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Mobile apps to pass $500 bln in 2024

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Mobile app developers grossed $428 bln last year, with people worldwide making over 235 billion downloads, with global app revenues and downloads more than doubling over the past five years.

In 2023, mobile apps are expected to become a $490 bln industry with room for more growth, while revenues are expected to grow by another 10% and hit over half a trillion dollars in 2024, according to data presented by SportsLens.com.

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, app revenues grew by 7% year-over-year and hit $428.1 bln globally, according to a Statista survey. This year is set to witness even more impressive growth, with revenues rising by 14% to $490.8 bln.

Statista expects users worldwide to increase their app spending by an impressive $53 bln or 10% in 2024, with total revenues rising to $541.1 bln.

Mobile games biggest earners

Mobile games will remain the largest revenue stream bringing $343.2 bln in 2024, up from $307 bln this year. Social media apps, the second highest-grossing app category, will bring $53.2 bln in revenues, $4.7 bln more than in 2023. The two app categories will make up 73% of total app revenues next year.

The downloads are also expected to continue growing.

Last year, worldwide there were roughly 235.2 billion downloads. However, 2023 is set to witness far more downloads, with their total number jumping to 262.5 billion.

Mobile games will make more than half of that figure with 135 billion downloads. Photo and video apps, the second most-downloaded app category, will see 29 billion downloads this year, followed by social media apps and their 12 billion downloads.

Statistics show the total number of downloads is set to grow by another 10% in 2024 and hit almost 288 billion worldwide.

More than two hours a day on apps

As the two highest-grossing app categories, mobile games and social media apps also top the total time people spend using them.

According to a Statista survey, social media apps like Facebook, Instagram and TikTok had the most engagement, with users spending 55 minutes daily on these apps worldwide.

Casual games ranked second with 24 minutes of use per day. Social casino, hardcore, and midcore games follow, with 17.1, 17, and 16.2 minutes, respectively.

Statistics show that an average smartphone user spends more than two hours daily on gaming and social media apps.