There’s been a lot of doom and gloom about the future of the app industry recently. But, in the expert opinion of our analysts, this is much ado about nothing. Yes, the market is changing, but as any entrepreneur and business owner will tell you, markets are always evolving. And they will also tell you that it behooves the clever businessperson to watch for these changes for your chance.
Yes, the app market is oversaturated, but that doesn’t mean it’s Dead on Arrival. Plenty of markets reach this point, where the competition is extremely stiff. But still, companies survive – and thrive. This is where the app market is today: it’s not a time to jump ship, it’s not the time to throw in the towel. It’s the time to pivot, to start something new. Markets shift and evolve; to survive you must evolve with it to survive.
So what are these opportunities? Obviously, we can’t cover everything. And we don’t see every opportunity out there, so if you’ve spotted an opportunity, pick up your phone and shoot us a quick email. We can work with you on how to make your project competitive in the jungle that is the app world. But until then, let’s dive a little deeper into how you can survive in a changing app market.
Focus on Quality, Not Rapidity
Part of the reason for the aforementioned doom and gloom were some recent reports showing an overall slowdown in app growth (11% over the last year). The report also showed that Time spent in apps has actually gone up. But wait, I hear you saying, don’t I want users to spend more time in my app? Well yes, but we have to breakdown the numbers here to get the real story.
Most Smartphone users in the US spend about 75% of their time in just 3 apps and almost 45% of time is spent in a single app. So yes, users are spending more time in apps, but they are spending almost all of that time in just a few apps. This means that dozens of apps are not engaging their users (sounds like an opportunity to sell prebuilt app engagement tools…).
What this means for the app entrepreneur out there is that if you want to build an app, it has to amazing. It also has to fill an actual need, or provide a unique selling point. The best way to create an amazing app is to hire a top notch team with experience. And then it’s about testing, testing and testing. This means both testing the code as well as testing the design. Testing the design with actual Users is incredibly important to ensuring a successful app launch. In other words, don’t skimp on this.
Invest in Digital Support Networks
According to the number one hit on Google, an API is defined as
“Application program interface (API) is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact”
In other words, an API are the guts that every app is built upon. Owning an API can be an extremely profitable business – as demonstrated by popular APIs like Google Maps, or UberRUSH. With an API business, you could be offering the foundational tool that an app startup needs.
♦ AI/Machine Learning;
Artificial Intelligence and Machine Learning are some of the most well known and popular tools on the Net. AI claim is a huge selling point these days, but building a working modern AI is no easy undertaking. Machine Learning includes the underpinnings of Natural Language Processing (NLP) . IF you want to know why NLP is important, read our recent post about Alexa
♦ Marketing and Startup Support;
Startups are the hot ticket business thing these days, but they need a support network to survive (just like any other business – that whole no one is an island thing). These support services extend to offering things like simple advice, access to investment (plus the tools to get funding), and Marketing services.
It’s All About the Idea
The clear success story of 2016 is that of Social Media and Messaging apps. These apps, frequently lumped together due to the level of integration and similarity, were by far the biggest winners in terms of engagement. This points to several different things, including that the have the secret to engagement.
It also tells us that social networks are going to continue to grow. Indeed some market experts are now openly speculating that Facebook may reach a valuation of half a trillion bucks by the end of this decade. These numbers speak to an opportunity to supply a support structure (Chatbots are going to be huge) and they speak to the chance to create a successful app of your own.
This is because niche social networks are also hugely popular. Sites like LinkedIn target a specific market (professionals) and do a pretty good job of it. So if you want to create an app, think of who and what you know. How do you turn your network into a thriving business?
Want to know more about how start your own successful business in this massive market? Give our experts a call at 408.802.2885/408.621.8481 – or click to contact us!