The Phone app economy consists of everyone who earns money and has a job thanks to a mobile app. By 2020, the Phone app economy could double in size to $101 billion, according to market researcher App Annie.
The growth will be driven by increasing usage of Phone apps and by greater smartphone adoption around the globe. The report is aimed at giving brands, agencies, investors, and phone app developers predictive insights into global opportunities for the next 5 years. One interesting fact is: Games generated 85 percent of the phone app market revenue in 2015, or $34.8 billion globally. That is expected to grow to $41.5 billion in 2016 and $74.6 billion in 2020.
But other categories will grow even faster than games. In contrast to a few years back, when games or media companies dominated phone apps, app publishers now come from every industry. They hail from banking, retail, airlines, ride sharing services, and government agencies. Supported by venture capital and hedge funds, the app industry is generating a lot of market value and actual revenue.