App - Nordics

Nordics

In 2022, the projected total revenue in the App market for the Nordics is expected to reach US$4,041.00m.
This forecast indicates a significant growth potential for the market.
Looking ahead, the total revenue is projected to experience a Compound Annual Growth Rate (CAGR) of 8.92% between 2022 and 2027.
By 2027, the market volume is estimated to reach US$6,539.00m.
Within the App market, the revenue from in-app purchases (IAP) is projected to reach US$1.30bn in 2022.
This highlights the increasing popularity of in-app purchases as a monetization strategy for app developers.
Additionally, the revenue generated from paid apps is expected to reach US$0.09bn in 2022.
This indicates that there is still a market for paid apps despite the prevalence of free apps with in-app purchases.
Furthermore, advertising revenue in the App market is projected to reach US$2.65bn in 2022.
This demonstrates the importance of advertising as a revenue source for app developers.
The projected number of downloads in the App market for the Nordics in 2022 is 752.40m downloads, indicating a strong user base and potential market reach.
Currently, the average revenue per download is expected to amount to US$5.37, reflecting the value that users place on apps in the Nordics.
It is worth noting that a global comparison reveals that in China generates the highest revenue in the App market, with an estimated US$162.90bn in 2022.
This highlights in China's dominance in the global app market and the opportunities it presents for app developers.

Key regions: China, United States, Europe, Germany, Asia

Market

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Currency

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.