Sensor Tower has released its Global Mobile Market Forecast 2020-2024, giving a positive outlook for global mobile app market revenue over the next five years. Sensor Tower said that while the global economy is currently suffering from the new coronavirus (COVID-19) outbreak, total revenue from the App Store and Google Play is expected to reach $102 billion this year, up 20 percent from 2019.
By 2024, global mobile users will spend $171 billion on the App Store and Google Play, double the amount in 2019.
The Sensor Tower report said total in-app purchases, subscriptions and paid apps in the App Store and Google Play will grow 20 percent year-on-year in 2020, down 1 percentage point from the previous forecast of 21 percent.
By 2024, Apple’s App Store forecast revenue will grow from $67.3 billion in 2020 to $115.4 billion, and Google Play will grow from $34.7 billion to $55.5 billion.
In terms of app downloads, the App Store’s app is expected to be installed 44.5 billion times for the first time in 2024, with 139.2 billion Google Play, up 45 percent and 65 percent from 2019.
In addition, downloads of mobile apps on China’s iOS platform surged during the outbreak of the new coronavirus, according to Sensor Tower.