App Economy Pushed New Boundaries

Lutz Grätz
Jan 25, 2018 · 3 min read
Image for post
Image for post
App Annie Retrospective Report 2017

2017 was a monumental year for the app economy. As mentioned in an earlier story consumer spending in App Stores exceeded $86 billion in 2017 and this year, the iOS App Store alone will become larger than the entire global film industry. App Annie released a retroperspective look on how the app economy had grown in 2017. Here are some of the key statistics:

German Consumers Spend on Average 2 Hours in Apps Each Day

Image for post
Image for post
App Annie Retrospective Report 2017

The analyzed markets averaged nearly 30% growth in average daily time spent in apps vs 2015. Apps’ share of consumer attention continues to grow and has become the most critical channel for customer interactions.
Higher use is emerging in mobile-first markets. Mobile is truly the first screen in these markets as many users have skipped the desktop generation entirely.

App Engagement Is Well Above Mobile Web

Image for post
Image for post
App Annie Retrospective Report 2017

Across Mature and Emerging Markets, More Time is Spent in Native Apps than in Mobile Web Browsers.

In select markets, the analysis shows that smartphone users spend 7x more time in native apps than in mobile browsers, and tend to access them 13x more often.
Some successful businesses are now seeing more than half of their sales come through mobile channels, and app users specifically convert at 3x the rate of mobile web users.


Finance App Adoption Is Gaining Momentum

Image for post
Image for post
App Annie Retrospective Report 2017

Mobile apps have accelerated the digital transformation of the personal finance space. Instant person-to-person payments, aggregators and the emergence of digital wallets/payments have already made traditional services less relevant for many consumers. The convenience delivered by apps further raises consumer expectations for instant, innovative and effortless service available 24/7.

Adoption and Use of Fintech Apps Are Growing Fast

Image for post
Image for post
App Annie Retrospective Report 2017

Across markets, 2017 saw an uptick in number of users of FinTech apps.
Through their apps, FinTech companies are already able to offer a convenient, streamlined experience — a vulnerability for many banks — covering services such as account aggregation, payments and investment management. Apple has even launched its own peer-to-peer payment competitor which can be accessed in iMessage, Siri, the Apple Pay app and Contacts.

Booming Cryptocurrency Prices Have Created a New Category of Cryptocurrency Management Apps

Image for post
Image for post
App Annie Retrospective Report 2017

Cryptocurrency management apps have seen a significant boost in the face of growing market excitement.
By allowing users to monitor, store and trade currency at any time or place, these apps have become a critical tool for currency traders.
The performance of cryptocurrency management apps is tied closely to currency values and consumer excitement. Peaks and troughs in trading values will continue to be reflected in app usage.


Widgetlabs

Focused on awesome Insurance/InsurTech technology & helping…

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store