It’s hard to believe that it’s been only five years since Apple started the app market.
With 700,000 apps offered between the Apple and Google mobile platforms, consumers are faced with more choices than ever before. It’s estimated that mobile users spend on average about two hours a day with applications. The revenue from this market is expected to rise 62% in 2013, and reach $25 billion by the end of the year.
Growth…and bumps along the road. This massive growth hasn’t been without its trials for companies, online media buyers and consumers alike. There was a “wild west” like feel to the market five years ago, a variety of scams and hacks that plagued consumers and far too many loopholes for developers who wanted to make an easy buck.
Now the industry has matured and developers are becoming more methodical and strategic with app development. Instead of rapid cycles of development followed by quick releases of shoddy apps, they are concentrating on the very best apps and marketing them well.
More growth ahead. But there’s still a lot of growth to be expected in the industry – and a variety of different companies are looking to get in on the future growth in an already saturated market.
Only 2% of the top 250 publishers in Apple’s App store are “newcomers,” versus 3% in Google’s Play store for Android apps. This means new apps are competing directly with popular, time tested apps for sales and usage.
Not only are businesses challenged with developing apps that work correctly across a variety of different platforms, they also have to find a way to market them. Selling apps in a crowded market means digital advertising is a must. Online media buyers for apps are seeing costs rise higher than expected. Startups and vetted companies are challenged with marketing their apps in a saturated market while keeping costs low.
With strategic development, smart ad buys and persistence, though, businesses can make a splash in the app market– if they can stay consistent and afford to maintain their efforts.