Mobile app technology is one of the greatest innovations humans have ever made. Mobile apps have made human lives convenient, and in more than one way, luxurious. They help us perform multiple tasks single-handedly and simultaneously in seconds. For example, if you’ve forgotten to pay bills or have traveled to a restaurant without a wallet, there’s no need to worry as using fintech mobile apps, you can make any payments, small or big, in seconds using your smartphone. Millions of such apps to fulfill your every need are available on app stores like Google Playstore and Apple app store. You can find every genre of apps on such platforms, be it gaming apps, entertainment apps, ecommerce apps, or fintech apps.
Thanks to the convenience and luxury mobile apps bring to human lives, their market is soaring and has become an extremely profitable business. According to Statista, total revenues generated by mobile apps worldwide will reach 935.2 billion U.S. dollars by the end of 2023, three times higher than the revenue generated in 2018, i.e., 365.2 billion U.S. dollars. Thus, mobile app development is a very profitable market for businesses and individual developers looking forward to reaping the benefits of the soaring market. In this post, we will be talking about some of the most profitable mobile app categories every developer should know about. Investing in these app categories can help app developers earn more profit and gather a larger audience. So, let’s move forward and talk about the top app categories worth investing in.
#1 Gaming apps
Gaming app development is one of the most thriving and popular app categories every developer should consider investing in. According to reports, gaming apps were the most popular app category by accounting for 13.72% of active apps available on the Google Play store and 21.53% of apps available on the Apple store. In both platforms, they were the most popular app categories in the first quarter of 2021. Gaming apps are one of the most profitable businesses and very popular amongst GenZ and millennials.
Pokemon Go and PubG are two most popular and highest grossing apps with more than a billion downloads. But at the same time, gaming app development is a very competitive market, and hence developers must try to add some unique features to their apps to make them attractive and stand out in the market. Looking at the figures and popularity, we can say that gaming app development is profitable and advisable for aspiring developers.
#2 Business apps
Business apps come under various categories such as accounting softwares, i.e., Freshbooks; business communication apps, such as Slack, Skype, Zoom; office softwares, such as Microsoft 365, and many more. Business apps also include marketing and sales apps such as Hubspot marketing hub. The download rate of mobile business apps grew dramatically in the year 2020, and since then, the rates remain the same. Business apps can owe such a rise in their popularity to the Covid-19 pandemic that made offices stop their operations and allow work from home to their employees.
Business apps were the second most popular mobile app category in the Apple app store, accounting for 10.11% of apps, and the third most popular app category in the Google Play store accounting for 6.6% of apps. It’s worth noting this popularity of business apps and advisable for aspiring entrepreneurs to invest their time developing these apps.
#3 Educational apps
Mobile apps for education are another app category very popular these days. Educational apps emerged as the third most popular app category in the Apple app store and second most popular in the Google play store, accounting for 8.67% and 9.31% of apps respectively in the first quarter of 2021. The educational app development grew with the rising popularity of these apps as the world suffered the Covid-19 pandemic and all the educational institutions were closed. The only option that was left to teach and learn was through educational apps. Google classroom, Duolingo, Youtube kids, and ClassDojo are the top educational apps in the USA. All of these apps experienced steady growth in their download rates amidst the pandemic. Hence educational apps are an app category that startups must look forward to investing in.
#4 Entertainment apps
Entertainment apps have always been a popular mobile app category amongst GenZ and Millennials. These apps received a significant boost in 2020 as everybody was forced to stay inside their houses, cinemas were closed, and shootings of various kinds were stopped. The only way to get entertainment remained these entertainment apps, thus boosting their download and usage rates. Apps like Netflix, Hulu, Tiktok, Disney+, etc., are some of the most popular entertainment apps. Entertainment app development is indeed a profitable business option that every developer and startup should consider worth investing in. Even when the lockdown in various countries has been eased, the popularity of entertainment apps remains the same. App development service seekers must check the list of top app development companies cataloged by Goodfirms to find the right service provider to cater to their needs.
#5 Fintech apps
Fintech mobile apps refer to payments apps that are being highly used these days for making cashless payments. Owing to various factors, the popularity of these apps is constantly increasing. Today as concerns for climate change and movements for saving trees are growing, most of the concerned and active citizens are choosing to make cashless transactions. Another reason why people are moving to fintech apps is to remain safe from Covid-19 and avoid physical contact with people. Paypal, MoneyLion, Chime, Nubank are some of the widely used fintech apps in the USA. Fintech apps stood as the fourth most popular mobile app category in the Google Play Store, accounting for 6.39% of active apps in the first quarter of 2021. These apps are the safest way of making payments and maintaining transaction history, which is one of the key reasons behind the popularity of these apps. Therefore, it’s advisable and worth investing in fintech apps for startups to reap the benefits of the rising market and popularity.
Wrapping up
The mobile app development market has been highly profitable for a few years due to the rapidly evolving mobile app technology and popularity. In addition, the Covid-19 pandemic certainly gave a major boost to this market as these apps emerged as the real help in various ways for people. In this post, we talked about some of the most popular app categories that every developer should know and consider investing in. The app categories mentioned in this post are highly popular and profitable these days, and hence it’s pretty much recommendable for startups to invest in developing apps under these categories.
