Imagine yourself operating a business in a highly competitive industry. The customers are plenty, but the market is saturated with suppliers who are willing to provide the very same services you are. You do not need a genius to figure out what will happen to the price. It’s Economics 101. Demand and supply are the two main forces in any economic market. If the demand is higher, you are likely to witness a price increase as the products become more difficult to attain. Now, high demand is definitely one of the many indicators which suggest that you should invest into a particular industry.
The Digital Revolution
After the digital boom, we saw a changing of the winds, businesses and consumers alike moved from tangible products to those of a more digital nature. The so-called “change” put innumerable companies out of business because of their refusal and/or their inability to evolve with the times. Similarly, since the number of mobile phone users exceeded the number of desktop and laptop users, we have been experiencing increased use of mobile applications.
The demand for both Android Apps and iOS apps is expected to skyrocket in 2017. Mobile application developers will be a highly valuable resource. For entrepreneurs, this presents a mouth-watering opportunity. Investment in the mobile apps industry will yield astronomical returns.
Here is why mobile application development companies as well as developers will benefit:
1. Backlog of Apps Due to High Demand
Currently, mobile app production simply cannot keep up with the demand. 25% of global IT professionals each plan to develop at least 50 apps in 2017. These are lofty targets as each app has its own intricate specifications as well as a testing process before market release. Companies are overloaded with orders, causing a backlog. This definitely means an increase in prices as buyers will pay over the top to receive their applications on time.
2. More Convenient than Web Apps
Although web apps do have a market, it is very important for app developers to optimize their apps for mobile use as well. This just shows the domination of mobile apps in the IT industry. Additionally, 66% of respondents said it takes at least 3 months to build a web app. This waiting period makes mobile application development an even better option by comparison. As a business owner, you would prefer the kind of projects which have a lower turnaround time. This means you can develop and sell more apps resulting in increased revenue.
3. Mobile Apps vs Mobile Websites
Catering to the mobile phones market is not simply a unilateral approach. Mobile websites have existed before mobile apps did. Savvy developers make it a point to optimize websites for mobile use which greatly improves user experience. However, with a mobile app, the user experiences a slicker, more personalized version which is very specific in what it offers. Therefore, there is a far greater opportunity in the mobile app market as compare to mobile optimized websites.
4. Mobile Games – A market on the rise
Mobile gaming is a growing market where the opportunities for monetization are tremendous. According to research, mobile games were the top earners for app developers in 2016, raking in around $7.5 billion. App development giant Supercell’s current blockbuster game Clash Royale was downloaded more than 12 million times from the Google Playstore alone.
The promise of such a lucrative market is hard to ignore. Especially when you can include in-game monetization methods where players spend mind-boggling amounts of money to purchase in-game items and rewards.
The aforementioned reasons are some of the most important ones among hundreds of reasons why you should invest in an application development business.
You Need Just One Hit
I wouldn’t exactly call it a lottery, because no matter how the app performs in terms of downloads and usage, you will almost always turn a substantial profit from developing and selling an app. However, should you be lucky enough to develop a goldmine of an app, the appropriate marketing strategies will propel your mobile application development business to a whole new level.