The latest data and predictions on worldwide consumer spending in the mobile apps industry. Read the new report to know how the market will develop.
App intelligence company Sensor Tower revised its own app market forecast for 2020-2024. According to the latest projections, the global mobile app industry will continue the fast-paced growth despite the significant impact of the ongoing COVID-19 pandemic. Worldwide consumer spending in mobile apps is expected to reach $171 billion by 2024, which is $3 billion less than Sensor Tower's pre-outbreak forecast but still more than double the $85 billion from 2019.
According to Sensor Tower analysts, revenue will rise even in the slowest-growing regions across both Google Play and App Store, up 80% from last year. At the same time, the market China, the United States of America, Japan, Great Britain and Taiwan are expected to stay at the globally leading positions by revenue all the way through 2024.
Apple's App Store is predicted to account for 67% of total revenue across both App Store and Google Play, keeping the considerable lead in consumer spending thanks to growing at a CAGR of 15.8% against Google Play's 13.2%.
By 2024, for the first time in history, non-gaming applications will generate more revenue than mobile games due to a substantial increase in app subscription purchases, especially in the following categories: Music, Entertainment, Lifestyle, and Social Networking. Overall, mobile games will reach $97.8 billion, which will be about 41% of total consumer spending, with approximately $41 billion and $57 billion in mobile game revenue in 2024 for Google's and Apple's app stores respectively.
Here are also new statistics for future app downloads. By 2024, downloads will reach a total of 183.7 billion, 9% more than the pre-outbreak forecast initially accounting for 7 billion fewer installs. The top five countries by app downloads in 2024 will be the United States, China, Japan, Great Britain and Russia. (That's right, Sensor Tower expects the United States to surpass China in terms of downloads on the App Store, and this will happen already in two years from now.)