Mobile Application Market 2024 | Live Streaming Apps Boom during COVID-19 Lockdown to Deploy Audience Engagement

Increasing number of startups are gaining investor sentiment toward the development of on-demand live video consultation apps. Since many individuals were experiencing mental health issues and anxiety due to the COVID-19 (coronavirus) lockdown period, on-demand live video consultation apps are being highly publicized to ensure the health and wellness of people. The business of video consultation apps is slated to witness upward trend, as innovators in the mobile application market are introducing these apps in fields of engineering, legal, education, finance, and the likes. Lucrative value propositions are grabbing the attention of users as individuals are able receive expert advices and suggestions from professionals.

Live streaming apps are becoming increasingly commonplace in the mobile application market, which allow users to broadcast live videos to a larger audience worldwide. Live streaming has become a popular trend among YouTube content creators and Instagram social media influencers who are exploiting these mobile apps to their full potential in order to engage with their audience on a daily basis.

mobile applications market infographic

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Online Doctor Consultation Apps Gain Unprecedented Demand during COVID-19 Pandemic

On-demand doctor apps have been receiving increased attention from individuals during the COVID-19 era. Since people have been opting for remote consultation services from doctors, on-demand doctor mobile applications bode well with individuals since most clinics, hospitals, and medical facilities are flooded with coronavirus patients.

Live commerce apps are a novel introduction in the mobile application market where users are able to shop live across the world while sitting in the comfort of their home. Video streaming commerce apps are typically categorized as the seller app and the buyer app. This has facilitated users to interact with store salesmen in real-time and take into consideration their advice while buying or selling products.

In-app Purchases Soar by Increasing Value Propositions for Users

Free mobile apps help generate instant installations from users. Thus, startups and companies in the mobile application market are adopting various monetization strategies to earn by providing free mobile apps. These business models include email marketing, sponsorship, and affiliate marketing among others. Companies are using in-app advertising tools and in-app video advertising to monetize free apps.

mobile applications market segmentation

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In-app purchases hold lucrative revenue opportunities for companies in the mobile application market. Analysts at the Transparency Market Research opine that paid mobile application downloads are anticipated to dip during the forecast period. Moreover, individuals are more likely to spend on in-app purchases than spend on paid apps. Several individuals are willing to pay for in-app features once they are convinced that the app holds important value propositions for them.

What is Future of Mobile Application Development Industry?

In order to capitalize on value-grab opportunities, companies in the mobile application market are acquiring proficiency in the development of gaming apps. Gaming app development has become popular lately due to the COVID-19 outbreak where people have been spending most of their time at home due to strict lockdown norms. This explains why the mobile application market is projected to advance at an explosive CAGR of ~20% during the assessment period. Analysts of TMR anticipate that virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) are becoming prominent trends in the gaming industry.

Apart from gaming apps, even music apps and video streaming apps hold promising potentials to generate business opportunities for investors. This is because the engagement level is high from the users who are active on these mobile applications.

Rigorous R&D Vital for Launching Money-making Mobile Applications

Mobile application development has the potential to earn millions of dollars. Hence, it is estimated that by the end of 2030, the global mobile application market to reach ~US$ 717 Bn mark. However, not every app earns an equal share of the Android and iOS network, which draws questions from startups and investors who are yet to enter the market as to how do mobile applications earn money. Moreover, highly competitive nature of the mobile application market is another challenge for startups, since the market has over millions of apps available. Hence, companies are focusing in the right considerations before building an app.

Few simple pointers such as determining the target audience, app purpose, technologies, and conducting competitor analysis is important before aiming to launch money-making mobile applications. Zeroing down on suitable monetization models such as freemium, crowdfunding or subscription-based models helps to generate the desired revenue.

Fantasy Sports Apps Bode Well for Investor Sentiment to Fulfill Entertainment Demands

The coronavirus pandemic has cast long-lasting impact for individuals and businesses worldwide. Expensive business trips are being replaced with video conferencing apps, which has helped business owners to save on travelling and other expenditures. Hence, companies in the mobile application market are scurrying toward opportunities in video conferencing apps where owners and employees can virtually schedule and conduct their meetings.

The concept of fantasy sports is luring the gaming target audience with males holding a larger share of the gender demographic. Fantasy sports has become an important medium of entertainment for users as individuals can make their own virtual team of popular cricket, football, and any other sports players. This indicates that companies in the mobile application market can risk to invest in gaming apps to achieve stable revenue streams. On the other hand, health-conscious users are pervasively installing yoga and meditation mobile applications to stay fit, relaxed, and calm for maintaining a healthy lifestyle.

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