Owing to the ubiquity of smart technologies in today’s scenario, the mobile app development market has seen a tremendous rise in the past few years. This trend seems to be reaching its peak with business firms opting for custom app development in an effort to improve their business efficiency, leading to increase in both customer engagement and net profits.
While most large businesses have built their own application to engage with their customers better in order to improve brand loyalty, it is only a matter of time before small & medium businesses jump onto the bandwagon as well to create their own apps.
Here’s an interesting global statistic displaying the fastest growing apps based on industry segment from 2015 onwards.
It can be clearly noticed that shopping apps (including retail brands) are growing the fastest, followed by apps for entertainment and then business & finance. It can also be observed that custom apps being built owe their functionality to the technologies used for mobile app development.
Mobile Apps Revenues and Market Trends
After obtaining market data and studying trends, we present to you a few custom app development market trends on a global scale.
In terms of market share, the graph below will give us a fair indication on the amount of revenue generated by mobile apps through in-app advertising and via app stores on Android and iOS platforms.
Worldwide mobile app revenues (in billion $) comparison chart with projection is depicted here.
| Year | Revenue ($bn) |
| 2016 | 43.5 |
| 2017 | 58.1 |
| 2018 | 71.3 |
| 2019 | 89 |
| 2020 | 111 |
| 2021 | 133 |
It is precisely this phenomenon which is motivating many enterprises to invest in an application which will enhance customer engagement while giving them essential data to make strategic business decisions for increasing their bottom line.
Going by numbers, it is no surprise that almost 70% of companies whether big or small have already initiated the process of building a custom app for their business process management (BPM) while others have planned for an application in their list of to do things to improve operational efficiency.
Here’s an infographic on the mobile development market by firm names.
(The above image is Gartner’s Magic Quadrant which evaluates the players in the global mobile app development platform market).
While there are big players in the market like Oracle, Microsoft, Salesforce & Kony among others, who have in effect ushered in the app revolution by building custom apps on one hand and also customizing their business applications on the other, there are many other developers across the globe who focus their time and energies to technologize their clients’ enterprise.