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Future prospects of the Mobile App market

With the rapidly evolving IT industry, the market for mobile apps is growing exponentially. As the industry is vast and rapidly changing, it can be foresighted that it will continue to grow in the long run too. Revenue generation from mobile apps has reached new heights in the past few years. As most people use a smartphone, it has been found that they prefer using mobile apps over websites. Studies have shown that hybrid monetization models like in-app purchases and in-app advertisements have also contributed a bounteous amount to the app's revenue.

Analytics

According to reports it has been found in 2021 the app industry generated $133 billion in annual revenue by combining both Android and iOS. It was a 19% increase from the previous year. With the mobile revolution ongoing the market is far from being saturated. Additionally, app users are more inclined toward those apps that provide a rich user experience. So, having a great UI and UX helps in making a consumer a repetitive user. Also, the advent of 5G technology, will push to shape the industry. However, it is no bombshell that the App industry will definitely change in the coming years.

Platform Based

There are two mobile platform giants that rule the world. They are Android and iOS. While the former is the product of the tech giant Google from Mountain View, California the latter comes from the tech giant Apple based out of Cupertino, California. Though iOS is more popular in the United States of America and Japan because of its booming economy, Android is the major player in India and South East Asia. As of now, there is no competition to these two giants. Nobody can think of having a variety of applications and a large community of developers that can prove to be a threat to these giants.

Incorporating Artificial Intelligence/Machine Learning

Artificial Intelligence in the era of technology is creating wonders in mobile app development. AI improves algorithms and improves the ability that a human counterpart could achieve. There are many things in mobile apps that can be achieved with artificial intelligence. It helps in making voice recognition easy and assistive. Also, it can be directed to perform a certain task using the command. Machine learning in the underway helps in predicting and personalizing the experience of the users constantly learning from their day-to-day usage.

Monetization

There are mainly five mobile app monetization models. They are In-App Advertising, Freemium, Paid Apps, In-App Purchases, and Subscriptions. In-App advertising contributes to free downloads gathering a huge user base and then pushing ads to users interacting with your app. The Freemium model is a mixture of both Free and Premium users where premium users get a few specific benefits that are limited to the free users. Paid Apps need users to pay before downloading and are not free to download. It collects revenue upfront from users. In-App purchases involve selling virtual goods to users and collecting profit. Last but not least is the Subscription model which is similar to Freemium except for the fact that it focuses on closed content instead of features.

Conclusion

So, it can be seen that the mobile app market is not going to halt anytime soon. The exponential growth, the connectivity technology, and the major players in the market won't let that happen anytime soon. Though there is strong competition in the industry developers are working every day to implement new monetization models. Additionally, developers are also working on making applications highly interactive and experience-rich. With the metaverse knocking on the door, it is known how augmented reality and VR apps will play a crucial role.

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