The introduction of the first mass market, multi-functional smartphones in 2007 sparked the beginning of an age where our social media accounts, on-line banking and virtual games were available, on a hand held device, at the touch of a button. It is something that has now become second nature in the ever advancing technological world we live In and as a result the mobile application market is booming.
Rovio, the company behind one of the most popular games in the last few years, Angry Birds, reported just under $200 million in revenue for 2012. It also reported $71 million in profit for the year. Candy Crush Sage publisher King filed revealed in February 2014 that it had generated a whopping $1.88 billion in revenue in 2013 along with $1.98 billion in gross bookings.
A report from MarketsandMarkets suggests that the mobile app market will be worth an estimated £15 billion worldwide by 2015. According to the research firm’s ‘World Mobile Applications Market (2010 – 2015)’ report, the total global mobile applications market is expected to be worth $25 billion by 2015 (up from about $6.8 billion in 2010).
The value of of applications is evident with the multi-billion pound buy outs taking place. In 2012 Facebook purchased Instagram for $1 billion and last year Facebook founder Mark Zuckerberg purchased What'sapp for $19 billion and it's clear to see why with What'sapp growing at a rate of 1 million users a day, it has become the most popular instant messaging provider. The acquisition of these apps provides the opportunity for advertising across platforms which can generate milions in revenue.
“Apps have become a part of everyday life, whether it be using google maps for directions or checking your Facebook or Twitter pages, the market is gaining tremendous momentum and can foresee it continuing to be hugely successful for years to come.” ~ Managing Director Glen Lowes.
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