With prices exceeding $10,000 for development alone, creating an app used to be restricted to those who can afford to pay for it and those who have the technical expertise to build it themselves.
The projection is partly due to the significant influence of free app makers that have eliminated the large financial commitment accompanying app development. Studies have revealed that Google Play Store app installs will reach 139 billion by 2024, and mobile apps are expected to generate over $935 billion in revenue by 2023 (by Sensor Tower). According to App Annie, revenues spent on apps reached a record-high $34 billion in consumer spending and 36 billion in downloads.
As the world’s appetite for apps grows, the app market continues to expand, enjoying a record-breaking quarter in Q3 of 2021.
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