Facebook Snapchat Remain Content: The Mobile App industry is booming and is expected to grow even more in the coming years. Consumer spending on mobile apps in 2021 has hit a new high of $135 billion, according to App Annie’s latest report.
The total consumer spending across iOS and Android rose by 25 percent YoY to touch $135 billion in 2021, recording the highest growth rate since 2016.
The report also highlighted that app downloads grew 8 percent this year globally with video sharing and editing apps witnessing the highest growth at 36 percent YoY.
Some of the major contributors to this growth included apps like CapCut, MX TakaTak, and Moj. Gaming apps also continued to grow in popularity with downloads reaching a new high of 90 billion.
While Facebook and Snapchat remained the top-tier content providers, Chinese social media app WeChat registered an impressive growth of 106 percent YoY in terms of consumer spending.
This is mainly attributed to the increasing popularity of mini-programs in China. Overall, the Asia Pacific region registered a growth rate of 33 percent YoY in terms of consumer spending on mobile apps.
The report also highlighted some key trends that are expected to dominate the app industry in the coming years. These include conversational AI, smart home apps, voice assistants, and augmented reality.
“One of the big takeaways is that the global population adapted to the pandemic by embracing a mobile lifestyle.
The sectors that did well were the ones that brought people closer together both virtually and in person,” said Lexi Sydow, Head of Insights, App Annie.
With the increasing penetration of smartphones and rising consumer demand, the mobile app industry is all set to witness even more growth in the years to come.