How to Select a Niche Market for a Mobile App Business?
The easiest way to find a market niche for your mobile app is by studying and evaluating the strategies of app businesses that have only grown over the years. Only then can you understand the dos and not-to-dos of the app market, which itself is growing faster than ever. The global app market revenue is estimated to reach $641.10 billion by 2027. Making your business a part of such growth requires an expert understanding of every app niche with the potential for success and lasting growth.
Figuring out how to find a good niche for your mobile app is the first step in building a successful business. You also need to consider the user base and competitors to ensure your app succeeds in the market. To get you started on that, below you can learn about some qualities that can make an app business successful, followed by a brief look at the most popular app business and which is the ideal one for you.
4 Qualities that Make an App Business Successful
Every successful app business has unique and common characteristics that make it stand out while allowing it to be a part of a particular industry/niche like financial services software development, gaming, education app development, or medical software development
UI/UX Design
How your app looks, how fast and well it functions, and how easy it is to use for the target users are at the heart of any successful mobile app business. A visually appealing yet easy to navigate and use are qualities that can increase customer acquisition and retention for any app business.
Application Performance
Advanced functionalities, short loading time, regular updates, and no crashes/downtimes are signs of a high-performance app. Such an app proves more convenient and reliable for target users, increasing its chances of lasting success and growth.
App Security
Every mobile app faces multiple security threats like hacking, data theft, and malware. Therefore, users are more likely to use apps that can provide reliable security solutions against such threats and protect their privacy well.
Monetization Models
Incorporating monetization models freemium, payment fees, paid advertisement, and in-app purchases are great ways to generate and increase the revenue of your app business. Having multiple personalized monetization models can help your mobile app business succeed and grow faster.
How to Find a Market Niche for a Mobile App Business?
The answer to this is pretty simple: a good business is one with the potential for lasting growth and revenue in the market.
If you already have a business that needs a platform like a mobile app, then all you need are experienced app developers to make it happen and a marketing strategy to ensure your new platform has better discoverability.
But if you need to build a mobile app business from scratch, you must choose a niche with a large user base and room for growth (For example, gaming applications). To make that easy for yourself, go through some of the most famous app businesses mentioned below and see which one seems most beneficial to you.
7 Best Mobile App Businesses to Choose in 2023
Every app niche you will learn about below is a great choice for building a profitable app business but comes with competitors/industry giants that your app must compete with in order to succeed and survive in the same market.
Gaming Apps
Gaming apps are currently one of the most rapidly growing app businesses in the market right now. They are video games that users can access and play from any location. These apps also have much potential in the future due to the regular improvements in technology like VR and artificial intelligence. The global mobile gaming market is estimated to reach $419.70 billion by 2027, while the number of users in the market is expected to reach 2.32 billion.
Food and Grocery Delivery
Food and grocery delivery is another growing business in the app market as apps like Uber Eats and GrubHub improve the experience of buying and enjoying food from a remote location. Building a food delivery app may force you to compete with many industry giants, but done right, you can create a unique food delivery with advanced technology and a niche-based food ordering and delivery service. The industry holds many lucrative opportunities for a user-driven app that can outperform the competition.
Healthcare and Wellness Apps
mHealth mobile apps have improved the delivery of healthcare solutions by providing them through a digital platform. The COVID pandemic gave many businesses the nudge they needed to understand the necessity of healthcare apps. As a result, there are many healthcare applications in the market right now and the demand for them will only increase, especially if an app uniquely improves the convenience of healthcare operations for medical institutions and makes medical care easy and more efficient for patients.
In the third quarter of 2022, there were nearly 54,546 healthcare and medical apps on the Google Play store. With such potential for growth and increasing demand, a strategic development approach can help you build a lucrative app business.
Ride-hailing Apps
Ride-hailing apps are also a good business opportunity if you can build one that provides more and better value to users than industry giants like Uber and Lyft. More and more users are beginning to rely on ride-hailing apps like Uber, and building a better app with a user-friendly interface, convenient ease of use, and more benefits can help you provide your ride-hailing app with a large user base and increase revenue in a short period.
Video Streaming Applications
It is no news that video streaming applications like Netflix and Hulu have nearly replaced TV channels. The lack of advertisement and instant access to multiple movies and TV shows makes video streaming platforms more popular every day. You can build a successful app business with this niche as there is always new content to provide through a video streaming service, whether it is movies, documentaries, funny videos, or leaked celebrity videos.
The niche has many of its own niches that you can use to create a user-driven video streaming app, increasing the chances of success and growth for your business.
Fintech Applications
Fintech applications for digital payments and investments are more in demand than ever before. For example, the number of users in the digital payments market is estimated to reach 5.48 billion by 2027. Building a secure and user-friendly fintech app for digital payments and investment can provide many opportunities for your business and revenue to grow now and in the coming years.
E-learning Applications
Another thing the pandemic made popular is the convenience of continuing academic education and learning new things online. It significantly increases the number of e-learning applications in the market. You can also build a successful app business by choosing this niche. By using technology like AR, VR, and Artificial Intelligence, you can create an innovative e-learning application that can stand out in the market.
Conclusion
The niche market options mentioned above should help most startups choose a lucrative niche for their app business. However, the best way to find a market niche that can prove beneficial for you is by analyzing the resources you have and creating business goals. They will help you learn how to find a good niche that is feasible for you and provides many current and potential opportunities for lasting growth.
