The mobile app economy exploded over the last few years to a size that can seem daunting for many new developers. As the market matures, it appears that larger tech companies are getting all the press and all the money when it comes to mobile apps, to the point where new entrepreneurs with innovative ideas are gun-shy when it comes to tackling their projects.
As Simon Khalaf of Flurry recently pointed out, however, there’s still considerable room for growth. One of the things we tend to forget is that the mobile app economy didn’t even exist in 2008, which means that this industry is, in practical terms, more or less still relatively young. The fact that it’s grown to an 18 billion dollar industry in only four years is certainly impressive, but there remains considerable room for growth, which means ample opportunities for enterprising new developers.
Consider the following numbers: daily mobile app consumption is now at 127 minutes, twice that of what it was only two years ago. App revenues grew at a 129 percent compound annual growth rate since 2008 (advertising revenue counted for most of that in the early years, whereas in-app purchases and microtransactions took off considerably since). If those numbers aren’t convincing, take a look around: how many of us are turning to our phones and tablets when we need information and entertainment?
And the growth explosion isn’t limited to the United States, which should lead mobile app developers to seriously consider foreign markets to ply their wares. Within the last year, activations of iOS and Android mobile devices in China grew by a staggering 293 percent. In Vietnam they grew 269 percent, and in Colombia, 260 percent.
So, if you have an idea for a mobile application, there’s never been a better time than the present to roll up your sleeves and make that dream into a reality. Drop us a line, and we’ll help get you started with three free quotes from reputable developers.