(Reuters) – Apple Inc customers will likely spend more money on non-gaming mobile apps by 2024, data analytics firm SensorTower said on Monday, as the lockdown lifestyle results in users looking more than just games to apps that help with service delivery. more important.
Downloads of business, education, health and wellness apps have seen a sharp spike due to stay-at-home acts during the health crisis.
During the early days of the pandemic, users spent even more money on mobile games on the App Store. But as the lockdown extended, improving work-life and modes of communication, their attention turned to photo and video sharing, dating, video conferencing and instant messaging apps.
Shares of companies such as Zoom Video Communications Inc and Match Group as well as other household companies surged last year.
SensorTower says consumer spending on mobile apps will reach $ 270 billion in the next five years globally, more than tripling when compared to 2020.
Apple customers will spend more than their Android counterparts with the App Store which is expected to generate $ 185 billion in global revenue, the data analysis firm said.
Gaming revenue will continue to take up a relatively higher share of the Google Play store than it does on the App Store, with a projected 71% share of games in 2025 compared to 42% on the App Store, data shows.
The data analytics firm expects Europe to become a key market over the next five years, with revenue growth on the continent likely to outpace growth in Asia and North America.
Downloads in Europe are expected to grow to 36.9 billion by 2025, compared with 28.4 billion in 2020, while revenue growth is expected to more than double to $ 42 billion in the next five years.
Reporting by Eva Mathews and Subrat Patnaik in Bengaluru; Edited by Arun Koyyur