A recent data point shows, the #mobileapp industry is expected to be worth $935 billion by 2023. After years of impressive growth and mobile apps reaching more people than ever, the global app industry saw a downturn in 2022, the first one in the market's history.


The global consumer spending on mobile apps dropped by a massive $3bn last year. Last year, consumers downloaded 255 billion mobile apps to their connected devices, 10% more than in 2021 and up by 82% from 140 billion seen in 2016.


The number of downloads is expected to grow and hit over 262 billion this year. By 2025, this figure is expected to jump to over 300 billion. In 2022, gross consumer mobile app spending amounted to $167 billion, down from $170 billion in 2021.


One possible reason is market saturation. The mobile app market is highly competitive, and there are millions of apps available on app stores. As a result, consumers may be more selective about which apps they choose to spend money on.


Another reason could be subscription fatigue. Many apps offer subscription-based models, which can quickly add up in cost. This may lead to consumers becoming more hesitant to commit to ongoing payments, which could result in a drop in spending on mobile apps.


#Securityconcerns: Some consumers may worry about the security of their personal and financial information when using mobile apps to make purchases. They may be concerned about data breaches or hacking, which could lead to identity theft or financial loss.

#Increasingusability issues: Some mobile apps may be difficult to use or navigate, which can be frustrating for consumers. They may prefer to use a traditional website or in-person shopping experience instead.

#Limitedpayment options: Some mobile apps may only accept certain types of payment, such as credit cards or digital wallets, which may not be convenient for all consumers.

# Lack of trust.