According to SensorTower, a data analytics company, Apple Inc. customers may spend more money on mobile apps that aren’t games by 2024.
Business, education, health, and fitness app downloads have risen sharply due to the actions of staying at home during the health crisis.
In the early days of the pandemic, users on the App Store spent more on mobile games. However, as the bans lengthened, the work life and communication channels improved, their attention shifted to photo and video sharing, dating, video conferencing, and instant messaging apps.
Stocks of companies like Zoom Video Communications Inc and Match Group, as well as other stay-at-home companies, rose sharply over the past year.
SensorTower said consumer spending on mobile apps will hit $ 270 billion worldwide over the next five years, more than a three-fold increase compared to 2020.
Apple customers will outperform their Android counterparts with the App Store, which is expected to generate $ 185 billion in global sales, according to the data analytics firm.
Revenue from games will continue to have a relatively higher share in the Google Play Store than in the App Store. The share of games in 2025 is expected to be 71% compared to 42% in the App Store.
The data analysis company expects Europe to become a key market in the next five years. Sales growth on the continent is likely to outperform Asia and North America.
Downloads in Europe are projected to grow to 36.9 billion by 2025, compared to 28.4 billion in 2020, while revenue growth is set to more than double over the next five years to $ 42 billion.