India’s mobile economy has seen tremendous growth in the past two years, with mobile app downloads and time spent in-app more than doubling since Q1 2014.
That’s the take from App Annie this week. The company reports that affordable smartphones and more infrastructure undergirding mobile in India, the emerging market there is robust, indeed.
“Utilizing Forecast Intelligence, we predict continued growth for India’s mobile market, with app store downloads to reach 20.1 billion by 2020 — totaling a growth rate of 92 percent,” notes App Annie. “One of the fastest-growing sectors is retail, with time spent in apps growing 11x from Q1 2014 to Q1 2016. Revenue has also grown and mobile commerce is taking home an increasing portion of overall in-app spend.”
Reportedly, developers are turning to innovation to stay a step ahead of competitors.
“Creating hyperlocal services like flexible payment options and speedier deliveries are paying off big in lower-tier cities,” according to App Annie. “All top 10 retail apps have experienced significant growth as they adapt and expand in their levels of service offerings, with a few global players like Amazon getting in on the game (and winning big).”
The full report on mobile opportunities in India is available here.