The year 2024 is witnessing a significant boom in mobile applications, with remarkable growth, particularly in the advertising sector. According to Adjust's "Mobile App Trends 2024" report, three standout app categories are Finance, Gaming, and Shopping & E-commerce applications.
Each segment has its own trends and innovations, presenting numerous opportunities as well as challenges for developers and businesses. Join HR1Tech as we delve deeper into the key trends in each type of mobile application, along with statistics and forecasts for 2024.
1. Finance and Fintech Applications
In 2023, fintech applications experienced significant growth, with the number of installs increasing by 42% and the number of sessions rising by 24% compared to the previous year. Notably, from April to May, installs surged, exceeding the annual average by 28% and the same period last year by 95%.
Globally, session lengths also increased from 6.1 minutes per session in 2022 to 6.4 minutes per session in 2023. On average, users accessed the app 1.64 times on the first day and 0.85 times on the following day, highlighting the importance of creating engaging experiences to encourage users to return to the app. The increase in sessions also positively impacted the app's revenue.
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Image 1. Session Duration of Fintech App, 2022-2023
Image 2. Number of Fintech App Sessions per User per Day, 2022
Despite the rise in installs and sessions, the retention rate declined, indicating that businesses need to focus on personalizing user experiences to retain them longer. Improving retention rates could significantly enhance user engagement with the app.
In 2023, the paid-to-organic install ratio for fintech apps was 0.79, showing that most users downloaded the app out of necessity rather than being influenced by advertisements. Given the high number of organic installs, businesses should focus on improving ASO (App Store Optimization) to increase the app's visibility to organic users and bring higher value to the business.
The Ratio of Paid/Organic Installs of Fintech App, 2023
2. Game Applications
In 2023, global game installs decreased by 2% and sessions dropped by 7%. However, installs began to recover in Q4, with a 7% increase compared to the same period the previous year. The hybrid casual game genre is experiencing a boom, expected to drive the growth of the gaming industry.
Racing games and simulation games led the growth in installs, with increases of 61% and 53%, respectively. Meanwhile, arcade games and adventure games saw the most significant growth in sessions, with increases of 19% and 7%, respectively.
The cost per game install increased throughout 2023, likely the main reason for the decline in installs, as high conversion costs typically reduce conversion rates. However, adventure games and simulation games (among other genres) were exceptions, with both installs and sessions increasing despite rising costs.
In-app revenue for game applications increased significantly in 2023, rising by 6% compared to the previous year. This indicates that while the number of players may not be high, their spending within games is substantial. Revenue is expected to continue growing in 2024 as advertisers and developers enhance AI applications to personalize experiences, thereby attracting and retaining users more effectively.
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Retention Rate of Game Apps, 2022-2023 (Global)
3. Shopping and E-commerce Applications
In 2023, global e-commerce apps experienced impressive growth, with installs increasing by 43% and sessions rising by 14% compared to the previous year. In Q4 alone, installs surged by 59% compared to the same period last year.
However, the average session length decreased from 11.2 minutes to 10.1 minutes per session. The average number of sessions per user also dropped, from 1.52 sessions on the first day to 0.32 sessions on the second day. This indicates that although users are initially very interested, their engagement quickly declines.
The Ratio of Paid/Organic Installs of E-commerce Apps, 2023
Advertisers should consider two objectives: increasing conversion rates on the first day and maintaining the app's appeal over the long term through personalization and user behavior analysis.
User engagement with e-commerce apps increased from 15% to 16.1%, with the marketplace and classifieds segment seeing substantial growth from 19% to 27.5%. In-app revenue for e-commerce apps rose by 34% compared to the previous year, with November's revenue particularly standing out at 34% higher than the annual average. This growth underscores the importance of major shopping events like Black Friday, Cyber Monday, and other holidays.
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Source: Adjust