Many trillions of rupees and other currency forms are put into mobile apps every year. However, it is impossible to put an exact figure to how much an Android or an iOS app can earn in a year due to the wide spectrum of their uses. Every app development company first analyzes the market to see the earning potential before commencing development activities.
Companies often give scant regard to the reason for the popularity of an app and how to reap its benefits. Without knowing the mystery behind the app, they will not be able to attain their business objectives.
Clients are always looking for productive, quick, and engaging apps. They like to favor portable apps over traditional counterparts since installation files are always present in a single folder, and apps can be moved easily.
Popularity and market penetration vary from one app platform to another. Android is one of the most respected platforms which is very widely used and can be used to make lots of money. The top revenues are gained by the best developers of both Android and iOS platforms, although the latter might just edge out the other by a whisker.
Mobile app development companies face maximum demands for gaming applications these days. While most of these apps are free to download, they make a tremendous amount of money through in-app purchases. There are other categories such as ride-sharing apps; although these can make a lot of revenue for businesses, they are not very profitable for individual stakeholders. Take a look at these categories for maximum revenue-earning potential:
An increasing number of embedded smart devices are now available in the market. For example, smart TVs have been able to build a huge customer base, as have video game consoles such as Sony PlayStation and Microsoft Xbox. Your firm can avail the services of a top mobile app development company if it wishes to showcase product features on smart devices like tablets in showrooms. Smartwatches are also available now, and your firm could gain a competitive advantage by offering a suitably compatible app.
Almost every developer follows the same mobile app development process to make money by making an app. Despite this, not each one of them is getting paid billions of rupees for the same. As a result, startups have to evaluate their options in terms of affordable technologies, competitor analysis, and identifying the right target audience.
Tencent Video, iQiyi, and Pandora are also on the list of top-grossing apps. Netflix and Hulu are video streaming apps and are also part of the list. There are apps for personal training as well, many of which can be made by beginner-level developers in mobile app development companies.
Some of the technologies to look out for in the mobile app development world are VR, AI, and Augmented Reality. Although gaming apps are already making millions, it is also time for simple apps to realize their true earning potential.