Studies on what will happen in the coming years are done by research companies. Sensor Tower is one of the companies that have projected for the coming years. The company also recently shared its future report on App Store spending. Customer spending in the App Store will increase exponentially in the coming years.
Where will App Store spending come in 5 years?
According to the study, customer spending on mobile applications will double in the next 5 years. App Store spending and Google Play Store spending will reach $ 171 billion by 2024. This means twice the amount spent in 2019, ie 20 percent annual growth.
On the App Store only, consumer spending worldwide is estimated to reach $ 115.4 billion in four years. In 2020, customers are said to spend $ 67.3 billion a year. This means 1.7 times increase.
There are also some estimates for Google Play Store spending. In 2024, spending on the Play Store is said to increase from $ 34.7 billion to $ 55.5 billion.
It is also said that the expenditures made on the applications are not negatively affected by the Covid-19 outbreak. It was claimed by other companies that it would not affect the growth of the App Store in its current state.