There’s no question that apps are big business. They’ve become ubiquitous, almost everyone uses apps in some way or another, be it for professional or personal purposes.
In such a booming industry, it will come as no surprise to learn that more and more people are getting involved with app development. However, the sector is extremely competitive and looks set to become increasingly oversaturated as we head into the future. Developers are taking all kinds of measures to succeed, from implementing intensive marketing campaigns to buying app installs. Is app development lucrative? Let’s find out.
How many apps are there?
Long gone are the days when there were just a handful of apps available. Back then, apps were seen as something of a gimmick, designed to showcase the emerging power of mobile phone technology rather than to serve any specific purpose.
Things couldn’t be more different today. Apps are everywhere, and they are used for just about anything we can imagine. More and more apps are appearing all the time, further expanding the market and increasing competition.
Apps are sold across two primary digital stores, the App Store and the Google Play Store. As of 2022, the App Store had a catalogue of over 1.6 million apps, while the Google Play Store boasted an astonishing collection of more than 3.5 million apps.
This clearly demonstrates how healthy the industry is, and we can certainly expect to see an increasing number of apps hit these stores in the future.
How much do apps cost?
While many apps are free to download, some charge users either a one-off cost or a recurring monthly subscription. With so many apps out there and so many differences in pricing structures, it can be difficult to get a general idea of how much apps cost.
The average monthly subscription for apps is thought to be around $10. While the average cost of in-app purchases ranges between $0.49 and $9.99.
Are apps expensive to develop?
Apps are highly advanced and can perform complex functions. As a result, they can be incredibly expensive to develop and design, often requiring large teams of experts to work tirelessly for extended periods of time.
Even simple apps can cost as much as $32,000 to develop, while more complex apps can come with a development price tag exceeding $70,000.
This is why having a carefully thought out and structured plan in place is essential. It can help prevent you from going over your budget and ensure you are making a return on your investment.
Are apps lucrative?
It might come as a shock to learn just how expensive it is to develop an app. However, there’s a reason there are so many developers, making the next hit app can prove extremely lucrative.
Even if your app doesn’t become the next viral sensation, the sheer number of apps downloaded every day means that even a modicum of success will see you turn a profit with ease. Over 250 billion apps were downloaded in 2022, a testament to how powerful the app industry has become, and a clear indicator of the financial potential involved in app development.