E-commerce
Shopping apps generate revenue of $33.4 billion
Shopping apps generated revenue of US$33.4 billion, surging by 136 per cent during the past five years.
Citing Statista Market Insights survey, Stocklytics.com said shopping apps saw roughly 1.4 billion downloads, tripling from about 530 million in 2019.
These increases have made shopping apps the third-largest segment of the app industry.
Statista forecasts shopping app downloads to rise further by 20 per cent and reach 1.67 billion by 2028, with annual revenue soaring 40 per cent to $46.5 billion.
Meanwhile, gaming apps had the highest revenue of $196.1 million, followed by social media apps at $153.4 billion.
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