By Caroline Wall
The app market could be worth $100 billion by 2020, and developers will need help from big data to find ways to get a piece of the pie, according to an article at Tech Republic.
The publication spoke with co-founder and president of app monetization company Pyze, Prabhjot Singh, on the future of the app market and what developers can do to take advantage of the revenue growth potential. This includes leveraging big data to find what users want and need most.
Singh told TechRepublic that there are about three million apps in existence, and only half of all developers make more than $500 a month for their creations. That means if you thought developing an app would mean swimming in money in your big hillside mansion in Silicon Valley – think again.
What does it mean to have an enterprise-grade cloud communications solution? Many providers may claim to offer it, but not all can deliver always on, reliable, global communications. Is your provider making the “grade”? Reserve Your Spot Today! Sign up for our FREE newsletter for more news like this sent to your inbox! Invest in data, Singh advised. Figure out how users are employing your apps and what kinds of people are attracted to your product and let users sign in to your app via social media, he told the news site. Don’t just make your work available in an app store and hope for the best.
According to the article, Singh and Dickey Singh – co-founder and CEO of Pyze – spoke with developers for two years about the struggles of gleaning substantial revenue from their apps. They found that the main issue is that these developers and publishers couldn’t get their hands on the right kinds of data to make intelligent business decisions.
Pyze’s solution was to use a coupling of big data and machine learning to gather information on a large number of users while still focusing on the personal experience of apps. The company has had success with helping these developers and publishers improve usership and revenue, according to TechRepublic.
Of course, Pyze has an interest in highlighting the potential for app developers to increase revenue using big data considering since that is their core business. However, the overall message of monetizing developers’ hard work using data is valuable. Bottom line, know your customers and it’ll pay off.