Growing Use of Digital Media to Boost the Mobile Apps Market | Technavio

LONDON--(BUSINESS WIRE)--#MobileApps--According to the latest market study released by Technavio, the global mobile apps market is expected to grow at a CAGR of more than 15% during the forecast period.

This research report titled ‘Global Mobile Apps Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

The global mobile apps market is expected to experience steady growth during the forecast period because of the increase in the use of mobile apps across various end-user industries. Several mobile apps are developed to assist the customers in various industrial operations.

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The market research analysis categorizes the global mobile apps market into the following five major segments based on revenue model. The top three segments are discussed in detail below:

  • Advertising
  • In-app purchase
  • Freemium
  • Pay per download
  • Subscription

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Global mobile apps market by advertising

The advertising revenue model is also known as the free-ad revenue model. This revenue model offers mobile apps free of cost to the consumers but is supported by advertisements to generate revenues. Facebook is one classic example of the free-ad revenue model. The main aim of the mobile app developers is to deliver content in multiple formats and to attain extended reach.

“Free apps are advertised using independent ad platforms or through third-party ad platforms such as iAD and AdMob services. The revenue is based on clicks or on impressions. It is the most popular app monetization method, and more than 60% of the largest apps use advertising to generate revenues. This model is also expected to witness a steady growth rate during the forecast period, owing to its high popularity and acceptance among the customers,” says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.

Global mobile apps market by in-app purchase

In the in-app purchase model, customers need pay to access the special features of an app. An in-app purchase is monetized when the users purchase virtual goods or premium features. It lets the users test an app and choose to buy certain upgrades and features. In-app purchases are great for games, where users can choose to buy the new characters or themes in games. This model is not a guaranteed money maker. However, in the coming years, the in-app purchase revenue is expected to be higher than the ad-based revenue and the revenue from paid app downloads.

“In-app purchases include microtransactions to access virtual goods, such as virtual guns, cars, decorations, and ponies. Some of the famous applications that follow this revenue model are Candy Crush and Temple Run gaming applications. On an average, iOS shoppers spend around three times more than Android users on in-app purchases. The in-app purchase model is expected to witness steady growth during the forecast period as virtual goods are gaining immense popularity among gamers,” says Ujjwal.

Global mobile apps market by freemium

The freemium revenue model does not require the users to pay for the app. However, to access additional levels or additional content, the users need to make payments. Many of the successful freemium apps provide customized experiences based on the preferences of the users. The apps provide a free trial provision for a limited time or limited use. These apps can be upgraded by purchasing a separate paid app with all the features. The free version of the app may have advertisements, whereas the premium content is ad-free. Users are expected to try more mobile apps in the future, and then go about making payments for the services they want from the apps. This will fuel the demand for the freemium revenue model in the future.

Some of the top vendors highlighted by Technavio’s market research analysts in this report are:

  • Apple
  • BlackBerry
  • Google
  • Microsoft
  • Nokia

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