Mobile applications aren’t just a medium to access information on the go anymore. Today, they are an integral part of our lives, and companies in industries like banking, retail, and healthcare have incorporated mobile applications into the heart of their business strategy as a result.
A study from Ericsson & The Radicati Group determined there are around 6.63 billion smartphone users around the world as of 2022, and this number is projected to hit 7.33 billion by 2025. This growth in mobile applications shows it’s a great way to access customers directly, as well as generate revenue through in-app purchases, subscriptions, ads, etc.
In addition to being a great way for businesses to connect with their customers and generate revenue, mobile apps also offer many other benefits. A prime example is how they help companies improve their customer experience by providing features such as live chat and self-service options.
6 reasons why this year is the best time to boost company revenue with mobile applications.
1. Increase In The Number Of Smartphone Users
Whether you want to believe it or not, our smartphone addiction is growing by the minute. A 2022 study on cell phone usage revealed that an average American checks their phone 344 times a day. That’s a 31% increase from 262 times a day in 2021. Smartphone penetration is still growing at a steady rate, and it will continue to do so in the foreseeable future.
Considering the rapid increase in the number of smartphones and the time users spend on these devices, it’s the right time for businesses to invest in mobile applications to reach a larger audience and benefit from the corresponding revenue stream.
2. Rising Popularity of AI-based Mobile Applications
The latest McKinsey Global Institute reports revealed that advancement in the field of Artificial Intelligence has brought in $139 billion in investments in 2020. This AI funding has revolutionized mobile applications by making them more intelligent than before. Modern mobile applications can now predict user behavior and learn from user-generated data, producing a personalized experience for app users.
With a growing number of application users expecting this type of personalized experience, it is high time for businesses to invest in AI-based mobile applications that can provide what their customers want.
3. The Boom of Augmented Reality (AR)
The global augmented reality (AR) market is growing at a breakneck speed. As of 2022, it is valued at USD 25.33 billion and is expected to grow at a CAGR of 49%. While the proliferation of smart handheld devices has played a crucial role in the popularity of AR, it is also the direct result of customers looking for a more immersive user experience.
Advancements in the augmented reality sector have provided new ways to use the technology in mobile applications. Investing in AR-based mobile applications can prove especially beneficial to businesses in the B2C domain that want to provide users with an improved user experience. This can also translate into a boost in revenue from mobile applications.
4. Advancements in Mobile App Development Tech Stacks
Advancements in tech stacks used in mobile app development have made it easier for businesses to create and update their mobile apps. For instance, the tech stacks used for cross-platform app development like Xamarin, Flutter, and Ionic have greatly reduced the cost of developing a mobile app. This has made it affordable for businesses to create mobile applications, improving the return on investment.
5. Reduced Cost of App Development
The cost of creating a mobile app has been declining in recent years. This is due, in part, to the increase in the number of SaaS-based mobile app development platforms that are on the market. These platforms make it easier for businesses to create an app without having to hire a developer.
In addition, many businesses now realize that they don’t need a custom app to reach their customers. Instead, they are now relying on app development platforms that allow them to create mobile applications without any coding experience. This has also reduced the costs incurred in developing an application for businesses.
6. Ease of Marketing the Application
Last but not the least, businesses now have more mobile marketing options available to them than ever before. This will allow businesses to better target their potential app users and boost their revenue.
Considering the huge demand for mobile applications that can provide an immersive user experience, along with the new cost-efficient ways to develop mobile applications, it is evident that the situation has never been more favorable for developing your own app. If you haven’t thought of investing in a mobile application for your business, we highly recommend that you start working on it now to gain an edge over your competition in the future.
Wondering where to start? Get in touch with our team to learn more about mobile solutions for native platforms like iOS and Android, and cross-platform solutions. With more than a decade of experience in developing mobile applications for over 200 companies across the education, lifestyle, productivity, and entertainment industries, InApp can provide a one-stop solution for your mobile application requirements.