Education Apps Projected Largest 4-year CAGR in 2021 – 62%, Business Apps a Close 2nd
COVID-19 forced a large part of the world to live a ‘new normal’ as people were forced to stay indoors to shelter from the pandemic’s dangers. Mobile devices took on an even more significant role than it already has in more recent times, as they became people’s portal to the outside world. According to data presented by Trading Platforms, time spent on education apps on mobile devices is projected to have the largest 4-year CAGR in 2021 at 62%, while time spent on business apps has the second largest with 57%.
Time Spent on Education Apps Projected to Grow the Most – 62%
One of the consequences of the pandemic was the disruption of school for many young people. As the virus raged on, the education sector in many parts of the world was forced to shut school at all levels, including University, and transition into ‘distance-learning’ at home. Parents of these children often also had to work from home themselves, delicately needing to balance work and looking after their children.
Different forms of entertainment, including for the younger age groups, were also forced to shut down, making the situation even trickier for parents as they sought alternative ways to engage their child. As a result, educational apps’ time is projected to see the largest 4-year CAGR at 62% by 2021.
Business and Streaming Apps Also See Significant Growth
Businesses small and large also had to adhere to stay-at-home orders in many countries, which led to many organizations turning to different tools to mitigate their productivity. As a result, business app usage comes at a close 2nd with a projected 4-year CAGR of 57%.
One of the business apps that became a household name due to the pandemic is the video conference app Zoom. Zoom was not only used by businesses around the world as many institutions such as schools and government also turned to Zoom. Many users also used the app to connect with their family members and friends who they have not had the chance to see in a while due to social distancing rules and stay-at-home orders.
Time spent on streaming apps is also projected to rise as people find alternative ways to entertain themselves during lockdowns. It takes 3rd spot on the list with a projected CAGR of 43% for 2021
Couch Commerce Emerges as Shopping and Food Delivery Becomes New Normal
Shopping Apps rank 4th in terms of the largest projected growth with a 4-year CAGR of 40% in 2021. The significant growth in the sector is fuelled by grocery delivery services, which innovated with contactless pickup options to adapt to the pandemic conditions. Another contributor to its strong growth is the strength of mobile shopping. 2020’s holiday sale season includes Black Friday and Cyber Monday posted sales records despite the pandemic threat.
Time Spent on Finance and Fitness Apps Also Rise
The economic uncertainty brought on by the pandemic meant that people were logging into the financial apps more than before. Unable to go to banks, consumers turn to their trusted personal mobile devices for peer-to-peer payments, banking, and investing. This is leading to a projection of a 4-year CAGR of 35%.
Fitness apps also saw a surge in demand as people looked to stay fit inside their homes as gyms worldwide were forced to shut. The extra time at home also meant that more people were willing to try exercising for the first time to find something productive to do during lockdowns. As a result, fitness apps are projected to have a 4-year CAGR of 23%.
