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The App Economy is the economic market enabled by native mobile applications.
A recent study by IT Pro Portal found that:
- The App economy is estimated to be worth $101 billion by 2020.
- App games are the biggest sector with 85 percent of app revenues coming from games. But other sectors like banking, retail, airlines, and ridesharing are growing rapidly.
- 90 percent of time on mobile devices is spent in non-browser apps.
Jason Juma-Ross, Head of Tech, Entertainment and Comms at Facebook, said that “80 to 85 per cent of the total time that’s spent on mobile is spent in apps. Ten years ago, there was diffusion of attention across hundreds of thousands of different websites. Today there’s a lot of concentration of attention, certainly in mobile, within a much more limited number of apps.”
Douglas Nicol, partner of On Message, said that “In the longer term, we may well see consolidation of apps. Overtime, I don’t believe you will have apps in the way we have them today. You will have them for transient use when you are going on a trip, but I think your day-to-day functional stuff, that’s much more likely to be integrated into a single natural interface which would be a couple of apps. It becomes part of one stream of conversation with your friends and brands and is much more convenient rather than jumping between apps.”