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BizReport : Mobile Marketing : June 27, 2017

Forecast: App Economy to surpass $6 trillion in 2021

Look for more out of apps. That is a key takeaway from App Annie's new Market Forecast; their experts suggest that by 2021 the global app economy will surpass more than $6 trillion.

by Kristina Knight

In addition to the potential monetary value, the total time we'll spend in-app will push past the 3 trillion hour mark. Last year, mobile users spent 1.6 trillion hours in-app. Two of the largest user bases will be the US and China, with Chinese users more likely to buy groceries and other items from mobile devices, but US consumers are expected to begin using their mobiles for purchases much more in the coming years.

Other interesting takeaways from the report include:

• 70% of mobile users download apps at least monthly
• 20% of smartphone users spend at least 4 hours/day in-app currently
• US consumers spend at least 2 hours each month in travel apps
• Japanese and South Korean gamers spend at least 3 hours/day in gaming apps

The full App Annie Forecast can be downloaded here.

Meanwhile, the App Attention Span Index 2017 finds that performance is key to mobile consumer happiness. Their data shows that 66% of mobile users have deleted an app or abandoned a website after only one problem, and that 80% have deleted because an app 'didn't meet their expectations'.

Most (56%) say poor performing apps 'are frustrating' while 27% say poor performance stresses them out.

The good news is that apps and the digital space, overall, are introducing consumers to new products; more than half (57%) of those surveyed said they have tried a product because of a digital experience.

Communicating, shopping, managing our money, working, and more - the future is undeniably digital. But this report reveals that many enterprises are failing users in four fundamental user experience building blocks for a digital service: application performance, outcomes, convenience, and emotion - thereby jeopardizing their chance to earn customer loyalty," said Prathap Dendi, General Manager, Analytics & IoT, AppDynamics, and author of the report. "With 50% of all respondents stating that better performance or responsiveness would improve their attention span, it's vital that digital enterprises:
● Invest in an enterprise Application Performance Management solution that is able to safeguard the performance of mission-critical apps and user experience in production.
● Focus their analytics and big data strategies on adopting solutions that not only analyze technical performance, but also correlate business performance. This helps ensure that digital services and associated applications always drive business outcomes of revenue, customer experience and loyalty."

Tags: App Annie, app economy, AppDynamics, appvertising trends, mobile app trends, mobile apps, mobile marketing

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