5 App Categories To Be Money-Makers in 2022 and Beyond
Adamo Software
We provide full-cycle services in software development, mobile and web-based solutions, AI development, and Blockchain
According to Statista , total revenue is expected to show an annual growth rate (CAGR 2022-2026) of 9.27% in 2026. Apps can potentially generate billions of dollars each year. In this article, let's go through the lens of the current earning potential of top mobile apps in the industry.
1. Revenue From A Mobile App in 2022 and Upward
With so many customers downloading and engaging with apps daily, it comes as no surprise that businesses have tapped into the immensely profitable app industry and capitalized on the rising demand for app content.
Now, look at the growth of worldwide mobile app revenues from 2014 to 2023 to see how steadily the revenue increases year by year.
Source: Statista
During only a decade, the Global revenue of mobile apps has rocketed 10 times from about 97.7 billion dollars in 2014 to a forecasted 935.2 billion dollars in 2023. The chart above shows the upward trend in the mobile app revenue industry.
Some other aspects reflecting the huge potential of mobile apps in terms of revenue growth can be noted as follows. The average revenue per download in 2022 is US$1.83. Besides, the most revenue of the mobile app industry is generated in China (US$156.60bn in 2022).
This massive revenue generation is a byproduct of the rise in mobile phone usage. According to a comparison by Oberlo , 52.2% of all global traffic came from mobile phones. For businesses, this is a gold mine that can result in massive growth, and industry leaders have already started to use this platform to realize a higher return on investment.
The revenue generated from mobile apps can also be accessed via the expansion of mobile app platforms with 2 giants of the game: App Store and Google Store.
According to Statista 2022, The App Store (belonging to the iOS system) will witness an annual growth rate of 13.7% predicted to 2026, reaching $161 billion of annual revenue, while user spending on Google Play is projected to grow at 8.9%, hitting $72 billion annually within the next four years.
Source: Statista 2022
The chart indicates that the consumer is tending to pay more for mobile app usage through the years. Both App Store and Google Play see growth in customer spending to use apps. This indicator shows the potential for greater revenue for mobile app owners in the near future.
2. 5 App Categories To Be “Cash Cow” in 2022 and Beyond
Let’s take a close look at the top 5 mobile app categories that can make a whoop at the revenue of your business.
According to Statista , there are 86.3 million people in the US using health and fitness apps in 2022, compared to only 68.7 million users in 2019.
The shortlist of the most famous healthcare and Wellness Apps includes Gym apps, Personal training apps, Cooking apps, Apps for dietitians and nutritionists, Weight loss apps, Meditation apps, and Yoga apps.
Virtual personal training is on the rise. Trainers are using apps to create 30-day workout challenges with custom videos and lessons. App users find this extremely useful, as they can access these training sessions on demand.
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A report by Business Wire suggests that the growth between 2020 and 2024 will be estimated at $132.21 billion.
There has been a dramatic increase in the e-learning market during and after the pandemic of covid-19. The lockdown occurred during the pandemic time, forcing learners worldwide to use online tutoring applications. This trend remains even after the Covid when the digitalization era has dawned on education as unprecedented.
Teachers have taken advantage of learning platforms to deliver their lessons. Mobile app development companies rapidly catch the trend in the online learning market with the Edtech app launching. According to research, it is proven that the retention levels among students are quite high in online tuition classes.
The Food and Beverage industry has faced challenges over the last few years, driven by lockdowns, government regulations, and consumer behavior. But the restaurants that have adapted will continue to survive and thrive moving forward.
Just take a look at the US food delivery app revenue from the past six years. According to CB Insights, the food delivery app industry is expected to reach a $320 billion market size by 2029
Source: CB Insights, Research & Markets
The food service and restaurant mobile app industry has come back strongly after the pandemic and proved its immense potential in revenue generation. The chart illustrates the steady growth in 2022 and 2029. The digital trend in the food service industry is vibrantly happening, triggering the participation of mobile app developers for profit targets.
According to Google 2022, 73% of smartphone users have used a mobile app to manage their financial state on average for a month. Investment and stock trading mobile app searches are growing 115% year-over-year.
The demand for finance apps is skyrocketing. Mobile banking apps, mobile payment apps, asset management apps, and personal finance apps all are observing a rise in user adoption and usage. People like using an app to track expenses, pay bills, save for big purchases, trade stocks, and more. These apps allow the average person to feel more in control over their finances, and it’s going to continue trending upward for the foreseeable future.
From Android apps on the Google Play store and iOS apps on the Apple App Store—finance apps and subcategories in this space are popular on every operating system.
E-commerce apps have a huge appeal to mobile app development companies for the great possibility of profit-making. Just look at the conversion rate comparison between mobile browsers and mobile apps in the e-commerce space. According to research by Buildfire, the conversion rate has increased 130% when using a mobile app compared to a mobile browser. E-commerce apps have been growing exponentially for years now, with no signs of slowing down.
Wrap up
The uptrend in revenue worldwide from mobile apps opens up the opportunity for businesses to extend their profit.
With dedicated teams, an intensive-to-schedule working style, and expertise in mobile app development, Adamo Software helps clients worldwide rapidly amplify revenue. We are here to give you the best solutions for your mobile app development.
Visit our full portfolio in the development of the most trending app categories including Food & Beverage, Healthcare, E-commerce, and so on: https://bit.ly/3sYecNX
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2yThanks for posting !