There is no doubt that app development is a very prospective industry for investment. With more and more users, there will be more opportunities for business growth.
With over 3.5 billion smartphone and 1.35 billion tablet users worldwide, there is no doubt why companies see mobile app development as a lucrative industry.
People use their smartphones every minute. In fact, average Americans check their phones every 12 minutes and over 10% of people check their smartphones every four minutes. They mostly spend their time on apps. According to statistics, over 90% of mobile time users spend interacting with various apps.
The median cost to develop an app ranges from $37,913 to $171,450. If we talk about complex and feature-rich applications, app development cost can reach up to $500,000 and even go beyond this number. The minimum app creation cost varies between $5.000-$10,000. However, the development of a working app with a sufficient number of features will probably cost more.
There are a lot of factors that influence how much it costs to make an app. You need to understand each of them to manage your app budget better and allocate resources wisely.
The cost to build an app highly depends on the type of application you decide to create using native or hybrid development technique. Native apps are those designed for a single platform, iOS or Android. Thus, if you decide to target both groups of users, you will need to build two separate apps, which will increase app development costs.
Hybrid applications, on the other hand, can work on multiple operating systems. In a big perspective, it means that you will spend less money on app development, as you need to build a single application.