Sensor Tower data projects a significant rise from its $85 billion level in 2019.
Mobile app marketing intelligence company Sensor Tower’s 2023 forecast shows the App Store accounting for $96 billion of the revenue with Google Play accounting for the remaining $60 billion. Among other factors, this forecast has taken into account past download and revenue trends and macroeconomic projections.
According to the predictions, the App store’s revenue growth is set to be driven by a rise of subscriptions. By 2023, games will bring in 60% of the revenue for App Store with the rest coming in from other apps. Gaming in Google Play currently makes up 85% of revenue and by 2023, this will only grow slightly to reach 86%.
The Chinese market is set to take the lead in revenue generation during 2019 on the App Store, followed by the US, Japan, UK and Taiwan. On Google Play, the US is projected to pass Japan this year.
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