New Report: Mobile App Spending Grows 26 Percent In 2020
App Annie’s new data reveals that 2020 was a year of global growth for mobile app industry companies and consumers.
Mobile data and analytics provider App Annie reveals that mobile app spending increased 26 percent in 2020, suggesting that the market for new apps is still growing. Mobile users spent $143 billion and 3.5 trillion hours of their time on mobile apps last year.
Mobile app and device usage grew across generations in 2020. In the United States, Gen Z spent 16 percent more time using their mobile apps. Millenials saw growth of 18 percent more time, and Gen X/Baby Boomers spent 30 percent more time on mobile apps when compared to the previous year.
Categories like gaming and finance apps are examples of significant growth in usage in 2020. Mobile gaming put itself on track to produce over $120 billion in spending in 2021, and finance apps increased their time usage by 45 percent globally.
For social apps, 2020 was the emergence of TikTok — the popular short video sharing platform. The app increased average monthly time spent per user by 70 percent in the United States, putting itself on track to have 1.2 billion users by the end of 2021.
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2020 changed the social and mobile landscape forever. Tools like AI and cloud resources contribute to the rapidly evolving business world.
Consumers invested more of their time and money into their favorite mobile apps, and as a result, we can expect companies to invest more of their resources to boosting their mobile strategies.