Current Trends And Future Prospects Of The Mobile App Market

According to recent research, the mobile app market is estimated to increase from $581 billion in 2020 to $935 billion in 2023. As consumer demands change and technology breakthroughs move forward, the mobile app market is maturing, too. Regardless of size and shape, businesses must get a hold of the latest trends to stand out and maintain a competitive advantage. 

All eyes on the impact of 5G technology 

5G technology is on the verge of disrupting the world of mobile apps. Given the efficiency and speed of the technology, the end result will be a significant boost in overall mobile app functionality. 5G is estimated to become 100 times faster than 4G, enabling developers to include new in-app features without impacting performance. For businesses, the penetration of 5G will also speed the mobile app development process via faster and more accurate testing phases. 

The rise of beacon technology in proximity marketing 

By 2026, beacon technology will reach an estimated $56 billion, up almost 60% from the $519 million in 2016. From hospitality and retail and healthcare, beacons can benefit almost any type of mobile application. One of their core benefits is the ability to track consumer behavior, closely detecting where exactly a user spends more time in a store. To entice sales, a mobile app using beacon technology can trigger notifications to let consumers know more details on their favorite products.

Mobile commerce continues to thrive

Mobile commerce has been dominating the mobile app market for nearly 3 years. Businesses worldwide are using it to boost revenue, from international brands and individual content creators all the way to the largest retailers out there. Because every online business competes with giants like Amazon, e-commerce mobile apps can help maintain sales on the floating line. In fact, it is estimated that 80% of e-commerce sales will come from smart mobile devices by the end of the year, making apps incredibly useful for companies seeking to stay competitive. 

Mobile payments & mobile wallets – a continuous evolution 

Mobile wallets such as Google Pay, Apple Pay, and Samsung Pay are increasing in popularity, bringing adoption closer and compelling consumers to use their mobiles sign up for a mobile wallet to make payments. In the years to come, wallet integration in mobile apps will become the norm. Businesses looking to remain ahead of the market will have to revamp the way their apps are developed, otherwise, they risk losing an important customer pool. 

Cloud computing within mobile applications goes mainstream 

Although cloud technology has been around for some time, it hasn’t managed to win over the mobile app market entirely. However, it’s a trend worth watching out for as cloud computing features endless benefits for mobile app development. Cloud-based storage technology has already proven to boost mobile app performance, and according to recent statistics, 83% of business workloads will be on the cloud by the end of the year.

On-demand mobile apps 

Apps like Uber, Bolt, and Airbnb, on-demand applications are looking to transform the way consumers access services. In fact, users spend nearly $58 billion/year on apps that provide laundry services, house cleaning, pet care, food delivery, and more. For mobile app resellers, this trend could be a great opportunity for businesses to broaden their customer base. With on-demand abilities, mobile applications can become a lot more advanced, automatically increasing ROI and brand awareness. 

Predictive analytics – all set to disrupt the mobile app industry 

Predictive analytics is yet another trend looking to shake up the mobile app market. Together with modeling, machine learning, and artificial intelligence, data collected can be implemented to forecast events with a lot more precision and accuracy. The main purpose will be to increase UX/UI experience within mobile applications and provide users with personalized in-app journeys based on their individual actions and behaviors. 

It’s no secret that the mobile app market is changing. As new technologies emerge, the associated capabilities are being tested by companies worldwide looking for innovative ways to stay competitive. A key takeaway for businesses looking to develop mobile apps is to look closer at the trends directly tied to their business model. The more information is gathered the better the chances to get at the forefront and implement features that can truly take down the competition.

Looking for Future Mobile App Market Experts? Reach out to App Maisters today.

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