App Annie has released its third annual app market forecast which projects global app store growth for the next five years.
App Annie has predicted that consumer spend on apps will reach a total of $156.5 billion in 2022.
The average spend per consumer reached $20.94 in 2017 and is forecast to rise to $25.65 in 2022.
The overall consumer spend in mature markets has risen quickly, and the install base of mobile devices will expand a further 56% to reach 6.1 billion in 2022.
Danielle Levitas, SVP of Research for App Annie, said: “The app economy continues to flourish as consumers across the globe increasingly value the convenience that mobile apps deliver. With consumers spending an average of nearly three hours each day in apps, it’s critical for brands and publishers to have a strong mobile channel for their customers to reach them whenever they choose from wherever they are.”
The report stated that each region’s growth depends on three factors: cultural sensitivities and preferences, varying consumer behaviours and spending power, and, most importantly, where the market sits in terms of maturity.
App Annie also discovered that the top five markets in 2022 by consumer spend are estimated to be China, the U.S., Japan, South Korea, and Germany.
China is and will continue to be the largest market for apps in both app store spend and downloads. Consumer spend more will more than double from 2017 to 2022 and is estimated to reach $62.4 billion, or nearly 40% of worldwide spend.
Spend on apps is also forecast to grow even faster than games, and will reach $43 billion of app store spend in 2022.
Video, dating, and music are among the categories currently experiencing the strongest growth rates.
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