Consumer spending on mobile apps
By MYBRANDBOOK
A recent data point shows, the mobile app industry is expected to be worth $935 billion by 2023. After years of impressive growth and mobile apps reaching more people than ever, the global app industry saw a downturn in 2022, the first one in the market's history.
The global consumer spending on mobile apps dropped by a massive $3bn last year. Last year, consumers downloaded 255 billion mobile apps to their connected devices, 10% more than in 2021 and up by 82% from 140 billion seen in 2016.
The number of downloads is expected to grow and hit over 262 billion this year. By 2025, this figure is expected to jump to over 300 billion. In 2022, gross consumer mobile app spending amounted to $167 billion, down from $170 billion in 2021.
One possible reason is market saturation. The mobile app market is highly competitive, and there are millions of apps available on app stores. As a result, consumers may be more selective about which apps they choose to spend money on.
Another reason could be subscription fatigue. Many apps offer subscription-based models, which can quickly add up in cost. This may lead to consumers becoming more hesitant to commit to ongoing payments, which could result in a drop in spending on mobile apps.
# Security concerns: Some consumers may worry about the security of their personal and financial information when using mobile apps to make purchases. They may be concerned about data breaches or hacking, which could lead to identity theft or financial loss.
# Increasing usability issues: Some mobile apps may be difficult to use or navigate, which can be frustrating for consumers. They may prefer to use a traditional website or in-person shopping experience instead.
# Limited payment options: Some mobile apps may only accept certain types of payment, such as credit cards or digital wallets, which may not be convenient for all consumers.
# Lack of trust: Some consumers may not trust unfamiliar mobile apps or may prefer to shop with established retailers or brands they are familiar with.
# Market saturation: The mobile app market is highly competitive, and there may be a limit to how much consumers are willing to spend on apps. As the number of apps available continues to grow, consumers may be more selective about which apps they choose to purchase or use.
Overall, while mobile apps offer many benefits and convenience for making purchases, there are still some challenges and concerns that may lead some consumers to prefer other methods of payment.
Going forward, the popularity of mobile apps is not getting down, but rather they are an increasingly important part of our daily lives and will continue to be so in the future.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
VVDN TECHNOLOGIES
QUICK HEAL TECHNOLOGIES PVT. LTD.
BHARAT ELECTRONICS LTD.
TVS ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : AMIT CHADHA
Amit Chadha serves as the CEO and Managing Director of L&T Technology ...
Icons Of India : Bhavish Aggarwal
Indian entrepreneur Bhavish Aggarwal is the CEO of Ola, India’s larg...
ICONS OF INDIA : SRIDHAR VEMBU
Sridhar Vembu is the chief executive officer (CEO) of Zoho Corporation...
PARTNER SPEAKERS
PSU
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
