App Economy Pushed New Boundaries
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
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
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
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
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
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.
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