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Why Your Phone Is Home To A New Economy

 


Fresh new goals to the side, our telephones have become a focal piece of our lives. We spend an average of 4.3 hours per day on them, as a peek at your daily usage will probably confirm, and forgetting your phone at home can really get your day off to a poor start.

The reason, of course, isn’t the phone itself but the apps that are on it, where we spend 83% of our phone time. Our phones have become a single platform for productivity (your GPS to your calendar), social interactions (Facebook to Instagram to TikTok, depending on your age…), and entertainment (YouTube to games).

That app on your phone is someone’s business…

As users, we enjoy a seemingly endless variety of applications — an amazing 140B applications were downloaded in 2020 — yet as we explore/talk/play utilizing these applications, it's not difficult to fail to remember that they are additionally — perhaps primarily — businesses. Like in any business, application developers need to attract customers, connect with them through experiences, discover approaches to monetize said customers and experiences, and constantly grow this loop.

However the blast in the number of applications developed and downloaded features a fascinating dichotomy: New technologies make it simpler than ever to create an app, while the sheer volume of apps makes it harder than ever to turn an app into a successful business

App developers, whose expertise usually lies in app creation, now face a massive technological challenge on the road to business creation: They need to stand out in the very crowded App or Play store in order to be discovered by relevant users, perfect the right monetization strategy (one that won’t turn users away), and figure out how to reinvest the revenue they generate in cost-efficient user growth so that they can continue to scale their business.

The App Economy

Also, this is the place where the App Economy comes in. The App Economy is all the innovation that permits application developers to make, work and develop their businesses. This, fundamentally, is the ecosystem that allows the applications on your telephone to be there

Games are a great example of the challenges app developers face and the opportunities the App Economy presents. Gaming is one of the fastest-growing categories of the App Economy, with 2.6 billion “gamers” worldwide in 2020 (this is probably counting your mother…), and it’s now bigger than the music and film industries combined.

Now, thanks to new game genres available on apps, most of us play games on our phones, whether they’re word puzzles, strategy, or sorting games.

App Economy by helping to drive the emergence of different technologies and software platforms, which allow developers to turn their creative endeavors into successful businesses. Games are, in many ways, a harbinger of things to come in the App Economy.

An economy on the rise

In 2020, the gaming piece of the App Economy alone arrived at $76B. With the inventiveness we find in the application world — just as the developing number of boxes applications 'tick' for consumers — applications are probably going to proceed with their quick development, further energized by organizations that aren't advanced first yet are progressively utilizing applications as their new retail facade. The fast development in applications has driven an amazing influx of innovation among the companies and technologies that power the App Economy, and this trend is likely just beginning. Fasten your phone, it’s going to be a fun ride.

 

Making a decision about the app development depends on certain other factors too like the time availability, need of the business and the budget, However, before thinking of developing an app its always necessary to do the market research and feasibility study of the project.

To get a detailed consulting about the Technology, Feasibility of the idea, Cost Estimates and the Timeframe required for your app, just write to us at info@maishainfotech.com or write to us here and a specialized team at Maisha Infotech will guide you the steps.

 

 

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