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Do App Markets Hold the Potential for Businesses to Amass a Fortune?

Mobile App Marketing February 16, 2016
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Businesses and organizations in the present age understand the risks that are involved in conducting a business are substantial. Hence, they do not rely on hearsay or gossip. The requirement today is of a substantial and solid business plan that can take your business way forward in the competition.

Especially in the mobile age, where the use of the mobile internet has to overtake the desktop,  companies cannot leave anything to chance.   Today’s business entities leave no stone unturned to earn some more revenue from whatever legitimate business practice they can bank upon.

App-Markets

Newer and Better Ideas

Hence, they always are in the search of newer ideas which they can utilize to encash them and earn more. One such way to earn a significant amount of revenue is via mobile apps. So, following the trend, today’s companies are banking upon creative ideas which they can convert into apps to make major profits.

Choosing the app development platform

The very first thing that should strike your mind is which platform you would like to design your app on. There are various opinions, but the fact remains that the choice of platform can greatly affect your earning potential due to market penetration as well as platform popularity.

The leader in this category is Apple iOS, which is closely followed by Android. However, many consider Android to be top-heavy, which means that only those at the top of the pile are able to make good money from Android, while the others make comparatively lesser money. Nevertheless, it has been noted those on the iOS platform have their overall earnings more spread out. This increases the odds to make money via their app market.

In-app purchases – a smart way to earn

Today apps and mobile app development are big businesses. The estimated global revenue in 2014 was $ 25 billion and the global revenue estimated by 2016 is around $ 46 billion.  Most apps today are free, but in-app purchases are a great way of earning revenue.

Smart TVs – an upcoming world of apps

Now apps are branching out from the cellular platform and smart TV seems to hold great promise.  Therefore, though it might seem video game consoles such as Xbox and PlayStation 4 don’t sound candidates for apps, these can have their own app stores.  Yet another platform is smartwatches. But as the number of users of this device is small currently, many companies shy away from this device. However, popular companies such as Samsung and Apple are entering the market, so there is…

Smart Watches – a new platform

Another challenging platform to pay attention to is smartwatches. As a relatively new device, their current numbers are small, with only about 9% of internet users reporting making use of one. However, with popular companies such as Samsung, Sony, and more recently Apple entering the market, it is one to watch for in future growth opportunities.

Conclusion

Thus, as you will see, there are plenty of opportunities available to amass a fortune on the app market. The app market has been experiencing substantial growth since its inception and there are no signs that it will slow down.  Though the market may look a bit oversaturated, apps developers are making good money on both Android as well as the iOS platform.

Today, video game apps are huge multi-million dollar earners, while there is a lot of money that can be made in less complex as well as productivity apps. The smart TV market as the smartwatch segment is also looking promising as well. Overall the scenario seems bright for the future and companies as well as organizations can look forward to growing further in the mobile app development business!

Pratik Kanada

I am Pratik Kanada, founder & CEO of 360 Degree Technosoft, which makes app ideas into reality by providing unique design and development services across iOS and Android platforms. I generally write blogs on mobile technology, app development and app marketing.

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