The Growing App Economy

Have you ever noticed that these days there’s a mobile app for absolutely everything? Indeed, apps have become such a ubiquitous part of our day to day lives that it seems tricky to imagine a time when we didn’t dab our fingertips onto brightly colored digital rectangles to find information, make purchases, book tables or solve any of the other quotidian problems that life throws at us on a daily basis. Whenever we want to order a pizza, buy a book, listen to a song or even meet the love of our lives… there’s an app for that.

Of course, our personal and home lives aren’t the only context in which we use apps. Apps have similarly transformed the business world. The right digital applications on the right mobile devices allow businesses to make their operations smoother, more agile and more efficient in every way. They’ve gotten the workforce away from their desks and wherever their job needs them to be. The ubiquity of apps in the business world has led to a vast and booming app economy. Here we’ll take a look at the app economy, it’s current trajectory and why now is the right time for your business to get on the app wagon if it hasn’t already. But let’s start at the beginning…

What is the app economy?

Apps are everywhere. As a result, tech companies of all shapes and sizes (not to mention talented freelancers) are scrambling to deliver bespoke apps for businesses of all kinds. This has led to an exponentially booming economy as supply rises to meet an increasingly widespread demand. This is what has given rise to the app economy. The app economy encompasses not just the creation and selling of an app but the management of in-app purchases and transactions. It also encompasses revenue from paid ads that are often displayed in apps, particularly in their free iterations.

We owe it all to APPLE

The app economy as we know it today was born in 2008 when Apple invited third party software developers to create new native software for its nascent iPod touch and iPhone devices. Who could have known that this uncharacteristic move for the company (Steve Jobs was apparently very reluctant) would lead to such an auspicious moment in technology that would transform the household and business software market. When it first started out there were only 500 apps available in the Apple Store. A little over a decade later, there are a little over 2 million.

The growth of the app economy

So, where is the app economy going in the coming years. In a word? Up! It’s estimated that the global app economy will boast a net worth of $6.3 trillion by the time we usher in 2021. Looking at the statistics, it’s easy to see why apps mean such big money for developers and platforms alike. With over 3.4 billion smartphone users scattered around the world (a number that continues to grow as smartphones become more affordable), download figures measure in excess of 175 billion as of 2017. Those 3.4 billion smartphone users spend an average of $379 in apps per annum as of last year. This is measures across all forms of monetization including app purchases, in-app purchases and ad revenue. By 2021 this number is expected to grow to $1,008 per user. As we move into the 2020s every business has now become a tech business, with enterprises of all shapes and sizes turning to apps to facilitate or enhance their operations. As we come to rely on apps increasingly in our business and personal lives it’s safe to say that the app economy isn’t going anywhere fast.

The time to act (or swipe) is now!

If you run a Small to Medium sized Enterprise, you’ve likely been told by all and sundry that your business needs an app. Apps are a great way to bring your products and services to your customers, to be sure, but having your own app is far from the only way in which your business can benefit from the app economy.

No matter what you do or whom you do it for, there’s an app that can help you do it more expediently, more effectively and more efficiently. The right apps can help you to enjoy better relationships with your customers by getting quick access to customer data to improve interactions (CRM apps). They can aid your accounting and allow you the perspective you need to be able to reduce your expenses. They can even help you to improve efficiency and productivity by either automating processes or significantly reducing their human resource needs.

With new technologies on the rise like an increased reliance on IoT (te Internet of Things) enabled devices and the rollout of 5G mobile internet, downloads are at an all-time high and app usage is becoming even more ubiquitous. Thus, there’s never been a better time to capitalize on this trend and ensure that your business has the right apps to ensure its continued success.

If you’re not transforming your enterprise through the use of mobile apps, it’s more than likely that your competitors are. If they can leverage apps to give their customers better value for money or a superior quality of service, or inflate their profits through more efficient operations you may find that they leave you in the dust.

How we can help…

At App Match we specialize in helping businesses find the right apps for their operations. There’s no enterprise too small or too large. There’s no niche too specific and no operation too complicated. We help our clients to do business… better. We match them to apps which can improve their operational efficiency while reducing costs and providing a better experience for their clientele, all while remaining true to the values and ideals upon which their brands are based. If you’re ready to usher in a new era of operational perfection through apps and leave your competitors in your shadow, then click here and we can match you to the perfect app

We can’t wait to show you what the right apps can do for you!

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