The resurgence of the mobile app market
In a stunning turn of events, data.ai, the world leader in mobile data analysis and monetization, has reported that the mobile app market rebounded by 3% in 2024 after experiencing a 2% decline in 2022. The annual report titled State of Mobile 2024 details various facets of the mobile app industry and its rapid evolution over the past years. In summary, users are spending more time on social and content creation apps than gaming apps, artificial intelligence (AI) is playing a significant role in driving growth, and mobile ticketing for concerts is becoming increasingly popular.
Crossing the 5-hour threshold: User engagement time on mobile apps
A notable highlight from the report is that the number of hours spent by people on mobile apps worldwide surpassed 5.1 trillion hours in 2023. This implies that users, particularly in the top 10 global mobile app markets, are spending an average of over 5 hours per day on various applications. Social media consumption is a major contributor to this impressive statistic, with the average user spending about 2 hours and 23 minutes per day on social networks.
The rise of social and content creation apps
Interestingly, gaming apps have been dethroned as the primary revenue generators in the mobile app market. Instead, revenues grew by 11% compared to the previous year, primarily due to the growing popularity of social and content creation apps. In 2024, these apps are projected to surpass even the most successful gaming giants, officially becoming the most lucrative category of apps ever.
Lexi Sydow, Director of Corporate Marketing & Insights at data.ai, explains that AI is now a ubiquitous presence in the mobile economy and will be the main growth driver in 2024. She predicts that spending on social apps could soar by 150%, reaching $1.3 billion within just one year.
Mobile apps making waves across various use cases
From daily utilities to entertainment, mobile apps have integrated into virtually every aspect of modern life. The report showcases several instances where they have made significant impacts:
- Ticket sales apps for concerts: Largely driven by the popularity of music artists like Taylor Swift and Beyoncé, ticket sales app revenues increased by 31%.
- Social video content and entertainment apps: User engagement time spent on these apps rose by 12%, while their revenues grew by 10%.
- Global app downloads: Although global app downloads saw a modest increase of 1%, amounting to 257 billion downloads in total, certain countries outranked others. China led with 110 billion app downloads, followed by India, the United States, and Brazil, while France came in at 17th place with over 2 billion downloads.
data.ai’s groundbreaking methods in analyzing mobile app data
The annual report relies on more than 1.2 million apps analyzed using data.ai’s proprietary Game IQ and Apple IQ taxonomies – the first of their kind within the mobile app data analysis industry. These groundbreaking systems are powered by AI, leading to comprehensive insights into various sectors and geographic regions.
A future shaped by AI and technology
As we move further into the 21st century, it is becoming increasingly evident that we are living in an era of coevolution with technology, particularly AI. From revolutionizing mobile apps to driving growth across various industries, AI is poised to make an indelible mark on our daily lives and the global economy.
For example, the generative AI market has doubled within three years and is projected to reach a staggering $100 billion worldwide by 2026. With such promising developments on the horizon, it’s clear that the potential of AI and other emerging technologies has only begun to be tapped.