The App Market Will Be Worth $102 billion By 2020, Yes Billions!!

There’s a reason why everybody and their brother is trying to build an app, it’s essentially the modern-day gold rush. Just looking into the local circles, almost every University student who is taking a major in IT or Computer Science has tried to develop an app praying that it might be the next big thing behind the likes of Facebook, Whatsapp, or Twitter. 

By Wilson Mtetwa & Shingie Lev Muringi 

One of the most inspiring success stories within Zimbabwe so far is the recently developed Chase Music Player by Kudzai Chasinda who is a second year student at the Harare Institute of Technology (HIT). This music app has now over 1000 downloads and recently earned him a historic Google invite at their Head Quarters in the United States of America. The total market for mobile apps will be worth $102 billion in 2020, or nearly double its current value, according to business intelligence firm App Annie. That represents a slight increase from $101 billion in a projection issued in February by the firm.

The massive number underscores the shifting focus in the tech world as developers around the globe invest in software that can be potentially downloaded by many millions of people to their phones. While more mature markets such as North America and Western Europe drive the bulk of that revenue, emerging markets especially in the Asia Pacific region are starting to see demand take off as phones get cheaper.

Over the next four years, India will see the fastest growth (which is why Apple CEO Tim Cook was so keen to visit), followed by Brazil and Argentina. India now leads the software manufacturing business in the whole of Asia, a development which even saw most of Zimbabwe’s financial institutions purchasing their banking systems from the Asian Pacific countries.

We are even expecting more developers to bombard the market with new innovations as the business world continue to demand more smart solutions to save their entities from bureaucratic bottlenecks.

The battle for relevance continues…follow Shingie Levison Muringi our Technology Research Specialist and Sub Editor on Twitter @ShingieMuringi1, Email shingie@technomag.co.zw or direct Cell: 0775 380 652 for all the latest trending technological issues in and outside Zimbabwe.  

 

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