He mobile application market in Mexico is growing and proof of this is that the users increased their spending on these over the last year, particularly because they are making a greater use of technologies and digital platforms.
According to Mobile App Market Report 2024, prepared by Rocket Labthe Mexicans allocated nearly 920 million dollars in mobile applications during 2023.
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This figure represents significant growth when compared to the two previous years, since in 2022 it stood at 710 million and in 2021 reached 610 million dollars.
For Carola Aliaga, director of growth in Latin America at Rocket Labthis increase is due to the fact that the Mexicans are spending more on entertainment applicationswhich had 372.1 million downloads last year.
When talking with Excelsiorconsidered that this behavior is due to a combination of factors, that is, increased access to internet and mobile devicesa wide variety of content, convenience and flexibility in consumption, interactive functionalities and personalization, as well as changes in media consumption patterns.
For example, the Video streaming platforms saw solid progress due to the interest of Mexican users in consuming digital content through mobile applications, as well as the monetization potential that this sector offers for developers and advertisers.
Aliaga indicated that, although some streaming platforms are adopting subscription models that include different levels of advertising, this reflects that these players are replacing the conventional television experience.
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A paramount studio found that 80% of consumers value access to free content and 72% accept advertising as part of the experience streaming.
This data is fundamental for streaming platforms, since it shows a willingness of users to tolerate advertisements, which allows the development of business models where free or low-cost content is financed through advertising, attracting more users and generating greater advertising revenue,” considered the director.
He Rocket Lab study also found that the category of Fintech applications is advancing, as it reached 46.4 million downloads in 2023.
This is because Fintech is transforming financial inclusion by meeting needs in groups that have traditionally been excluded by conventional banks such as young people, microentrepreneurs, informal workers and migrants.
However, fintechs face several significant challenges that could hinder their growth and their ability to expand their influence on financial inclusion,” the expert warned.
Among these barriers are the infrastructure insufficiencya marked preference for the use of cash, strict regulationsconcerns about cyber security, and the need to build trust with users. Aliaga considered that the prospects for the mobile application market in Mexico are extremely positive.
The global mobile app market is expected towithout Mexico, grow at a compound annual rate of 14.1% from 2024 to 2032.
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