“Global user spending in mobile apps on Apple’s App Store and Google Play will reach $156 billion by 2023, according to projections based on Sensor Tower Store Intelligence data. This figure represents 120 percent growth from 2018 and a compound annual growth rate (CAGR) of 16.8 percent over the next five years,” Randy Nelson reports for Sensor Tower. “These findings are part of Sensor Tower’s 2019-2023 App Market Forecast, out today.”

“Sensor Tower projects that user spending on the App Store and Google Play individually will more than double between now and 2023,” Nelson reports. “Our projections call for global revenue on Apple’s platform to reach $96 billion in the next five years, an increase of 104 percent over 2018’s total of $47 billion at a CAGR of 15.6 percent. Google Play, by comparison, is projected to reach $60 billion in worldwide spending, up 140 percent over 2018 at a CAGR of 19 percent.”

Read more in the full article here.

MacDailyNews Take: Note that, according to StatCounter, Google’s Android unit share of the smartphone market currently stands at 74.15% with Apple’s iPhone commanding 23.28%. Obviously, iPhone users are considerably more valuable than those who settle for insecure, privacy-trampling iPhone knockoffs.

SEE ALSO:
iPhone owners in the US spent an average of $79 on apps in 2018, up 36% YOY – February 11, 2019
Why Google is willing to pay Apple $12 billion per year – October 24, 2018
Analyst estimates Google will pay Apple $9 billion this year to remain default search – September 28, 2018
Apple thrives by going upscale: It is Economics 101 – September 26, 2018
Apple’s App Store is destroying Google Play in services and subscriptions – April 18, 2018
Apple takes U.S. market share from Android, dominates with 8 iPhones out of 10 best-selling smartphones – July 26, 2018
Apple’s iPhone X made 5 times the profit of 600 Android OEMs combined – April 18, 2018
Apple’s iPhone captured 86% of global handset profits in Q417; iPhone X alone took 35% of global handset profits – April 17, 2018
Apple App Store users spent nearly double that of Google Play users in Q417 – January 26, 2018
Apple’s iOS continues to attract content apps first, despite smaller unit share – October 30, 2017