With the current explosion of mobile applications, consumers are increasingly turning towards recommendation engines, social networking sites, or advertising to discover these apps, instead of going through hundreds and thousands of readily available mobile apps that are easily (free or paid).
Keeping this trend in mind, Gartner has predicted that through 2018, less than 0.01 per cent of consumer mobile apps will be considered a financial success by their developers.
According to Ken Dulaney, vice president, Gartner, “The huge number of mobile apps may imply that mobile is a new revenue stream that will bring riches to many. Our analysis, however, shows that mobile apps are not generating profits and that many mobile apps are not designed to generate revenue either – but are used to build brand recognition and product awareness.”