Newsflash! People quite like apps, and spend a fair amount of money on them – and that’s probably going to continue for the foreseeable future. And on that bombshell, we return you to your regular music-industry bulletin… No, research firm SensorTower has at least put some numbers on this predicted growth for the apps market.
“User spending on the App Store and Google Play individually will more than double between now and 2023,” claimed the company in its latest report. “Our projections call for global revenue on Apple’s platform to reach $96 billion in the next five years, an increase of 104 percent over 2018’s total of $47 billion at a CAGR of 15.6 percent. Google Play, by comparison, is projected to reach $60 billion in worldwide spending, up 140 percent over 2018 at a CAGR of 19 percent.”
SensorTower sees Latin America and Africa both playing a significant role in the next wave of growth for apps spending, too, although the three biggest markets will continue to be China, the US and Japan.