Three trends for mobile startups to watch
Worldwide mobile app revenue is expected to reach $58 billion in 2016 and $77 billion in 2017, according to Go-Globe. This growth provides tremendous opportunity for mobile startups to quickly gain traction and compete against established enterprise-level developers. This growth isn’t a guarantee of success, however; it’s crucial for startups to adapt to emerging market trends. After all, as Fortune reports, 42 percent of startups fail as a direct result of a lack of demand in the marketplace for their product.
Here are three trends that mobile startups should watch in 2016:
1. Improving business productivity with wearables
The wearables sector still presents a lot of opportunities for the mobile industry. In fact, many companies are looking to improve their business performance by investing in this technology. A 2015 Salesforce Research survey found that 86 percent of enterprises planned to increase their wearables spending over the course of 2016, CIO reports. By leveraging data from wearables and turning it into actionable information, startups can find a niche in this emerging market sector.
2. Meeting customer expectations for personalization
In today’s digital age, customers have become accustomed to a personalized user experience. According to Inc., startups will be able to gain a competitive edge by adjusting and evolving more quickly to this market trend than their more established competitors. By providing an increased level of personalization, these companies can boost their sales and drive customer loyalty. In a 2015 study, Venture Beat found that 87 percent of companies that use personalization tools saw an increase in their key metrics of at least 5 percent, while 39 percent saw a rise of at least 20 percent.
3. Using apps for digital health monitoring
During 2015, many providers began to use mobile apps, wearables and remote monitoring to collect health information from patients. This technology led to an increase in new medical apps. For instance, as NPR reports, Bryan Shaw, a father whose 3-month-old son was diagnosed with a rare eye cancer, worked to develop an app that could detect this type of cancer in children.
With the industry’s new mandates in value-based care and population health management, mobile health apps are expected to continue to grow significantly. In a 2016 survey conducted by HIMSS, 47 percent of respondents claimed that their hospitals were trying to expand upon their connected health technology offerings. This expansion provides a great opportunity for startups that are looking to expand upon existing health apps or create new ones.
In many ways, mobile startups have a significant advantage over larger companies. After all, they can quickly change direction to address new market trends. However, this advantage only translates into an increase in revenue and market share when startups effectively monitor trends and take necessary actions to respond swiftly. By getting ahead of these trends and creating products that capitalize on them, you can ensure that your startup is able to quickly gain the market share and revenue that you need to grow.