How App Development Can Win You Profits
- June 23, 2020
- Posted by: Ea Francisco
- Category: Technology
This year, global mobile apps are expected to reach 188.9 billion U.S. dollars in revenues. Whether you’re thinking of creating your own app or working for a company, the mobile app market is a highly competitive and profitable industry.
The advancements in technology and mobile devices paved the way for mobile apps to thrive.
Now, mobile app development has become one of the most in-demand careers in the world. Not only has apps become their own business, having multiple platforms allows companies to grow their brand and expand their reach.
Apps take up 90 percent of time spent on mobile devices. As a result, businesses are taking advantage of this trend to create their own apps.
Apps Over Websites
There are more than 5 billion mobile users in the world, with roughly 300 million new ones every year. Thus, it’s a great way for businesses to tap into new markets and reach larger audiences, and the best way to do that is through apps.
Even if they have a fully optimized and responsive website, mobile apps still attract more users and buyers. Around 63 percent prefer it because of the convenience, while 53 percent like how it is faster. Well-developed apps can perform functions much faster than any mobile site, so waiting time would be significantly cut. In effect, users are more likely to make purchases and less likely to leave due to long loading times.
Aside from that, mobile apps are able to store data and connect faster for payment methods. For instance, purchases on a mobile site would require you to manually type in your credit card info or Paypal details, which takes a lot more time.
Which Mobile Apps Earn The Most
Despite their increasing popularity, not all of them get to survive and earn big. Certain types of apps are more likely to succeed than others, so you should decide early on what kind you want to develop. Here are the ones that get the most sales.
Mobile games make up 25 percent of all mobile apps, which is almost three times the number of business apps. Not only is it the most popular, but it is also the most profitable as it accounts for more than 72 percent of mobile purchases, totaling 86 billion U.S. dollars.
Both free-to-play and paid games are high earnings in the mobile app market. In 2019 alone, Pokemon GO earned 894 million U.S. dollars through in-game purchases and events. Candy Crush and Fortnite both earn over 1 million U.S. dollars everyday back in 2018, making them two of the top selling games at the time.
- Music and Video Streaming
Data show that younger generations are more likely to stream music and videos, but they are also twice as likely to be paid subscribers. The convenience and portability of streaming apps are what make it a popular choice because it can be used on multiple platforms.
With these kinds of mobile apps, they rely on advertisements to generate profit. Apps like Spotify and Youtube make millions by incorporating ads in between songs and videos. At the same time, they also bank on this frustration around ads by offering subscriptions that completely take away this inconvenience.
Tinder still managed to earn over 1.2 billion dollars in just a year despite being a free app. Both Tinder and its competitor, Bumble have over 50 million registered users. Their main source of monetization is through in-app purchases and subscriptions that provided added perks to paid users.
These apps changed the game of dating and managed to make a business out of it. One of their biggest advantages is that they cater to a wide age group, with some having users as old as in their 50s.
How to Become A Mobile App Developer
Canada is expected to create roughly 218,000 tech jobs, but it is plagued by a large skills gap that leaves thousands of job openings a year.
To become a mobile app developer, you need to be knowledgeable in a wide range of coding languages from HTML to C# and Java. However, your studies shouldn’t just be about learning code. The most successful applicants make it into the industry by getting hands-on training and experience. This is the best way to showcase your skills to your employer.
At Q Academy, our programs focus on application and coursework that test your abilities. You will be doing a lot of homework and projects that expand your knowledge of coding.