The constantly growing and evolving app market is definitely changing the way this industry functions. There is a vast evolution in the recent past that has changed the entire face of the industry, and this evolution is not stopping soon. These entire factors are affecting the app economy for the good.
When app stores were launched in 2008, no one predicted that it would blossom so fast and quickly. Today, the app market worth millions and this is continuously growing with the increasing number of apps on app stores.
The app industry has traveled a long way in this short period and is surely expected to cover various milestones in years to come. Experts are putting stress on few factors that are expected to influence the app economy. Let’s have a look at these factors.
1) Globalization of development of application
In the recent few years, many app development companies have emerged at various parts of the world, especially in the East. These emerging iPhone and Android app development companies are giving tough competition to those in the West. They are able to develop an app at almost half the price and thus are attracting many companies.
Furthermore, these countries are attracting various app owners’ attention since they are yet to achieve the saturation point. The mobile phone users are constantly increasing in these nations, thus increasing the possibility of app users; which on the other hand is getting saturated in the West.
2) Evolving app market
Evolution is the first rule of survival. When apps were first launched, no one anticipated their success, but soon they became popular amongst masses thus inviting businesses and companies to enter this niche market.
Within few years, the app market got flooded with apps of all kinds and types, thus increasing the competition. Today, with millions of apps a user has numerous options while selecting an app. It is certain that this competitive market has some influence on the marketing and development strategies.
Today, companies are more particular about providing variety and increasing user’s experience. This has led to the innovation to such an extent that there are constant evolutions in the app market. This trend would certainly continue looking at the present scenario and would definitely have a deep influence on the app economy.
3) Supply and Demand
We all are well versed with the demand and supply formula. When the demand increases, supply has to increase. Likewise, the demand for exceptional and outstanding apps is constantly increasing, which definitely is increasing the supply of the apps in the market.
Many companies are entering the app industry to capture the opportunity and to reach their potential client, easily. This, again, is encouraging more and more app development companies to emerge, thus influencing the app economy.
4) App Monetization
App monetization can be considered one aspect of evolution. Since app development involves huge investments, companies had to think of ways to bring back those investments. In this, app monetization models or strategies helped. There are many app monetization strategies that one can follow to generate revenues.
These app monetization techniques as well became quite popular amongst app owners and iPhone and Android app developers. Along with app monetization, app advertisements are flourishing as well.
A lot of companies are paying equal attention to app marketing and advertisement, leaving no stone unturned to increase their app visibility on various app stores. This, certainly, in infusing money the app economy and is influencing the market. In the coming years, there would be more advanced techniques and ways of app marketing and advertisements, thus taking the app economy to a whole new level.
It is certain that apps have become an inseparable part of our lives. Today, we easily rely on mobile apps than anything else. We have app for every requirement, be it medical need or entertainment, there is an app for everything. This growing market is certainly influencing the app economy, forcing it to grow and flourish. These above factors are just few, yet prominent, factors that would change the face of app economy in the coming few months and years.
So, it is an advice to those who want to enter the app market, do keep a track of all the factors and closely observe them to be able to reach a conclusion and grow accordingly.