India is now the third largest smartphone market in the world, with around 250 million active users. Over the past few years, India has witnessed a major boom in mobile apps due to market penetration, increasing smartphone penetration, affordability and availability.
According to a report, India was Google Play’s second largest market in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11% between 2018 and 2022. The pandemic has been dubbed “The Great Accelerator” for driving previously unexplored seismic shifts in the use of mobile devices and digital services. This push has resulted in the continuation of the trend due to habit formation, comfort, ease and digitization.
The year 2020 saw 24 billion app downloads, placing India second in the world behind China. Moreover, on average, Indians spent about 42 minutes per day on their favorite apps, compared to a global average of 25 minutes. In addition, following the remarkable progress of the year, several new application categories have also emerged, including health and fitness, games, entertainment, long and short video content, hyperlocal broadcasting and learning and education. According to data analysis by MOCA Technologies, social, shopping, gaming and finance applications have seen continuous growth throughout 2020-2022. Meanwhile, gaming and finance apps are showing an increase in behavior this year so far and music, auto & vehicle, and education apps have started to move up the ranks recently.
In recent years, the game industry has progressed effectively. Mobile, video or console games are constantly developing due to technological advances such as 3D illustrations, Virtual Reality and Artificial Intelligence, as well as the equipment to play them. According to the results of April 2022 India Online Gaming Survey by Rakuten Insight, a large majority of Indian gamers across all age groups have used their mobile phones to play online games. This share was 89% for players aged 16 to 24. The total number of Indian online gamers jumped 8% from 360 million in 2020 to 390 million in 2021.
The All India Gaming Federation, said: “The online gaming industry is growing at an impressive CAGR of 25% to 30% and harbors significant potential for overall economic growth, job creation and contribution to the government of a trillion-dollar digital economy in 2025.” The new digital shelf for commerce will be the gaming-powered ecosystem. Paying players are expected to reach 240 million (x3) over the next 5 years.
It would be appropriate to say that the market will grow exponentially in the coming times and digital adoption will play a major role in it. However, as we continue to develop new things, players will be able to enjoy more realistic, vivid, and engaging experiences. Given the current pace of technological advancements and the anticipated evolution of futuristic things, gaming experiences are expected to improve and, over time, help the gaming industry reach great heights.
People in India have taken to social media like a duck to water. Indians spend an average of about 2.36 hours per day on social media and the number of social media users has grown in 2022 at a steady rate of 467 million owing to the deep penetration of internet connectivity among people. The number of Internet users in India has grown to 658 million, or about 47% of India’s total population. The Indian media industry has huge potential for growth in all segments owing to rising incomes and changing lifestyles. With this, different trends on social media in India are about to grow. In today’s digital age, social media has become an essential part of our lives, helping individuals to connect better with others, and networking programs are now demonstrating their importance. We are currently surrounded by a plethora of social media applications that allow us to interact with each other. According to a report by BCG, the Indian M&E industry is expected to grow between US$55 billion and US$70 billion by 2030. The market is expected to grow at a CAGR of 17% between 2020 and 2023.
Recently, at the launch of the InFinity Forum, a Fintech thought leadership forum, Indian Prime Minister Narendra Modi called for a “Fintech revolution” in India with a “security shield”, mainly focused on revenue, investment , insurance and institutions. credit. The statement comes at a time when India has the highest Fintech adoption rate in the world – at 87% – and significantly higher than the global average rate of 64%. Conducive factors here include the Digital India initiative, a conducive political environment, and the presence of a large talent pool.
India has come a long way from being a cash-focused economy to one with the second highest fintech adoption rate in the world. Across multiple industries, including financial services, the past 2 years have seen significant changes in customer behavior and expectations around digital experiences. As a result, the Indian Fintech market has witnessed an unprecedented increase in demand. The fintech industry comprises three main categories: loans, transactions and investments. As the lending category matures, the transaction space is mature and the investment division is nascent. Fintechs and tech titans are harnessing technology to disrupt the industry. More than 8 in 10 Indians with bank accounts in metropolitan areas now use mobile banking apps, which have grown in popularity during the Covid-19 pandemic.
A study conducted by the Boston Consulting Group (BCG) in association with the Federation of Indian Chambers of Commerce and Industry (FICCI) stated that the Indian Fintech industry could reach $150-160 billion by 2025 In fact, 33 fintech investment deals worth US$647.5 million were closed in the Indian market in the quarter ending June 2020.
With developments in mobile technology and an increasing number of mobile users, a new potential for using smartphones for patient care has emerged. Fitness apps have seen an increase in installs and usage as more consumers are unable to access the gym due to the Covid-19 outbreak. As a result, time spent on weight reduction and exercise apps increased by 40%, with twice as many active users. The use of telehealth increased at the onset of the Covid-19 pandemic as consumers and providers sought safe methods to access and deliver healthcare. According to Deloitte Global, global investment in mobile mental health apps will approach $500 million by 2022. Apps can not only help meet the high demand for mental health care, but also make it more accessible . Professional mental health services, such as talking therapies, are difficult to obtain or stigmatized in many countries and communities, and in some of these circumstances individuals use mobile apps to replace or enhance treatment techniques traditional.
India has shifted to a mobile-first economy, due to pandemic-related tailwinds that have driven millions of customers and businesses to embrace digital transactions. Nowhere has there been such a remarkable and unexpected development as in the digital and e-commerce sectors, which exploded in the aftermath of the Covid-19 crisis. Given the demographic dividend represented by India’s population of nearly 1.4 billion, mobile apps are hugely important in e-commerce. Because the apps offer great opportunities for personalization, they help e-commerce businesses better understand customers while connecting with them more frequently and targeting these groups with relevant items based on their browsing behavior. Every quarter, around 25 million new smartphone users are added in India, highlighting the importance of apps and e-commerce.
In addition to the above, India has emerged as the preferred application development destination for businesses across the globe. Quality mobile app development offered at low cost is one of the major reasons why India is the best destination for app development. Moreover, the best app development companies in India have the skills and experience to meet the app development requirements of a global clientele with varying needs. But with more apps being used in daily life, the competition for user acquisition is getting fiercer as users now have more options. How to acquire new users profitably and how to retain users remains the big challenge. Anticipating and understanding these issues then allows you to plan and predict the appropriate strategy. Companies that plan around these issues will be more likely to have a successful year.
The opinions expressed above are those of the author.
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