Global app install ad spend is projected to grow to $118 billion by 2022 from $57.8 billion in 2019.
That’s according to a newly published forecast from mobile attribution company, AppsFlyer.
App installs are being driven by countries including China, India, Indonesia, and numerous African countries due to high demand from app users.
Consumer spending in app stores reached $120 billion last year.
“The share of budgets directed to acquiring new app users will increase faster than the actual increase in mobile search or brand budgets, demonstrating the growing role performance app marketing plays in mobile marketing,” said Shani Rosenfelder, Head of Content and Mobile Insights, AppsFlyer.
Asia-Pacific continues to hold the largest share of app install ad spend with half of global budgets. It is predicted to grow 27% until 2022. But app install ad spend in Latin America remains robust with Brazil at the forefront at a 30% year-on-year growth.
“Advances in market measurability have given us increased confidence to include China in the model for the first time despite the existing limitations in measurement,” Rosenfelder explained. “With an additional 100 million users, a conservative estimate suggests China app install ad spend will reach $15 billion in 2019 and over $22 billion in 2022.”
In comparison, AppsFlyer predicts that North American mobile user bases will only attract a 5% user growth. But that’s not to say that its app install spend isn’t lucrative (25% to $27 billion in app install spending in 2022.
Meanwhile, Europe will add 16 million connected users by 2022 (a 6% growth).