Global Android and iOS users will spend a total of $156 billion USD ($208.3 billion CAD) on mobile apps by 2023, according to a report from app analytics firm Sensor Tower.
This marks a 120 percent growth from 2018 and a compound annual growth rate (CAGR) of 16.8 percent over the next five years, says Sensor Tower.
Further, Sensor Tower estimates that user spending on the App Store and Google Play individually will more than double by 2023.
Specifically, Apple’s platform is expected to accumulate $96 billion ($128.2 billion CAD) in user spending in the next five years — an increase of 104 percent over 2018’s total of $47 billion ($62.8 billion CAD) with a CAGR of 15.6 percent.
Meanwhile, Google Play is projected to reach $60 billion in spending, marking a 140 percent increase over 2018 at a CAGR of 19 percent.
While this brings Google Play spending more in line with the App Store, Apple’s marketplace is nonetheless set to hold nearly 62 percent of total revenue from the two stores.
In terms of region, Sensor Tower expects North America (sans Mexico) to hit $26.9 billion ($35.9 billion CAD) in Android and iOS app revenue in 2023, up 107 percent from 2018.
Source: Sensor Tower