2020 accelerated mobile adoption as consumers used their mobile devices to connect, work, learn, play and escape despite COVID-19 restricting their way of life. Consumers spent $143 billion on mobile apps in 2020, an increase of 20% from 2019. Top markets driving this spend included China, United States, Japan, South Korea and the United Kingdom.
With regards consumers and finance, mobile fuelled 45% more financial engagement and is the channel for influencing financial decisions.
Time spent in Finance apps during 2020 was up 45% worldwide outside of China in 2020 YoY. Whether leveraging wallet apps, financial services like loans, shopping for major purchases like a car or a house, or investing in the market, Finance apps are in high demand and a critical part of the decision-making process for consumers.
The decline witnessed in Finance app downloads in China came after new legislation in the peer-to-peer lending space.
Select other findings from The State of Mobile 2021 include:
- Time spent on mobile surged: 4.2 hours were spent on Android which amounted to 3.5 trillion hours, up by 20% and 25% respectively from 2019
- Mobile gaming remains unrivalled: This sector is on track to surpass $120 billion in consumer spend in 2021 which will capture 1.5x of the overall gaming market
- Time spent crossed generations: In the US, Gen Z, Millennials and Gen X/ Baby Boomers spent 16%, 18% and 30% more time per user YoY in their most-used apps
- Social networking apps take centre stage: Time spent per user increased by up to 325% YoY. TikTok is on track to hit 1.2 billion monthly active users in 2021 as consumers look to stay connected as well as entertained
- Mobile fuels the ad industry: In 2020 ad spend grew to $240 billion up by 26% from 2019
- Funding remained strong: $73 billion was invested in mobile companies up by 27% from 2019
“The world has forever changed. While people stay at home across the world, we saw mobile habits accelerate by three years,” comments Theodore Krantz, Chief Executive Officer of App Annie.