The global app industry has experienced tremendous growth over the last five years, with revenue and downloads more than doubling. The use of mobile apps has become more widespread, and app developers grossed $428 billion last year, with people worldwide making over 235 billion downloads. In 2023, mobile apps are expected to grow to a $490 billion industry, and there is still room for more growth.
According to data presented by SportsLens, global app revenues are expected to grow by another 10% and hit over half a trillion dollars in 2024. With approximately 6.6 billion mobile phone users worldwide, or 82% of the world’s population, the mobile app industry is continuing to surge, with no signs of stopping any time soon.
In 2022, global app revenues grew by 7% year-over-year and hit $428.1 billion globally, according to a Statista survey. This year is set to witness even more impressive growth, with revenues rising by 14% to $490.8 billion. Statista expects users worldwide to increase their app spending by an impressive $53 billion or 10% in 2024, with total revenues rising to $541.1 billion.
Mobile games will remain the largest revenue stream, bringing in $343.2 billion in 2024, up from $307 billion this year. Social media apps, the second highest-grossing app category, will bring $53.2 billion, $4.7 billion more than in 2023. The two app categories will make up 73% of total app revenues next year.
Downloads are also expected to continue growing. Last year, people worldwide made roughly 235.2 billion downloads. However, 2023 is set to witness far more downloads, with their total number jumping to 262.5 billion. Mobile games will make up more than half of that figure, with 135 billion downloads. Photo and video apps, the second most-downloaded app category, will see 29 billion downloads this year, followed by social media apps and their 12 billion downloads. Statistics show the total number of downloads is set to grow by another 10% in 2024 and hit almost 288 billion worldwide.
The two highest-grossing app categories, mobile games and social media apps, are also the top two categories for total time spent by users. According to a Statista survey, social media apps like Facebook, Instagram, and TikTok had the most engagement, with global users spending 55 minutes daily on these apps. Casual games ranked second with 24 minutes of use per day. Social casino, hardcore, and midcore games follow, with 17.1, 17, and 16.2 minutes, respectively. Statistics show that an average smartphone user spends more than two hours daily on gaming and social media apps.
