14 billion people across the globe are expected to by services or products online, which provides businesses with a huge audience to target.
The Internet of Things is also being primed as the next big thing in the area of modern mobile application development. By 2020, the market will value at around $2.48 Trillion, expected to grow even more by 2025 to reach an estimated $16 Trillion.
Just as the numbers suggest, mobile applications targeting this industry can expect a huge return on investment. In 2020, the market competition in this niche is quite low making this an excellent time to tap into this market and extract the benefits by capitalizing on the first-mover advantage.
Another vertical that app developers and businesses have to keep in mind is Smart TVs and Sount of revenue in upcoming times.
According to Adweek, 70 million homes in the US are connected to Smart TVs, which is allowing applications to make more money and expand their user base through diversifying.
Companies like YouTube, Netflix, and Amazon are already making way onto these platforms with their custom applications designed for these platforms.
These applications are already functioning on most video game consoles as well, providing convenience by making sure that their apps are discoverable across multiple platforms.
Which Type Of Apps Generate Revenue?
The app development journey doesn’t end once you’ve decided to create an application. Still, it then demands more clarification in terms of the type of application you want to develop.
Now, here’s what most people do, and this approach doesn’t seem valid to me – I mean, deciding to create an app with what you like, think, or prefer is certainly not the best method of getting started with a mobile application.
However, the proper approach would be to research and study the line whatever’s missing, capitalize on the gap through your mobile application, and ensure success and scalability from the start.
You’ll find several categories over the internet of the most financially successful application. For example, Liftoff company made our lives easier by publishing a report that entails the details of the games that have become the leader among all the apps generating nearly $34.4 billion annually. From such reports, you can easily extract the type of application that you want to create.
By 2021, over 2
Furthermore, similar reports are being published on several different industries that leverage mobile applications to generate high revenue. We’ve managed to round them up to give you an idea of the apps that are sure to make money. Here are the most popular types of apps that you can build to generate revenue with examples:
- Mobile version of the newspaper, information portal, magazine, blogs, etc. (Forbes)
- Music apps (Spotify)
- Personalization apps allow users to change the overall orientation of the smartphone or any other device. (Zedge)
- Performance optimization tools. (CCleaner)
- eCommerce/Shopping Apps (eBay)
- IoT apps (Vialatm)
- Sports and health apps (My Fitness Pal)
- Social media apps (Facebook)
Out of the above-mentioned mobile applications, social apps, music apps, and eCommerce apps are the ones on which the users tend to spend most of the time.
Fortunately, we have a pretty detailed answer to this question. Because most designers and developers make the mistake of setting incorrect prices for various elements involved in making an app, determining the app’s price becomes difficult and cluttered.
However, if you’re making your app a paid one, you need to think thoroughly about your business model and app’s viability because not every user is interested in buying an app when there are thousands of free options available on the Google play store or App store.