With roughly 6.6 billion mobile phone users worldwide, or 82% of the world’s population, the mobile app industry continues surging with no signs of stopping any time soon. In 2022, global app revenues are expected to touch $430bn, almost $30bn more than a year ago. However, the revenue growth is set to double next year.
According to data presented by Sports Lens, global app revenues are set to grow by roughly $60bn year-over-year and hit $490bn in 2023.
In-app Advertising to Bring $254B or 51% of Total Revenues
Global app revenues have skyrocketed over the past few years, especially after COVID-19. Back in 2019, the app industry generated $253.1bn in revenue, according to a Statista survey. In 2022, global app revenues are projected to hit over $430bn worldwide, showing a massive 70% in three years.
Statistics show that in 2023, revenues generated from in-app purchases, app advertising, or paid apps will grow by another $60bn to almost $490bn, and iPhone and iPad users will make up 63% of that value.
Mobile games will remain the largest revenue stream bringing $307bn next year, up from $267bn in 2022. Social media apps, the second highest-grossing app category, will bring $48.5bn, $5bn more than this year. Together, the two app categories will account for 72% of combined revenues in 2023.
Statista data also showed that $254bn, or 51% of total app revenues, will come from in-app advertising, $34bn more than in 2022. In-app purchase revenue is expected to grow by 12% YoY to $231bn, making 47% of total revenues in 2023.
Total Number of Downloads to Hit 265 billion Next Year
Besides user and revenue growth, the global app market will also witness a substantial downloads increase. According to Statista, people worldwide made 220.1 billion downloads last year. By the end of 2022, the total number of downloads is expected to reach 235.2 billion. However, 2023 is set to witness even more significant growth, with 262.5 billion downloads worldwide.
Mobile games will make 135 billion or 51% of all downloads next year. Photo and video apps, the second most-downloaded app category, follow with 29 billion downloads in 2023. Social media apps ranked third, with roughly 12 billion downloads next year. Statistics show the three app categories will account for two-thirds of all downloads in 2023.
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