Finance - Colombia

Colombia

Colombia's Finance market is expected to see significant growth in the coming years.
According to projections, total revenue in this market is set to reach US$1.45m by 2022.
This growth is further anticipated to continue with an annual growth rate (CAGR 2022-2027) of 11.51%, resulting in a projected market volume of US$2.69m by 2027.
Within the Finance market, various revenue streams contribute to its overall success.
In-app purchase (IAP) revenue is projected to reach US$265.70k in 2022, while paid app revenue is expected to reach US$294.20k in the same year.
Advertising revenue, another significant contributor, is projected to reach US$892.50k in 2022.
The Finance market in Colombia is also witnessing a steady increase in the number of downloads, with a projected figure of 14.16m downloads in 2022.
Currently, the average revenue per download is estimated to be US$0.10.
When comparing these figures globally, it becomes evident that in the United States dominates the Finance market, generating a substantial revenue of US$580.10m in 2022.
This highlights the significant market potential that exists within the Finance market sector.
Colombia's Finance market has a promising future, with projected revenue and market volume growth indicating a favorable environment for businesses operating in this sector.

Key regions: India, Europe, Japan, China, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.