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Fueled by pandemic shifts, mobile is now even more critical

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The latest App Annie report confirms the important part mobile technologies plays as nations continue to battle the COVID-19 pandemic. App usage, purchasing, and time spent using apps all shot up as the world turned to mobile to hold things together.

The big opportunity

This boom in attention and usage is prompting serious interest from venture capitalists. With every facet of business and personal life becoming digitized, there’s no shortage of ideas.

What are investors particularly interested in? AppAnnie claims VC money is particularly focused on solutions for financial services, transportation, commerce, and shopping — but there’s interest in every sector.

It’s important to get the big picture on investment trends: An astonishing 26% of total global VC funding is going into mobile-related ventures. In fact, $73 billion was poured into mobile last year.

The other strand to the business case here is attention and engagement. Mobile is the hub at home and at work. This is driving remarkable changes in how we spend our time. Americans now spend 8% more time on mobiledevices than they do watching TV, the report said.

This pattern is being repeated internationally. Consumers in Indonesia, Brazil, India, Mexico, Argentina, and South Korea spend over four hours a day on their mobile devices, and most other nations aren’t far behind.

What this means is that mobile has become the center of the attention economy. In the US, Gen Z, Millennials, and Gen X/ Baby Boomers spent 16%, 18%, and 30% more time YoY, respectively, in their most-used apps, the report explains.

And consumers spent $143 billion on or in apps in 2020, up 20% on the previous year.

Copyright © 2021 IDG Communications, Inc.

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