With technology's development literally increasing its speed every year, it is wise to keep yourself informed about it and aware of everything new that enters the reality around us. With 2024 promising much more revolutionary advancements, it becomes more than necessary for startup founders to tread the dynamic landscape of mobile app development.
From the exponential growth of mHealth to the immense potential AI holds in defining app development, we dive into what these trends hold for entrepreneurs and how they can leverage insights to stay ahead in this fiercely competitive market.
mHealth
A remarkable $61.91B is expected to reach the Asia Pacific mHealth Market Size in 2029, growing at a Compound Annual Growth Rate of 24.22%, as a report indicates. Taking almost exactly the global Market Size in 2023.
Asia Pacific currently leads the dynamic in terms of a growing market for the entire mHealth sector. Challenges with accessing medical care in the region, along with government-supportive programs and still increasing access to smartphones, make a lot of space for mHealth expansion in this region.
As we observe the trends in North America and Europe, it becomes evident that the momentum of the mHealth sector is not confined to these regions. It's a global wave that is set to extend to other regions such as Asia Pacific, Africa, and South America. This expansion, encompassing not only telemedicine but also health monitoring and promoting healthy lifestyles, is poised to reshape healthcare worldwide, making our collective efforts in this market all the more significant.
E-commerce
2023 was another good year for the mobile e-commerce market, with sales reaching $2.2 trillion, which is 60% of total e-commerce sales. Adjust's Mobile App Trends report shows the market is expected to reach 2.5 trillion in 2024. The sustained growth in mobile sales clearly illustrates the market trend. The traffic gradually shifting from the web to mobile apps. Such a transition seems very natural, considering the advantages of the user experience offered by mobile shopping apps. Moreover, amidst the current AI trend, enhancements in product personalization, search engines, and augmented-reality shopping are expected to positively impact total sales.
Media editing
Global Market Size of Video Editing Software reached $656.8M and Photo Editing Software $345.2M in 2023. This market is lately being fueled by Generation Z and their demand for a short and vibrant form of content and entertainment. The estimated market growth by 2032 is expected to reach 1.03B for Video and $580.3M for Photo Editing Software.
Access to video content through mobile app platforms like TikTok, Instagram, and YouTube has never been more accessible. Today's smartphones offer impressive capabilities for capturing high-quality video and photos and allowing individuals to create content from inception to publication. Smartphones and mobile apps are a perfect combination that satisfies all user needs, providing a comprehensive content creation experience.
The use of AI in this area has expanded the space to create new features and develop existing ones. Particularly noteworthy are the opportunities for video and image enhancements, voice and caption generation, and the creation of filters and animations, accelerating the trend of video and photo editing in 2024.
Fintech
The worldwide FinTech market size reached $294.4B in 2023 and is projected to reach 340.10B in 2024 and 1152.06B by 2032, with a Compound Annual Growth Rate of 16.5% in the forecast period. As we progress into 2024, the macroeconomic landscape may transform due to lowering interest rates, potentially triggering shifts in the latter half of the year. Increased fund flow can create a demand for new and improved solutions in the whole FinTech sector, especially in digital payments, investing, and blockchain technology. This could lead to a surge in fund inflow, fostering a heightened demand for innovative solutions across the entire FinTech spectrum, particularly in digital payments, investment platforms, and blockchain technology. Mobile applications stand out as indispensable tools in this evolving landscape. They offer built-in smartphone security features, seamless real-time payments, and streamlining the process of taking financial actions, making them remarkably convenient for users. Furthermore, the integration of AI holds immense promise in enhancing various facets of FinTech services, including fraud detection, customer support, and credit scoring mechanisms. By leveraging AI technologies, FinTech companies can deliver smoother and more gratifying user experiences, bolstering customer satisfaction and loyalty.
AI and mobile apps
Of course, AI cannot be overlooked in 2024 trends. The AI market will reach $241.80B in 2023 and is estimated to soar to $738.76B by 2030. Machine learning takes the most significant part of this cake, powered by the boost given by ChatGPT to market competition and the whole sector.
We are already trying to harness the power of AI in many sectors, including mobile apps. AI has a direct impact on development and tooling and an indirect one by being used in industries that use mobile apps to reach their users, including mHealth, e-commerce, fintech, and video and photo editing. This places AI at the forefront in terms of the potential it can achieve in the years ahead.
2024 might be the year when we will witness the birth of such an idea, so we shouldn't be surprised that AI will surely be the top trending sector in upcoming years.
Conclusion
Looking at the top mobile app trends to watch in 2024, it becomes clear: those technologies and concerned user needs are merging much more sophisticatedly. What's a strategy for startup founders is more of a "necessity" to survive and grow with all these trends. The challenge for entrepreneurs is not in using new technologies but in being creative in their deployment so they get turned into concrete solutions in response to the changing user demand. We hope that the trends above won't be just the subject of reflection but also action, inspiring change, and innovation in redefining what is possible for mobile applications.
These days following trends may not be enough. Having an idea of how to carve out a piece of the market is just the beginning of the journey. Regardless of how brilliant an idea may seem, without validation, it remains just that - an idea. The key to success lies in transforming that idea into a business that fits into the market. The most crucial aspect of building a new product is swiftly validating it through experiments, concluding, and adjusting the course accordingly. The world is evolving rapidly, and people's expectations are escalating, which means assumptions made in the past may no longer hold true. At Appunite, our mission is to eliminate inefficiencies in software development. Focusing not only on the technical aspects but primarily on the mission of the product we are working on.
