Top 5 Industries Seeing Unprecedented Growth through Mobile Apps
Technology has long been a driver of economic growth worldwide. But it is only recently that smartphones are changing the way we do business. The advent of AI, AR, blockchain technology, and cloud-based services are transforming the way consumers interact with products and services. From ordering food to consulting a doctor, everything is being done through smartphones these days.
Mobile app development is the fastest-growing sector in the smartphone industry. In 2020 alone, the projected revenue generated by the mobile app industry was $581.9 billion. It is expected to increase to about $935 billion by 2023, through paid downloads and in-app advertising.
The unprecedented rise of smartphone users in recent years has contributed significantly to the growing popularity of mobile apps. Today businesses across almost all sectors are joining the bandwagon to develop their own apps. Global mobile app downloads in 2020 reached 218 billion. This figure is set to rise incrementally in the coming years.
Top 5 Sectors Influenced by Mobile App Development
E-Commerce Industry
In this dynamic landscape of online retail, the role of mobile applications has become paramount, transforming the way consumers engage with e-commerce platforms. With the U.S. e-commerce market poised to reach approximately $476.5 billion by 2024, the significance of intuitive and user-friendly mobile apps cannot be overstated. To tap into this lucrative market, businesses are increasingly turning to specialized expertise, seeking the services of an ecommerce development company in India to create tailored solutions that align with the evolving preferences of mobile-savvy consumers.
Benefits of an Ecommerce app:
Better analytics
To successfully harness the potential of e-commerce, businesses often rely on skilled professionals known as ecommerce website developers. These experts play a pivotal role in designing, implementing, and maintaining online platforms, ensuring not only seamless functionality but also leveraging advanced analytics to enhance customer engagement. By collaborating with experienced ecommerce website developers, businesses can stay at the forefront of technological innovations and provide a tailored and efficient online shopping experience for their customers.
Better customer service
E-commerce apps facilitate quicker responses to customer queries through chatbots and virtual assistants. Most e-commerce apps validate login through social ids or phone numbers. This feature helps businesses integrate popular messenger services like Whatsapp with their app. With 24/7 access to their store and integration with messenger services, customers can be quickly updated on product/service status.
Increased profits through behavioral marketing
With the advent of machine learning, more and more apps are using AI technology to study customer behavioural patterns. AI-powered apps can forecast market trends by constantly evolving according to customer’s preferences. This helps firms adapt their marketing efforts to individual needs, which in turn boosts sales and increases profitability.
Greater customer retention
When a customer downloads an app, he is already committing to the brand in a significant way. An e-commerce app also has greater screen visibility than a website. This becomes apparent when one compares the frequency of visiting a website to that of an app. Moreover, AI-powered apps can facilitate customized loyalty programs according to individual preferences, encouraging brand loyalty.
Food-Service Industry
From online table reservation to ordering food, consumers are increasingly turning towards mobile apps to meet their needs. According to Statista, the online food-service industry’s largest segment is restaurant-to-consumer delivery with an expected market volume of $79,608 million in 2021.
Benefits of a Food-Service app:
Table reservation
Online table reservations through apps have significantly reduced traffic-blockage and queuing at restaurants. Consumers can evade rush and disappointment by checking availability prior to their arrival. Last-minute reservations are extremely helpful for busy professionals or for hungry consumers who are not inclined to wait.
On-demand food delivery
These days consumers no longer need to step out of their house to enjoy a nice meal. With on-demand food delivery services gaining traction, food-lovers can now indulge their cravings even late at night.
Food tracking
With geolocation technology, consumers can now easily track the movement of their delivery partners and get an estimate of the time of delivery. Restaurant owners can also track the movement and rectify time lags in the delivery process. By setting clear communication, it has greatly enhanced the level of customer service provided by restaurants.
Online reviews and feedback
Consumers no longer need to have blind faith while trying out different restaurants. Online reviews and feedback have become an integral part of a food-service app. Users can now share their experience in the app platform that helps other consumers to make a conscious choice. This not only eliminates confusion at the end of consumers but also helps in improving the quality of services offered by restaurants.
Customized meal options
These days several food-service apps are integrating AI technology to predict consumer choice. The data gathered is used to make tailored recommendations based on past meal preferences. This has paved the way for a more personalized user experience.
Entertainment and Media Industry
In recent years the Entertainment and Media industry has exploded with a plethora of apps catering to every kind of consumer. From video and music-streaming to gaming and photo-editing, there seems to be an app for everything under the sun. Consumers depend more and more on such apps for their daily feed, from news alert to cricket-scores update.
Benefits of Entertainment and Media apps:
Greater brand visibility
The enhanced mobility of such apps has made them an integral part of our daily life. It has become a common habit to reach for our phone the first thing in the morning. This, in turn, has considerably increased brand visibility across screens. Social Media apps have also played a crucial part in the way businesses engage with their customers.
Entertainment on-the-go
Mobile apps can provide dynamic content to users that can be consumed on-the-go. Consumers no longer need to depend on their TV or laptop to get their daily news feed or stream their favourite program.
Increased social engagement
Apart from changing the face of doing business, Social Media apps like Twitter and Facebook have also knitted the world closer, forging global communities. This has also impacted the way global political and socio-economic issues are handled.
Healthcare Industry
mHealth apps have gained traction in recent years due to their contribution in treatment and in improving lifestyles. A 2016 study by HIMSS Analytics states that 93% of physicians use mobile technology in their day-to-day work, and 88% use mobile technology to deliver patient care. Another survey by Statista predicts that the mobile health market will exceed $300 billion by 2025.
Benefits of mHeath apps:
Better engagement
The use of healthcare apps has driven better doctor-patient engagement and facilitated the prevention and early detection of diseases.
Better treatment
These apps also help in real-time patient-monitoring, setting up medication reminders, and suggesting personalized treatments.
Finance Industry
Mobile banking and fintech apps have disrupted the way of conducting financial services, using Blockchain technology and machine learning. Online bill payments, instant fund transfers, asset management, and insurance management can now be done with the click of a button. According to a recent study, the fintech market was worth over $187 billion as of 2019.
Benefits of mobile banking and fintech apps:
Improving spending habits of consumers
Financial apps use AI technology to give valuable insights to consumers regarding their spending patterns. They provide this information in easy-to-grasp infographics, which helps users make good financial choices.
Enhanced customer service
With the use of chatbots and virtual assistants, these apps have greatly simplified the banking process. With 24/7 access at their fingertips, consumers can eliminate long queues at banks.
Increased adoption among millennials
The user-friendly interface of these apps has laid the groundwork for their early adoption among millennials. The current generation is much more tech-savvy. Fintech apps serve to educate them in an entertaining way.