tap into the wallets of their users, with media sharing networks anticipating a 152% jump in consumer spending, reaching an estimated $1.3 billion.
Mobile Growth,Mobile Analytics,
Get FREE Optimization Consultation
Let's Grow Your App & Get Massive Traffic!
All content, layout and frame code of all ASOWorld blog sections belong to the original content and technical team, all reproduction and references need to indicate the source and link in the obvious position, otherwise legal responsibility will be pursued.
COVID-19 UPDATE 
