What does the mobile app economy entail for the year 2018?

The year is 2018 and the pace of development is relentless! Yes, the mobile app economy is a large industry today and is still beginning to show glimpses of what more it can be in the coming years. Recent estimates show that 2017 was yet another year of records for the mobile application market as sales skyrocketed and installs showed great growth rates.

The following statistics throw light on the significance of mobile apps on global commerce and their impact in the recently concluded year:

- The consolidated app revenues for the year 2017 stood at $88 billion.

- Revenues from mobile purchases were an impressive figure of $29 billion.

- In-app purchase revenues for the same period were a whopping $37 billion.

If you are a business who is interested in the applications market, this is the right time to pay attention to the emerging trends in this sector and reorient your strategy.

The following technologies are likely to be the new grounds of development:

- VR and AR are the areas where a predominant number of players are researching upon. A variety of sectors such as real estate, education, research, and medicine are likely to be beneficiaries.

- Mobile payments are the other domain where consumers are moving towards. Recent estimates place the number of NBFC and mobile payment users at $450 million.

- BYOD apps are now gaining prominence across enterprises and are expected to make it easy for companies to allow their employees to work flexibly.

- IoT is another trend to watch out for. From wearables to smart appliances, IoT-powered devices are changing the landscape of technology.

- Voice Assistance apps such as that from Google are also gaining popularity and are ushering in an era where voice-search will take precedence over text-based search.

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