Amidst this global COVID-19 pandemic economies everywhere are struggling. While countries and governments play a continual game of tug-of-war in an attempt to find the right balance between prioritizing public health, and re-opening markets; entrepreneurs and innovators alike are already looking toward the future of business. With remote-working likely to become the norm, an already bustling market-sector, the mobile app industry, are sure to be even more crucial in the day-to-day operations of businesses domestically and globally.
In the industries that are managing to continue operation during the pandemic, remote-working is already being integrated on a wide-scale effort. News anchors and radio-hosts are broadcasting from home, late-night hosts are delivering their entire shows from home, and musicians are holding virtual concerts. In these hard times people are proving resilient all across the world, adjusting to the new normals and banning together virtually to share hope.
The Future of Mobile App and In-App Spending
While many industries are feeling absolutely gutted by COVID-19, mobile apps and in-app spending are actually showing to be quite sturdy. According to Sensor Tower, the compound annual growth rate (CAGR) of the in-app-purchase market was projected at 15.7% prior to stay-at-home orders, and other COVID-19 related impacts. However, the adjusted CAGR between now and 2024 is less than one percent lower at 15%, pointing toward an amount of $171 billion spent in apps and app-stores by 2024, which is double that of 2019.
According to the same report, mobile games will surprisingly see an immediate benefit from the pandemic over the next 9 months or so, with a startling 33% projected growth rate vs. as shallow as 10% growth in years past. The gaming industry, and more specifically the e-sports industry, was already becoming a major player in the global-market with e-sport world championships for games like League of Legends reaching an audience of 100 million in 2019.
As physical sports shut down across the globe, besides the NFL which is still planning for a full season, e-sports are even gaining popularity on betting-apps like FanDuel and DraftKings, adding to their fanbase, increasing their reach, and ultimately helping e-sports ‘step out of the shadows’. With Twitch seeing an increased viewership of 10-12% and Italy seeing a 70% increase in live-stream gaming; the e-sports industry remains a strong sector of the mobile-app market.
With consumer in-app and in-game spending remaining consistent, and an expected influx of mobile-app adoption in businesses and communities worldwide, plus the innate human-interaction available through gaming together: the mobile app industry is one of the few that looks to remain steady for years to come.
Developing Apps Amidst the Crisis
As the world rapidly shifts and adjusts to the volatile global environment, it might seem like the wrong time to pursue a venture like mobile app development, but looking at the data, TechCrunch estimates that first-time app downloads will be up 22% from 2019, reaching 140.3 billion in 2020. Mobile games are seeing a direct boost, with a year-to-year growth rate of 30% between 2019 and 2020 compared to 10.4% between 2018 and 2019. The growth should continue for years to come, as mobile games are projected to account for 41% of new installs by 2024.
Entrepreneurs are always the pioneers, and the future of business is the newest frontier. No one really knows what the world is going to look like after COVID-19, but a lot of companies never want to be blindsided like this again; meaning there’s a high demand for reliable mobile-apps that allow for businesses to operate as normal in a fully-remote environment. In the wake of COVID-19, remote-work will very likely be the norm; and getting an early jump on things is what being an early-adopter, entrepreneur, or market-influencer is all about.
Beyond companies and corporations, artists, performers, freelancers, entertainers, athletes, and independent-contractors across every market and every industry will need mobile-tools that enable their continued practice on a remote or semi-remote basis.
The Mobile App Market Stays Strong
The mobile app market is staying strong during the COVID-19 pandemic, and actually offers a lot of opportunity during these unprecedented times and economic uncertainty. There is never truly a ‘right time’ to pursue a new venture, and sometimes the idea itself is as valuable as the end product. NS804 recognizes that not every individual is equipped with the skills necessary to take an idea for an app all the way to fruition. In fact, it’s a very common reason app ideas are never pursued in the first place.
Creating accessible, consumer-friendly mobile app development is NS804’s specialty. Beginning as a game-development company before expanding into social, event, and business app development – the goal of NS804 is to allow anyone with a great app idea access to the help they need to see it become a reality.