The mobile apps market 2022/23 | Bunch Consulting
As the world of mobile technology continues to evolve and expand, it's important to stay informed of the trends and developments in the industry. Predictions for the 2023 mobile app market based on the data from 2022 can provide valuable insight into the direction the industry is heading. With the world of mobile technology ever-changing, it's essential to have a good understanding of what the future holds. In this article, we'll take a look at the predictions for the 2023 mobile app market and what we can expect in the coming years.
The predictions for the 2023 mobile app market
Have you ever seen a fortune teller, whose visions were 100% accurate? We didn’t. We prefer to base our predictions for the future on data. What happened in 2022 and before has a huge impact on the market of mobile apps. Let’s see, what shapes the 2023 mobile market! A question for those who like to make estimations: how many apps were downloaded per minute in 2022? (Look for the answer down there).
The app market in a nutshell
A whopping 255 Billion new apps were downloaded in 2022 (!!!) (iOS, Google Play, Third-Party Android in China). It shows an 11% YoY growth. The money spent on apps in 2022 in the stores mentioned above amounts to $167 Billion, according to Data.ai State of Mobile 2023.
The time spent on Mobile
The surge of time spent on mobile per day in 2022 is visible, even when compared to the pandemic time of 2020. The weighted average in the top 10 markets has exceeded 5 hours, up 9% from 2020. It’s worth noting that in Ukraine, placed #13 and at the same time, the first European country in this rank, the time spent on mobile increased by 45% YoY.?
Need-to-have vs. entertainment
The spending on non-gaming apps increases worldwide, as per the Data.ai State of Mobile 2023. In the US, this trend is visible, especially when taking into account the Disposable Income Growth Index. The lower it is, the fewer people spend on gaming apps and more on ‘need-to-have’ services.
Here's the answer you were looking for: There were more than 485,000 apps downloaded per minute in 2022.?
What fuels the retail tech market?
Are we back to pre-pandemic times when the owners of brick-and-mortar shops didn’t think that much about going phygital (integrating physical and digital elements in the shopping experience)? Are things still like in 2020, when Pharmacy and Drugstore apps were no. 1 among downloaded retail apps? No! Find out what is going on in the world of the retail tech industry to stay ahead of your competition!
Time spent on the shopping apps
In 2022, consumers worldwide spent almost 110 Billion hours in shopping apps. Time spent in shopping apps climbed 9 percent globally, a decrease compared to 2019 and 2022 when it amounted to a 20 percent compound annual growth rate (CAGR). Top growth markets include India, Indonesia, Brazil, Mexico, and Argentina.
Shopping apps' popularity by type
2022 saw a change in the subgenres of downloaded retail apps. The undebatable no. 1 are BNPL (Buy Now, Pay Later) apps, which were placed 4th in 2020. Coupons and rewards apps saw 27% YoY growth, becoming the 2nd most popular this year. It’s the cost-conscious consumers, who drove this trend. The coupons and rewards apps are the tools that help them save money in times of high inflation.
The desired features
What catches the eye of your potential customers? According to the data.ai report, the ratings and reviews, a creative gallery, and AppIQ. Clients are more demanding than ever, expecting the apps to be personalized and provide a flawless checkout.
Bunch Consulting experience
A booking and overview platform for restaurants and bars, a warehousing and supply automation system for a wholesale retailer? Tech solution to handle quotations/invoices/sale orders and inventory for 750 000 product variants online? A piece of cake, we did that already!?
Some of the features we developed as part of the projects above:
Are fintech apps worth investing in?
What is the first song that comes to your mind while thinking of fintech? Feel free to share it in the comments. Our association is ABBA “Money, money, money”. What influences the landscape of fintech apps? Is developing a fintech product in 2023 a good idea? Find out below!
Types of apps
2022 saw a rapid increase in downloads of Mobile Banking, Digital Wallet, and Personal Loan apps worldwide. People are motivated to control their finances more than ever due to inflation and financial uncertainty.?
Local market advantages
Developing fintech apps is strictly connected to compliance with each country’s rules and regulations. People trust local-headquartered companies, and it is reflected in the data. According to data.ai State of Mobile Report, 87% of fintech product downloads in the US in 2022 were the ones released by local-based companies. Developing a service or app for your local area (country, region) gives you a competitive advantage of knowing the market and winning the trust of the users from the beginning.
The case of cash advance
Although cash advance and earlier access to paychecks have been a common feature of financial apps on the US market in the last few years, in 2022, they contributed to a surge in fintech app downloads. Last year saw a 44% YoY increase in downloads of cash advance apps in the US. The search traffic for “cash advance” in the App Store also increased, which corresponds with the data.
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Our experience with fintech
We have to admit something… We’re sometimes humming ABBA’s “Money, money, money” while working on Fintech products! One of them was an e-mobile banking app that we developed from scratch and is equipped not only with standard banking features but also with elements of gamification. Another project was a mobile app for field agents who work in rural areas and sign loans with people right away. Check our portfolio to find out more details on the technologies used in our fintech projects, as well as the scope of tasks.
The dynamic landscape of the mobile games market
Who remembers playing their first mobile game? And we also mean the times when there was no Google Drive or email checking on the phone. The times have changed and so did the games. Do you know the current trends in the mobile gaming market?
Mobile game spending and downloads
There were almost 90B mobile games downloads in 2022! It's a 6.7B increase from 2021. The consumer spend growth in mobile gaming decreased in 2022 by 5% to $110B though. The major type of games that contributed to the enormous download numbers were Hypercasual games. Also, the download drivers were Party Royale Games and Word Puzzle Games.
Top game genres
According to The State of Mobile Report by data.ai the top 3 most popular games by downloads differ from the top 3 by consumer spend. In 2022, Hypercasual games were no. 1 by downloads worldwide, followed by Simulation and Action games. The indisputable winner of consumer spend were RPG mobile games. The no. 2 was Strategy Games, whereas the 3rd place was taken by Match games.
Time spent playing
The first thing worth mentioning is that time spent playing Creative Sandbox games such as Minecraft or Roblox grew 25% from 2021 to 2022 globally. On the other hand, the biggest decline was seen in the Battle Royale (Shooting) games, since it dropped 20% when compared to 2021.
The audience
Research by data.ai indicates that younger gamers (18-24) prefer Shooters, Party, and Simulation games. Older players choose Puzzle, Match, and Slot games more often. Sport, Strategy, and Shooting mobile games are preferred by the male audience whereas Match3 and Puzzle Games skew towards the female audience.
Keep an eye on Health and Fitness apps
Keeping fit and healthy is one of the top New Year’s resolutions. Crowded gyms and discounted exercise programs confirm it. But the personalization of the health and fitness services is what really matters. And this is one of the most desired features of the apps from this sector. Let’s have a look at what is appealing to the users.
Spending and downloads
The 2022 key market for Health and Fitness apps in terms of consumer spending was the US. Over 50% of global spending on apps across the App Store and Google Play came from there. The Top 3 Health and Fitness in 2022 apps when it comes to consumer spending are based in the US (Fitbit, MyFitnesspal, and Calm). Users only from four countries from the top 20 spent more than $1 per download. Any guesses about them? The best monetizing markets were the US, UK, Canada, and Germany.
Target Audience
Although Stress Reduction & Meditation and Fitness Apps are distributed quite evenly in different demographic groups, there are some differences in the Workout Apps. Publishers try to differentiate and adapt their apps according to various parameters, like in the case of e.g. releasing separate Lose Weight App for women and men. Accessibility of Health Tracking apps for the 45+ group is essential for National Medical Service, Health Monitor, and Telehealth.
Our experience
One of our projects was developing a highly personalized mobile solution offering individual treatment plans for high-risk patients. Our work included:
Find your niche: Language, Business, or Dating apps?
Calling all entrepreneurs! Are you still wondering, what niche is perfect for you to enter with a tailor-made and unique app? We’re here to help! Hope our summary of booming industries will help you decide!
Learning languages
With the borders reopening and restrictions being lifted, people are more eager than ever to polish their language skills. It reflects in the 31% YoY growth (2021-2022) in the time spent on Language Learning apps. A decline can be seen in the time spent on Learning Management apps like Google Classroom since the schools reopened.
Love is in the air
It has always been! It’s not only the digitalization of all activities that leads to an increase in dating app use. People searching for love and friendship want to save time and find out interesting facts about others in a fast, and convenient way. Increasing the probability of finding a perfect match drives in-app purchases. Profile boosts and unlimited swipes are the functions that users spend their money on. Compared to pre-pandemic spending, there's a 91% 3YoY (!!!) and a 12% YoY increase in 2022.
Business is booming
Companies aim to improve their workflow and processes, and it reflects in the data. But Business Meeting apps are so 2020! The number of downloads decreased by 35% YoY in 2022. What was selling like hotcakes in 2022? 12 out of 20 breakout business apps by downloads were Business Software apps. If you consider entering the US market, you also need to know that Job Hunting apps have seen a 60% YoY rise in downloads there.
Not sure, which app market to enter?
In conclusion, if you are an IT professional looking to enter the app market with a unique and tailor-made app, there are plenty of options to explore. From the booming industries of healthcare, finance, and education, to the more niche industries of travel, gaming, and entertainment, there is an app niche for everyone! If you need help deciding which industry is the right fit for you, or need assistance with developing your app idea, don't hesitate to reach out to us at [email protected]. We look forward to hearing from you!