Mobile app usage habits and trends have seen a drastic increase amid COVID-19 and lockdown measures. In Asia Pacific (APAC), mobile fintech app installs grew 36% in 2019-2020 and 18% in 2020-H1 2021, the second highest growth rate for the period in four key verticals mobile apps, according to a report from Adjust, a mobile attribution and analytics company.
The Mobile Application Trends 2021: A Focus on APAC report examines emerging trends in seven major APAC markets – India, Indonesia, Japan, Singapore, South Korea, Thailand and Vietnam – and looks at four key application verticals. mobile, namely hyper casual games. , fintech, e-commerce and non-hyper casual games.
According to the report, Thailand and Vietnam saw the biggest increase in fintech app installs in 2019-2020, which grew by 100% and 97% respectively. Over the 2020-H1 2021 period, growth in these two markets slowed, but accelerated in other countries, including Indonesia (89%) and Singapore (70%).
Mobile app sessions increased for all verticals, but growth was stronger for mobile fintech apps, where sessions grew 110% in 2019-2020 and 45% in 2020-H1 2021.
South Korea and Japan experienced the highest growth rates of 123% and 104%, respectively, in 2019-2020. For the period 2020-S1 2021, Singapore (188%) and Vietnam (136%) are the ones that stood out.
These numbers coincide with App Annie’s State of Mobile 2021 research, which also revealed a booming use of mobile financial apps not only in APAC but globally.
In 2020, the time spent on financial applications increased by 45% worldwide outside of China. In APAC, the study found that last year, financial mobile app downloads and hours spent increased in almost all six key markets studied. The only exception was China, where the drop in downloads was attributed to new legislation in the peer-to-peer (P2P) lending space.
Indonesia saw the largest increase in hours spent on mobile financial apps (75%), followed by Japan (55%) and South Korea (50%).
In particular, the past two years have seen an increase in the use of stock investing and trading apps. Globally, stock market participation increased by 55% globally in 2020, according to App Annie.
South Korea dominated the APAC region last year, recording year-over-year (year-over-year) growth of 120% in hours spent on major investment and trading applications. Indonesia and India also saw significant growth in the use of stock trading apps, with year-over-year increases of 80% and 65%, respectively.
The pandemic has brought an influx of new retail investors into the stock market. JMP Securities estimates that the brokerage industry added around 10 million new clients in 2020, according to application download data from SimilarWeb. Over 6 million of these clients have flocked to the Robinhood commission-free stock trading app.
In 2021, the retail boom continued with around 7.8 million new retail customers entering the market in January and February alone.
The past two years have been rather prosperous for the APAC mobile application industry. In 2019 and 2020, installs and sessions increased by 31% and 54%, respectively, according to the Adjust report.
All verticals grew, but hyper casual games, fintech and e-commerce performed exceptionally well in 2020 and 2021. Hyper casual gaming app installs grew the most in both periods – 66% in 2019-2020 and 49% in 2020-S1 2021 -, followed by fintech, e-commerce (27% and 8%) and non-hyper casual games (23% and 4%).
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