More than 100 million Americans now own a smartphone, and along with the surge in popularity for smartphone devices, there has also been a recent boost in the demand for mobile applications. By the year 2016, it is estimated that mobile app stores will exceed 310 billion downloads, which will see revenue jump from the $980 million recorded in 2011 to a staggering $74 billion. Due to app stores exhibiting a wide range of mobile apps in categories like games, business, travel, shopping and photo editing/sharing, the target audience for mobile apps is expanding everyday.
The number of applications available in app stores has surpassed 600,000 to date.Withmyriad online tools and programs aimed to help people build their ownapps, as well as more and more companies popping up that specialize in app development(such as Angry Bird developers Rovio Entertainment who boast over one billion downloads), it is obvious that this trend is nowhere near at its end. To fuel the demand for mobile applications, various app markets including the Android Market and the Apple Store are introducing new apps frequently.
Trends in revenue are unsurprisingly growing because of the continued use of the mobile web. Mobile commerce is fast becoming the new e-commerce, and the introduction of personalized app content is improving prospects for mobile apps. Interestingly, it is not just smartphones that will see major increases in the number of readily available applications; but also, by 2015, 83.5 percent of television and 71.2 percent of games consoles will welcome these features.
Mobile apps are predicted to drive the future of the Internet, proving the effect they are having on a global scale. Over 71 percent of mobile monetization derives from the app market and the obsession for smartphone applications is set to blossom further. Currently, 37 percent of businesses utilize social media to engage their audiences, which could indicate changes in future marketing with the use of mobile apps.