Building an application for your business is a big decision to make and for that matter, it is important to understand the market of application and then go for it. here are some examples of booming application types that can help build higher app revenues.
Developing an application is right for your business and there is no doubt about that. But, if you are new to this whole start-up thing and are looking for potential markets to tap in, then you are at the right place. The application development lifecycle has gained momentum with innovations and technologies converging to create a seamless experience for consumers.
Though you will do your market research on the type of application you would like to develop, here are some insights on the one which is already a hit. But, before we get to it let us know why applications have become such an important piece of the trade for enterprises and entrepreneurs.
The global mobile apps market will grow by $164.53 billion during the 2019-2023 forecast period. The growth momentum will accelerate throughout the forecast period and the compound annual growth rate (CAGR) will remain at 18%. Global mobile app store revenue is set to surpass $122 billion in 2019 with a CAGR of 29%. This is the kind of data that gives you the push to build apps that can attract good business.
1.Marketing and Advertising apps:
Advertising and marketing on mobile phones have increased to astounding levels. According to a report, 60% more apps make more money through in-app ads in 2019. The landscape of advertising has been changed by mobile-first strategies by the firms world-wide. Ads are part of every application these days and even mobile OS are using the floating and pop-up ads to monetize.
Content marketing has taken a new form through the mobile-first strategy, with platform capabilities, expanding to the smaller screen size of mobile. Content marketers are now using the medium of applications to promote their content. It is evident with an investment of $250 billion investment in digital marketing by these firms.
There are also video ads and other mediums on mobile that are gaining traction. You can choose to develop applications that can promote products or content-based applications that can monetize through the publication of other website’s content on your application.
2. Gaming apps:
Humans are crazy about their games and mobile is no exception, the gaming industry has seen a total transformation by switching over to the mobile realm. Gaming metrics have changed and evolved into a more inclusive spectrum. Games with simple gameplay are the latest trend in gaming and are redefining the gamers community.
The market share of consumer spends on mobile games is set to cross by 60%, which is more than any gaming platform. Growth in the hyper-casual gaming has been driven through advancements in multi-player mechanics and cross-platform capabilities of the gaming apps. Simple games with more consumer engagement can attract more customers for the publishers, who are looking to monetize through in-app purchases and ad banners that often appear on games.
Gaming consoles are on the verge of obsoletion, with mobile gaming rising to the market and with the innovations like wearables, IoT(Internet of Things), Augmented and Virtual reality, etc. the gaming on mobile has been more interesting and exciting for the users than ever. So, creating a gaming app for business is not at all a bad idea.
3. Streaming Apps:
Imagine spending every 10 minutes of an hour on your phone looking at some video streaming. Sound like crazy stuff right? But, this is a real statistic. An average person on earth spends about 7.5 hours each day on listening, reading, watching, posting, etc. on several media platforms, with 10 minutes of every hour spent consuming media across TV and the internet from the mobile in 2019. This is the scale of streaming apps.
Total media consumption by people over the streaming apps is set to increase by 110% by the end of 2019. However, it’s a crowded space with players wanting to be the best with their content and a similar pattern can be seen on cable TV. As a result, the curse of piracy has seen more followers due to the requirement of decentralized multiple subscriptions. With this type of competition and players in the market, we can see some partnerships in the future among them to ensure quality content.
4. Technology Apps:
There are applications on the mobile today teaching technology and innovations. Today, firms are looking for more exposer of their employees towards technologies and innovations and app development firms are capitalizing on this idea. Think if you can hire node.js developer from the ease of your drawing room sofa for your next project. This is the kind of ease of business that is provided by such tech-apps.
Every single app right from video editing to photo editing, app development apps to tutorial apps are all tech-apps that are reshaping the application development paradigm. There are apps for developers to learn programming and other tech-related courses.
5. Fashion and Beauty apps:
Fashion and beauty markets have now gone mobile as much as it may look bizarre, it is the truth of today. Both these markets are physical and yet are now a prime at the digital front. The global online fashion market is expected to reach $765 billion by the year 2022, an expected increase of $281 billion or 58%. This shows that the online fashion and beauty industry has seen a soaring rise in recent years and this is optimized through mobile applications and products dedicated to mobile users and customers.
Choosing the right type of application for your start-up can be a challenging task. One has to do extensive market research and market surveys to identify the true potential of a market and then choose a particular type of application. An entrepreneur should make sure to understand the true problem of target users and then define the problem.
The definition of a problem will help them to decide the application type, its infrastructure, business model, and platform for the deployment. Everything will follow after the selection of the application type and this is where every entrepreneur should be careful.