Finance - Nigeria
Nigeria- In Nigeria, the Finance market is anticipated to witness a substantial growth in total revenue, projected to reach US$648.70k in 2022.
- This projection signifies a positive outlook for the market.
- Furthermore, it is expected that the Finance market will experience a steady annual growth rate (CAGR 2022-2027) of 11.16%, leading to a projected market volume of US$1.20m by 2027.
- These figures demonstrate the potential and opportunities available in the Finance market sector in Nigeria.
- When examining the revenue breakdown within the Finance market, it is projected that the in-app purchase (IAP) revenue will reach US$148.50k in 2022.
- This highlights the increasing popularity of in-app purchases within the Finance market sector in Nigeria.
- Additionally, the paid app revenue is expected to reach US$318.70k in 2022, while advertising revenue is projected to reach US$181.60k in the same year.
- These figures indicate the diverse revenue streams within the Finance market in Nigeria.
- The number of downloads in the Finance market is also expected to rise significantly, reaching 8.54m downloads in 2022.
- This surge in downloads reflects the growing interest and engagement of users with finance-related applications in Nigeria.
- Furthermore, the average revenue per download is currently estimated to be US$0.08, showcasing the potential for monetization within the Finance market.
- In terms of global comparison, it is noteworthy that United States leads in generating the highest revenue within the Finance market, with a projected figure of US$580.10m in 2022.
- This emphasizes the dominance of the US market in the finance sector on a global scale.
- Overall, the Finance market in Nigeria shows promising growth potential, with projected increases in total revenue, diverse revenue streams, and a significant number of downloads.
- These factors contribute to the overall development and expansion of the Finance market in Nigeria, positioning it as a key player in the global finance industry.
Definition:
The Finance market contains apps that facilitate financial transactions and/or assist with personal financial matters. This market includes financial management apps, banking apps, payment apps, and stock investment apps, among others. The most popular apps, such as PayPal, Venmo, and Cash App, process billions of dollars worth of transactions each year. Meanwhile, Robinhood makes investing in stocks accessible to the ordinary consumer. Financial apps showcase the latest innovations and trends in financial technology and put them to the test.Additional Information:
We consider three different sources of revenue:- Revenue from in-app purchases (IAP) that comes from the purchase of features, upgrades, and subscriptions within an app
- Paid app revenue from the one-time purchase of an app
- Advertising revenue obtained from showing ads within an app
In-Scope
- Apps that can be downloaded from major app stores such as Apple, Inc.'s App Store and the Google Play store, or in the case of China, from stores such as Huawei AppGallery and Tencent Appstore.
- Apps that are run on iPhones and Android phones.
Out-Of-Scope
- Apps exclusively offered by Microsoft Store and Amazon Appstore for Android.
- Custom-made apps not available from any official app store.
- B2B/C2C app sales of any kind.
- Subscription revenues outside of in-app purchases (for example, Netflix and Spotify use their own payment systems outside of their apps).
