The mobile app market is growing faster than a beanstalk. The industry is huge and growing daily, and there is no end in sight. Expectedly, the mobile developer population has boomed, and the number of mobile apps in the market has hit new heights. The revenue generated by the global mobile app industry has skyrocketed. Hybrid monetization models, such as in-app ads and in-app purchases, are quickly gaining popularity in the business world. Most studies show that in-app advertising and on demand app development is set to be a key driver of mobile growth over the coming years.
The on-demand mobile app development services industry is booming and surpassing all business models. From on-call taxis to food delivery, medicine delivery to grocery delivery, everything can be booked and delivered to people via on-demand mobile apps.
The on-demand apps have been ruling the mobile application world with the convenience and ease of use that they offer. These apps are spontaneous problem solvers and offer the best possible solution to a variety of problems faced by people all over the world. These apps offer direct interaction channel between customers and sellers. Various types of on-demand mobile apps include online food ordering, on-demand grocery delivery, housekeeping, parcel delivery, professional services, spa appointment booking, and so on.
Start-ups have been thriving on the on-demand app culture and using them as a major business platform. Many start-ups have been able to raise huge funds and become eminent brands within no time.
On Demand App Development – Bright Future Ahead
According to the latest statistics, the on-demand economy is worth $57.6 billion average. It means that in the times to come, this industry will witness a huge growth through various emerging start-ups which can potentially disrupt the traditional economic system prevailing today. A number of businesses today have understood that in order to stay ahead of the competition, they need to renovate the way they carry out their business proceedings. This is the prime reason why most of the traditional business entities and upcoming start-ups are gravitating towards the on-demand business model.
The custom mobile app development companies are providing a platform to conduct business and act as an interface between customers and sellers of products and services. These mobile apps are not only easy to use, but also highly adaptable to the forthcoming technologies in business such as Artificial Intelligence and Blockchain.
Mobile apps are helping many businesses monetise their assets, skills, and time invested and improving the operating efficiency of their firm.
The on-demand space is known for making life easier for us all sand has an exciting future ahead. Here are three predictions for the future of the on-demand economy in the New Year:
1. The Consolidation of On-Demand Marketplaces
There are so many new on-demand services appearing seemingly every day. Often, several of these are for the exact same service — whether in the same or different cities. However, this trend of competition is set to fade out relatively soon.
We will start to see industry leaders appear and begin to acquire many of the smaller competing companies that offer the same or similar services. This trend is set to continue across many other industries as well until a monopoly exists for each primary on-demand service offered — whether it’s on-demand laundry service, dog-walking, or more.
2. On-Demand Services Will Partner Up
Creative on-demand partnerships are on the rise as on-demand services have figured out how to package their services together to provide consumers with the best product possible. It can be regarded as the next step in the trend of traditional retailers partnering with Postmates, or hotels partnering with Uber.
For instance, an on-demand dinner reservation app could partner with an on-demand child care app to provide parents with an effortless night out. These types of partnerships would save consumers loads of time. You will no longer need to find each of these on-demand services separately or waste time organizing the logistics of both services. It will also be an extremely beneficial way for on-demand services to increase sales separately.
3. Increased Speed
On-demand services are going to need to operate even faster as the standards for timeliness are constantly pushing the limits of what is physically possible.
The high standards set by companies like Amazon will have major effects on smaller on-demand services and the ways they will need to compete in this new ultra-competitive environment. Competing on-demand services will be at war until the faster, more efficient service emerges and we see the consolidation of these marketplaces take place.
These trends will take some time to emerge, as the industry is still in its nascent phase. The latter predictions are likely to benefit the end-users the most as they will lead to faster and more efficient on-demand services.
All these predictions are based on the current trajectory that the industry is following. It is set to change if there is some drastic change or introduction of a new element in the equation.
The big players in the start-up and retail industry especially who are flush with capital will easily ride the wave of growth that the on-demand app industry is showcasing. As the consumer behaviour shifts radically, these businesses are ready to leverage upon this trend for their continued gains. As the big players enter the arena, this industry is set to get a boost and invent new ways to serve the customers better.