The Power of the App Economy

In the 6 years since they first started appearing, our phones (and our lives) have been taken over by apps. From toothbrushes to aircraft engines, brands are looking to connect their products to the Internet and expand their functionality through apps. Now – for anything we might want to do – “there’s an app for that”. Our phones, powered by the apps on them, are becoming the remote controls of our lives.

A whole economy has built up around the development and commercialisation of apps – one that’s now estimated to be worth £40 billion globally. The rate at which UK consumers and businesses are downloading apps suggests that the “app economy” (the revenues derived from commercialisation of apps) represents a significant sector of the UK’s tech industry with strong potential for growth.

The infographic below lays out the current state and the power of the app economy in the UK – its growth potential, as well as improvements that can be made to realise the full potential and value to the economy as a whole.