Mobile apps are expected to generate $171 billion worldwide through consumer spending in 2024, according to Sensor Tower.
That total will be made through both the App Store and Google Play. This year, combined, the storefronts are expected to bring in $102 billion – a 20 per cent year-on-year increase.
Despite the current COVID-19 crisis, it doesn't appear as though it will cause any significant impact on the mobile apps market. Before the outbreak, a 21 per cent year-on-year increase was projected, generating $174 billion in 2024.
However, the pandemic has only caused this number to fall slightly, by a single number to 20 per cent. Or, two per cent less than the initial $174 billion total.
Individually, the App Store and Google Play are projected to experience a 15.8 per cent and 13.2 per cent compound annual growth rate (CAGR) respectively. That gives the iOS store an expected income of $115.4 billion in 2024 – 67 per cent of the $171 billion total – and the Android option $55.5 billion.
Furthermore, at 57 per cent, the majority of revenue generated – $97.8 billion – will come from mobile games. This represents a CAGR increase of 9.2 per cent. However, in terms of downloads, mobile titles will amount to 41 per cent with 74.8 billion new installs.
The App Store may be projected to earn more revenue, but Google Play is set to see a higher number of new installs. The former is expected to have 44.5 billion new app installs in 2024, while the latter will see 139.2 billion – a rise of 45 and 65 per cent since 2019 respectively.