Recent mobile market outlooks aim to identify the trends, challenges, and predictions for the market in the coming years and can help prepare businesses and users for what the future holds.
The world has seen a significant shift to mobile devices for the majority of industries. Everything from news, social media, gaming, business, and e-commerce has developed mobile platforms to grow and maintain a steady presence in users' everyday lives. With ongoing evolution and advancements in mobile potential, there are considerable growth projections for the mobile market through 2030. Recent outlooks aim to identify the trends, challenges, and predictions for the market in the coming years and can help prepare businesses and users for what the future holds.
The global mobile app market is predicted to reach a valuation of USD 565 billion by the year 2030. For reference, in 2020 the global valuation was approximately USD 318 billion. While the United States has played a significant role in the overall growth of the market, key players like China and countries within central and eastern Europe have ramped up their mobile app development and aided in the overall increase in the market. While today there are an estimated 8.9 million mobile apps available, we could see these numbers double by the year 2030. The growth can be attributed to the general increase in demand for mobile apps, but more importantly the wider accessibility for development and usability. With smartphones themselves becoming more advanced with high-tech features, just about any industry can develop a mobile app that is effective and applicable to the features they require. Market outlooks also highlight the lack of desktop usage in this decade, and the shift from “wanting” a mobile app platform, to “needing” one if businesses want to remain competitive. The increasing number of mobile apps and smartphone users makes the mobile market one of the fastest-growing industries to date.
To understand the driving force behind such significant growth within the market, it's crucial to know the trends driving that growth. In terms of mobile app stores, the Apple Store has accounted for more than 62% of revenue share in 2022. While Apple has historically been the preferred mobile store, Android sales are skyrocketing and Google Play accounted for the most downloads in 2022. No official predictions have been made for the 2030 outlook, but it's highly possible that the market will see a greater split in preference, as well as the introduction of new popular mobile stores.
As far as what mobile apps are accounting for the growth, there are a few key industries leading the market. Gaming is the most notable, with an overall 7% growth rate and an estimated USD 300 billion revenue share and 2 billion users by 2027. The high-quality potential of mobile games as well as accessibility is driving the shift away from traditional gaming. With plenty of “freemium” options available for download, users can have an easy introduction with plenty of opportunities or more premium gaming options.
Mental health has also been a leading industry in mobile market growth. Many of these apps were born out of the Covid-19 pandemic, where solutions were needed for both mental health tools and easy accessibility. Since Covid-19 has ended, trends have only continued to grow as most users prefer to have access from the comfort of their homes, at lower price points, and at the frequency they desire. While there are key players in this industry like Headspace, Talkspace, and Calm, more niche platforms and telehealth businesses have been developed and will continue to expand.
Business mobile apps have been another driving force in the market expansion. Just about every major business has a mobile platform, regardless of their industry. Everything from e-commerce to banking, and even law enforcement have utilized mobile platforms to give their users 24/7 access, loyalty programs, special offers, and great customer service. This is perhaps the most transformational trend that began in the late 2010s and has only continued to drive the shift away from brick-and-mortar business roadmaps. By 2030, we will witness a massive influx of mobile only businesses that will account for a significant amount of new apps.
No industry can grow as significantly as the mobile market has without a few challenges along the way. With so many changes in such a short time, developers and businesses will be faced with some roadblocks that need troubleshooting.
Firstly, remaining competitive will be a top focus for mobile apps in the next decade. Advancements in optimizations give more individuals access to key features that make a mobile app successful, so businesses will need to be creative to remain a top performer.
Functionality and quality will also be a huge focus in the next decade. Without proper development techniques, mobile apps can slow down users' phones, drain their batteries, and exhibit quality control issues. Businesses will need to ensure they work with high-quality developers who understand proper coding and development standards. This is especially true for mobile apps that have a lot of features, pages, or products within one single platform. With so many apps available, even small quality complaints can drive users away.
Finally, the biggest challenge the market will face is security. While two-factor authentication was a strong security method in the past, it's proving to no longer be a viable source of protection. Hackers are becoming much more sophisticated, and a lot of mobile platforms store personally identifiable information that could lead to a massive lawsuit if accessed by unauthorized personnel. Data storage in itself will be a hurdle to overcome as laws and regulations change so frequently, and developers need to understand the current requirements and consequences for not adhering to them. In 2022, there was an average of 13 data lawsuits filed for mobile apps each month. Without proper security measures, mobile platforms can wreak financial havoc on businesses. Apple and Google are regularly increasing their security measures, and developers continue to improve mobile security features as well.
These insights alone should be an indicator that now is the best time to develop a mobile platform. It’s no longer a choice, but a necessity if you want your businesses to be successful and relevant in the modern digital world. The overall outlook through 2030 is extremely positive, with so much potential for new development and high-functioning platforms. While there will be challenges and roadblocks to overcome, as long as you work with a qualified team of developers and keep up with the latest insights, your mobile app can help your business grow and thrive to a level never seen before.
The mobile app industry is expected to see tremendous growth over the next decade. At Invemo LLC, we understand the complexities of the mobile app landscape and can develop a high-performing, secure, and scalable mobile platform for your business. From conceptualization to launch and beyond, our development services will ensure your mobile business vision becomes a reality. Contact us for more information on our services!