Benefits generated by mobile apps need to be weighed against development costs. Read on to know how mobile app development platforms can lower such costs.
Did you know US adults used 21 apps per month, on an average, in 2016? These figures published by eMarketer indicate the growing use of mobile apps. Another report by Flurry states that app session activity increased by 6% in 2017 while stating that people spent more than five hours per day using new and old apps on their smartphones.
So, whether you are planning on offering a paid or subscription-based mobile app to make money or are part of a company that wants to boost its profits by launching a mobility strategy, the recent trends of smartphone and app usage bode well for you.
Trends in Money Making
Trends in Money Making — HokuApps
Global revenues generated by mobile apps available in app stores are expected to cross $110 billion in 2018, according to projections released by App Annie. Added to this is the impact of higher sales and increased productivity on the bottom line of enterprises. This has also been on the rise.
However, when measuring the profitability impact of a mobility strategy, it’s important to consider the cost of development. Most companies opt for custom development, incurring huge costs and waiting for months to launch the solution. Companies need to explore options like mobile app development platforms, which can significantly lower costs and get the app ready within weeks.
By doing so, MADP platforms offer businesses much higher ROI from app development. Mobile app development platforms provide companies access to several workflow specific modules that can be chosen based on existing processes and the goals of app deployment. MADP platforms also ensure a bug-free experience.
Other trends that are currently taking shape are related to the Internet of Things (IoT), Augmented Reality (AR), Virtual Reality (VR) and apps for wearables. Mobile application development platforms would continue to boost ROI even with these latest developments.
People are increasingly embracing neatly packaged apps with little icons on their smartphones. Did you know that on an average, smartphone users had installed and accessed as many as 21 apps per month in 2016? These figures published in a report by eMarketer underline our love for the utility and ease of use that mobile apps bring. The report also stated that US adults were estimated to have spent more than two hours per day using mobile apps in 2017, representing an increase of 10.3% versus the time spent in 2016. And, this isn’t a passing fad that will vanish in some time. On the contrary, the time spent on using apps is expected to increase to almost three hours per day by 2019.
And while website owners complain about our short attention span while browsing, app session activity grew 6% in 2017, according to an article published on Flurry’s Analytics Blog. The article also mentioned that people spent over five hours a day on their smartphones in 2017, using both new and old apps.
Trends such as this bode well for those planning on developing a mobile app either to earn directly from it or to use it within the company to boost productivity, sales, and customer engagement. Worldwide revenue from app stores is expected to exceed $110 billion in 2018, says a report by App Annie. And, this figure does not even cover the monetary benefits of app usage to enterprises, which has also recorded an uptrend.
Weighing in the Budget Impact
Weighing in the Budget Impact — HokuApps
To understand the complete benefit, it’s important to weigh it against the cost of development. And, costs have reduced dramatically with the use of mobile app development platforms.
Budget is the highest impact on app profitability. MADP platforms offer businesses a significantly higher ROI. This is because mobile app development platforms provide access to workflow specific modules that are already developed, tested and ready for use. Companies simply need to determine which processes are part of their mobility strategy and what goals they wish to achieve. The modules being predeveloped and readily available on MADP platforms reduces the time of custom app development from several months to a few weeks.
Higher Productivity = Improved Bottom Line
Companies continuously strive to improve productivity because this has a direct impact on profitability. Several studies have indicated that companies following a BYOD (bring your own device) approach and encouraging workplace mobility have experienced an increase in worker productivity.
A survey conducted in 2016 by CITO Research highlights some important trends in enterprise mobility. As many as 91% corporate employees use mobile apps to make their work smoother. Companies are driving app adoption because they’re aware of the positive impact on productivity and profitability. Among bigger enterprises, employing more than 10K people, 45% provided apps to at least half of their workforce. Many of these companies found app usage beneficial even after spending huge amounts on custom development, simply because they were unaware of the cost benefits of using MADP platforms.
The report also stated that apps were considered as tools that improved business processes, saved time and smoothened the workflow.
Higher Sales = Higher Revenues
mobile app development trends
There is also a distinct uptrend in the direct money-making ability of mobile apps. The two leading verticals for enterprise app adoption are the marketing and sales department and m-commerce. An increase in sales has a direct impact on revenue generation. The use of payment and banking related apps has surged. Other than these, health, fitness and telemedicine mobile apps are proven to be highly profitable for businesses. According to data published by Statista, them-health market is expected to grow to almost $60 billion by 2020.
The other trends that would boost the money-making capability of mobile apps include IoT, apps for wearables, blockchain-based apps as well as apps that support augmented reality (AR) and virtual reality (VR).
Whatever the industry or app features needed, mobile application development platforms would continue to boost ROI.