As a small business consultant who assists entrepreneurs in starting, growing and expanding their ventures, I have seen firsthand how the mobile app industry has exploded in recent years and revolutionized the way we live, communicate and do business.
Apps have become deeply ingrained in everyday life – there‘s almost nothing you can‘t do without them today. The app economy shows no signs of slowing down, creating major opportunities for forward-thinking entrepreneurs worldwide.
Let‘s dive into the marvelous mobile app statistics and trends shaping the industry in 2024:
App Availability Reaches Staggering Heights
- Over 8.93 million apps are now available globally across app stores like Google Play, Apple App Store and more
- This marks a 20% jump from 2021, showing relentless growth
- Apple‘s App Store alone saw over 2 million new app submissions in 2024
- Android app availability shot up by 15% to over 5 million apps last year
The app ecosystem is expanding at breakneck speed. Entrepreneurs now have access to a mind-boggling number of tools to build and distribute mobile apps in 2024.
But with competition also surging, you need to focus on quality over quantity and solve real user needs to succeed.
Consumers Overwhelmingly Prefer Free Apps
- A whopping 97% of Android apps and 95% of iOS apps are now completely free to download and use
- App publishers prioritize free, ad-supported models to drive more downloads and traffic
- On average, free apps get 8X more downloads than paid apps
This presents a lucrative avenue for entrepreneurs – you can build an audience more quickly with a free app. Monetize through in-app ads and purchases once you achieve scale.
Smartphone Users Surpass 50% of Global Population
- There are over 6.5 billion smartphone users globally as of early 2023
- This means about 85% of the world‘s population now has mobile internet access
- Developing nations like India and Brazil seeing rapid growth, with 30-35% jumps annually
Build apps targeting growth markets to benefit from expanding access. Localize your app for regional languages and preferences.
Average User Spends 4+ Hours Daily on Apps
- In 2021, individuals globally spent over 3.8 trillion hours using mobile apps
- That‘s close to a 20% jump from 2020, showing accelerated adoption
- The average user now spends over 4 hours daily on apps – more than TV!
- For avid users in countries like Brazil and South Korea, average daily usage tops 5 hours
It‘s clear that users worldwide are spending more time discovering, engaging with and paying for apps. Reflects massive market opportunity for entrepreneur apps that solve daily problems or provide entertainment.
Consumers Now Spend Over $380 Billion Yearly on Apps
- Total global consumer spend in mobile app stores topped $380 billion in 2021
- That comes out to roughly $320,000 spent every minute on apps globally
- Apple App Store revenue grew by 20% to $85 billion, while Google Play hit $38 billion
- Over 98% of app store revenue comes from free apps making money through ads and in-app purchases
So while free apps draw more users, the revenue opportunity for entrepreneurs lies in compelling in-app experiences. Focus on driving in-app conversions once you grow an engaged user base.
Social and Entertainment Apps Dominate Usage
- On average, users now engage with over 30 apps monthly and about 9 apps daily
- But out of total installed apps, individuals actually use only 1 in 4 apps they download each month
- By category, social media and entertainment apps account for over 50% of time people spend on apps
- Games represent the next-biggest category, grabbing about 25% of all app usage
When conceptualizing new apps, analyze leading categories to identify gaps and opportunities to provide differentiated value. For instance, social app features can be incorporated into a fitness app to boost engagement.
Developing Markets Key to Future Growth
While app adoption continues rising steadily across most nations, developing countries will drive the next phase of market expansion through 2023 and beyond.
Here are some notable examples:
- India‘s app downloads grew by 20% to top 25 billion, on the back of cheap data and Chinese app bans
- Mexico saw app downloads swell by 10%, with usage also spiking amidst accelerating digital transformation
- Brazil‘s app revenue expanded by 25%, surpassing $2.3 billion as improving economic conditions encourage spending
Evaluate opportunities to launch your apps first in high-potential developing markets with surging mobile usage. Be prepared to overcome challenges like limited payment methods. Partnering with local publishers helps overcome such issues in growth markets.
The bottom line is that the app revolution shows no signs of slowing. While early movers had a distinct advantage in the past decade, the market remains full of untapped niches for aspiring and established entrepreneurs alike to still build successful app startups.
Remember – apps that constantly evolve with user needs and deliver differentiated value will always have a captive market.
