(Reuters) – Apple Inc customers could end up spending more on non-gaming mobile apps by 2024, data analytics firm SensorTower said on Monday, as blocking lifestyles keep users looking further. games and find apps that help with more essential services.
Business, education, health and fitness app downloads have seen a sharp increase due to stay-at-home measures during the health crisis.
During the early days of the pandemic, users spent more on mobile games on the App Store. But as the locks spread, changing work life and ways of communication, their attention turned to apps for photo and video sharing, dating, video conferencing, and instant messaging.
Shares in companies like Zoom Video Communications Inc and Match Group and other stay-at-home companies soared last year.
SensorTower said that consumer spending on mobile apps will reach $ 270 billion in the next five years globally, an increase of more than three times compared to 2020.
Apple customers will spend more than their Android counterparts and the App Store is expected to generate $ 185 billion in global revenue, the data analytics firm said.
Revenue from games will continue to have a relatively larger share of the Google Play store than the App Store, with a projected 71% share of games in 2025 compared to 42% in the App Store, the data showed.
The data analytics firm expects Europe to become a key market over the next five years, with revenue growth on the continent likely to outpace Asia and North America.
Downloads in Europe are expected to grow to 36.9 billion by 2025, compared to 28.4 billion in 2020, while revenue growth is expected to double to $ 42 billion over the next five years.
Reporting by Eva Mathews and Subrat Patnaik in Bengaluru; Edited by Arun Koyyur