Finance - Turkey

Turkey

The Finance market in Turkey is expected to experience significant growth in the coming years.
According to projections, the total revenue in this market is set to reach US$3.66m in 2022.
This figure is expected to steadily increase with an annual growth rate of 11.03%, resulting in a projected market volume of US$6.46m by 2027.
Within the Finance market, in-app purchase (IAP) revenue is anticipated to reach US$1.51m in 2022.
Additionally, paid app revenue is projected to reach US$0.70m in the same year.
Advertising revenue in this market is also expected to grow, reaching US$1.45m in 2022.
In terms of user engagement, the number of downloads in the Finance market is projected to reach 51.59m downloads in 2022.
Currently, the average revenue per download is estimated to be US$0.07.
When compared globally, it is worth noting that in the United States leads in generating revenue within the Finance market.
In 2022 alone, in the United States is projected to generate a substantial revenue of US$580.10m.
These figures highlight the potential growth and significance of the Finance market in Turkey.
With increasing revenue and user engagement, the market is poised for further development and opportunities.

Key regions: India, Europe, Japan, China, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.