Global consumer spend on mobile apps is expected to grow 24% in 2016, reaching $50.9 billion—and eventually doubling from that level within four years to reach $101.1 billion in 2020—according to a recent report from App Annie.
The report was based on forecast gross spend by global users across Apple's iOS App Store, Google Play, all third-party Android app stores, Microsoft's Windows Phone Store, and Samsung's Galaxy Apps. The projections include revenue generated from in-app purchases, subscriptions, and paid downloads, but not advertising and e-commerce revenue.
The rapid mobile app revenue growth will be driven largely by two factors, according to the analysis: strong app adoption in developing economies, and mobile apps' ability to capture greater wallet share in mature economies.
Global app store downloads will grow from 111.2 billion in 2015 to 284.3 billion in 2020, according to the forecast.
Download growth is projected to be driven mainly by Google Play, its downloads expected to more than triple between 2016 and 2020, reaching 166.4 billion.
Ayaz Nanji is an independent digital strategist and a co-founder of ICW Content, a marketing agency specializing in content creation for brands and businesses. He is also a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, AOL, and the New York Times.
LinkedIn: Ayaz Nanji