On-demand apps have guided us to the future of service provision. Conventional consumerism is being replaced by convenience, comfort, and custom-made solutions. Purchases are personalized. Place, price, product, and process have become all about personal preferences. This paradigm shift is set to sustain owing to its mass adoption and advantages. As usual, let us lay a statistical foundation for this discussion.
- Statista has predicted that on-demand apps are expected to generate $935 Billion in 2021. The figure was at $461 Billion in 2019.
- The on-demand economy comprises of 4 Million global users annually.
- These consumers are spending roughly $56.5 Billion per year.
- By 2025, the market is expected to reach a value of $335 Billion according to PwC.
In this discussion, we will be solely focusing on the features that need to be integrated into your on-demand venture without fail. These are tried, tested, tactful, and trailblazing. Verbiage veers the vantage. Let us get directly into it.
INEVITABLE FEATURES FOR ON-DEMAND APPS IN 2021
Engaging with users in meaningful and non-intrusive manners form the core of the on-demand economy. Prospects need to be nudged, not pushed. Launches, discounts, announcements, and details have to reach them in a natural fashion without being too obtrusive. This exact thought is driving the push notifications market. The market was at $8,120 Million in 2018. By 2025, the market will have experienced a CAGR of 20.81%. The value expected at the end of the forecast period is $31,920 Million. Some added benefits of push notifications include 15% higher subscription rate and 10 times better app retention. This is accompanied by a 600% increase in sign-up rates along with an 18% improvement in click rates.
Tracking the Order
Order tracking stands as a testimony to the transparency of on-demand apps. And this transparency is immensely demanded by the consumers. Geo-location and real-time streaming of that data is not exactly avant-garde but definitely in demand. The global market’s significant growth reflects this. The market, which was at $2.5 Billion in 2020 is expected to experience a CAGR of 19% from 2021 to 2028.
Real-time analytics is not a front-end feature but crucial for the business. Getting insights regarding your competitors, service operations, and products skyrockets the chance of making the right decision at the right time. It enables businesses to become more airtight and gain a competitive edge over the other players in the market. By 2025, the real-time analytics market is expected to reach $39 Billion in value. The CAGR expected to be exhibited by the market is 29% from 2018 to 2025. Emerging technologies like big data, artificial intelligence, and Internet of Things along with machine learning is driving the market in the right direction.
Earlier in 2019, the Flexera Vulnerability Report estimated a total of 13,319 susceptibilities across 1,607 apps. With advanced technologies come more sophisticated responsibilities. In 2021, cyber security is a concern for businesses big and small. The post-COVID business landscape demands a much higher level of sophistication from this market. And it is reflected in the market valuation which has been on the rise forever. According to Markets and Markets, the cyber security market valuation is at $217 Billion in 2021. By 2026, the market will increase its value to $345.4 Billion after experiencing a CAGR of 9.7% in the forecast period.
If these features are up and running in your on-demand endeavor, the chances of its success is already elevated. The trick is to tangle trends and tech. The consequence is pertinence. And the precedence is perceptible. We have just covered 4 of the most crucial features to be integrated into your on-demand app. Let us conclude the discussion by listing a few more.
Wish lists and simplified registration processes add to customer delight. Apart from that, recommendation engines powered by AI and in-app chatting features further escalate the experience. Reviews and ratings pave a stronger foundation for credibility while diversifying payment gateways contribute considerably to convenience.
If you have read till here, we understand that you may be embarking on an on-demand venture. You might also be looking for a partner to count upon throughout your journey. Well, you have landed at the right space. Orion eSolutions have made significant ripples across the web development landscape. If an on-demand app is in your list of necessities, partner with us today!