The mobile app market is going to grow beyond all forecasts made, with emerging markets leading the way forward, a new report by business intelligence company App Annie says.
That does not mean mature markets are slowing down, just that emerging markets will grow at some unprecedented speeds. Mature markets, such as the US, Japan and Western Europe, will continue to grow, with a yearly compound rate of 12 per cent.
In the next four years (by the time we reach 2020), the global app store gross revenue will hit $102.5 billion, $1.5 billion more than what was previously forecast, in February this year.
Emerging markets, such as Brazil or India, will account for 45 per cent of this global revenue, App Annie says. That is mostly because their app store revenue grows at a compound rate of 29 per cent, every year.
App Annie warns of potential opportunities for app makers, too. As these markets are just emerging, consumers there still don't have established usage patterns, which could be a huge opportunity for developers to gain a competitive advantage.
There is a fundamental difference in the type of apps most popular in these two markets. In mature markets, consumers tend to use apps that support convenience, while in emerging markets, many apps will be 'fundamental', assisting with basic health and education.
The full report, with a detailed breakdown of the data, can be found on this link.
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