The app industry has a deep partnership with today’s ubiquitous device: the smartphone. And, like the smartphone, apps are now part almost every business and everyone’s daily activities.
Today, 400,000 Europeans are building apps. The broader App Economy supported already 1.8 million European jobs in 2013. Its revenue reached €17.5 billion that same year and is expected to grow by 300% (to €63 billion) by 2018.
The most extraordinary part of the App Industry story may be the value that consumers place on these little pieces of software. The annual consumer surplus – the difference in the amount consumers pay for mobile Internet, which is largely reliant on apps, and how much they would be willing to pay – in only the five biggest EU countries, is €770 billion. What other industries can claim to deliver such extraordinary value to consumers?