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Mobile App Market: Forecast for 2023

Published:

Aug 12, 2022

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As we go closer to the end of 2022, specialists focus on trends and expectations for the mobile app market. Having gone through a pandemic in 2020, businesses are recovering. It is well-known that the COVID-19 pandemic acted as a fuel to the world’s increasing reliance on smartphones.

 

Why is investing in Mobile Development so important?

First, the demand for mobility solutions keeps increasing worldwide. Today, the mobile app market has many milestones, with over 230 billion mobile apps downloaded. According to a study made by Sensor Tower, the Top categories by consumer spending included Sports, Finance, and Books. 

Here are some facts on why should invest in Mobile Development:

  • One study notes around 0.3-0.6 billion smartphone user base growth each year since the smartphone evolution.
  • According to a study, a normal person spent around 4 hours 23 mins a day checking smartphones in 2021. This time is expected to reach 4 hours 35 minutes by 2023.
  • Around 90% of smartphone users’ time is spent on Mobile Apps.

What is the forecast for the mobile app market?

  • Attractive UX/UI Design

In recent years, the UX/UI preferences have changed in the aim of ensuring maximum user retention. According to the Forrester Report, a Good UI design helps to increase application conversion rate by 200%,while UX Design helps by 400%.

Some of the latest trends in this area include use of motion elements, illustrations in UI, increase of use of in-app gestures like Bottom Swiping, Dragging, Double Tapping, Touch & Hold, among others.

  • Video Streaming Apps

There is an increasing preference for streaming apps to access global entertainment. Take a look at Netflix, Disney+, HBO, for example. With a growing expectation of entertainment services, there are indeed chances to create better business opportunities by building OTT mobile app solutions.

  • Best performance

For users, best performance is valued in terms of crash-free and fast operations. Today, more than ever, mobile app consumers demand applications that are continuously evolving and offering updates, as well as a rewarding user experience. Studies show that 30% of mobile app users want their favorite app to load in a fraction of seconds. And 45% of the users are willing to wait a maximum time of 5 seconds for the app to load.

It is important to note the number of apps as well. According to the Forrester Report, a mobile app user will use, on average, 25 apps extensively. Whereas, 80% of users only use 5 apps in a month.

What do these trends say about the mobile app market? First, it will continue to grow. Second, users value a good UI/UX experience and want their app to load within a matter of seconds and have the best performance possible.

 

Do you want to enter the mobile app market? We are here to help you develop a robust and efficient mobile app. Contact us.

 

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