Thanks to the massive technological advancements over the past few years, the app industry has been incredibly lucrative. According to recent statistics, the global mobile app revenue was collectively forecasted to be over US $755 billion by 2027, up from $318 billion in 2020.
But with more and more apps being launched every day, it’s hard not to get concerned over the market’s competition and profitability.
In this piece, we’ll explore whether or not developing a mobile app is still profitable in 2023, perhaps alongside some strategies you could implement to maximize your profits.
The State of the App Economy in 2023: A Brief Overview
Mobile app development has become a hot topic over recent years, with many projects rising to global fame and relevance. Of course, the likes of TikTok, WhatsApp, Google, IG, Facebook, and Spotify dominate the popularity list, whereas Chat-GPT has been recognized as the fastest-growing app accessed via a mobile browser.
As an ever-growing industry, the app economy is showing no signs of slowing down. In 2023, the mobile application industry is estimated to be worth upwards of $500 billion in revenue, with steady growth continuing for years.
Moreover, users are known to spend a whopping 90% of their mobile time using different apps each day! Considering this data alone, it’s easy to see why investors might consider taking a chance on app development. But as it is with any business venture risk and speculation are always imminent.
Is Developing a Mobile App Still Profitable in 2023?
When it comes to developing a mobile application, it always pays to consider the costs and benefits associated with the project. Despite developments in technology and the capability of today’s apps, the competition is always fierce. There are thousands of new applications being released in various stores every single day.
But that doesn’t mean it isn’t still an attractive venture for hopeful entrepreneurs. From an optimistic and research-advised perspective, you could stumble upon numerous untapped opportunities, making development profitable if done correctly.
The key is understanding your target audience. What kind of need or problem would they have that needs solving? With this in mind, you can create something magnificent enough to satisfy those needs or solve those problems while also ensuring the app is user-friendly. Coupled with innovative marketing, this could be a huge determinant factor of whether or not your app will be successful and profitable.
The Importance of Extensive Marketing and Advertising for Your Mobile App
If you fail to invest in marketing your mobile app, odds are it won’t extend past a certain number of users. Simply creating an application won’t guarantee its success in the ever-evolving digital age we live in. In other words, advertisement is key for any mobile app to achieve success and remain profitable.
Hundreds of thousands of alternative applications are always floating around the stores, all vying for attention. This means that you need to have a distinguishing factor that sets yours aside from the crowd.
For instance, you could consider developing a screen sharing video chat app for iOS or Android that allows you or your developer to guide potential users through the app’s features and benefits in real time, remotely.
The good thing is that with the numerous coding tools and tutorials available these days, you don’t necessarily need to be a tech genius to develop such an app.
But don’t forget that with competitors always looking out and trying to beat each other, particularly in thriving economies, one thing holds true. Massive promotion becomes increasingly necessary if you want your target market to not only notice your app but also remain loyal.
How to Market Your Mobile App Effectively in 2023
Once you’ve developed a product that meets customers’ needs, the next important step is to have an effective mobile app marketing and advertising strategy. One major way of doing this is by leveraging the power of social media networks. Utilizing platforms such as Twitter, Facebook, Instagram, and Pinterest can help make it easy for your app to reach potential users.
Besides social media advertising, other ways to effectively market your app include:
- Influencer marketing
- Email marketing campaigns
- Paid advertising
- App Store Optimization (ASO)
- Mainstream media PR
- App referral programs
On top of these, remember to maintain and monitor your mobile app constantly. Regular updates can ensure customer satisfaction and guarantee its longevity, making it all the more profitable in 2023 and beyond.
Final Thoughts: Is Developing a Mobile App Worth It?
Developing a mobile application can be an exciting, meaningful endeavor. With the right approach and marketing strategy, you could achieve great success, making it potentially worth your investment of both time and money.
However, before committing any resources to its development, consider all your options carefully. Make sure to evaluate your goals and resources realistically before taking the plunge. In today’s digital world full of products competing for attention, mobile apps have become saturated – meaning that creating something people want is more important than ever before.