According to Statista, Android has around 3.5 million apps, whereas iOS has over 2.2 million apps present on their respective app marketplaces. The research has also provided a valuation that the mobile app market revenue will become $613 billion by 2025.
This is a major reason that all businesses are investing in mobile app development services. With 2023 here, the prospect of developing apps will be lucrative in the years to come.
In case you are a startup or entrepreneur who is operating an offline business; this article will educate you on the budget that you need to allocate for the task of mobile app development services in 2023. This will ensure that your budget remains in check when you embark on the journey of building apps.
How Much Would it Cost to Create an App?
The tentative cost to build an app is around the range of $25,000 to $200,000. This becomes easy to calculate based on app complexity, features, app development company location, etc.
It is important to note here; that apart from the areas I have listed here, others that get taken into consideration for calculating application development cost are discussed below. Continue reading to know.
Based on Complexity
There are two kinds of apps – simple and complex. When you develop a simple app with minimal features, it is between $5000 to $50,000. Whereas, when it comes to developing a complex app, it is around $50,000 to $120,000.
Based on Features & Functionalities
When you build an app with basic features, the total cost will be around $12,000 whereas if you include advanced features, the total will be $22,000 and above. Here you need to remember that the price is tentative, so to speak. It might however go up based on the features you include, and their complexity. This will lead to the budget going up.
Based on the App Platform
Based on the platform (Android or iOS) that you choose for your app, you can get an estimate of the budget for your mobile app. Take for instance, if you want to get an estimate of the iOS or Android app development cost, the total will be $50,000 to $100,000.
Based on the App Development Company Location
Based on the team size and location from where you get the task of mobile app development services done, it becomes easy to get an estimate for the budget.
Have a look at the table below to get a rough figure for the cost to make an app based on size and location.
Based on Different App Types
The different app types that are popular among businesses are education apps, lifestyle apps, social media apps, etc. It is to be noted here that based on design, features, etc., you can get an estimate of the cost.
Based on Development Approach
Based on the development approach that you adopt for your application development services, you can be able to get an estimate of the budget that you need to allocate for creating mobile apps.
Other Areas to Focus to Calculate Mobile App Development Cost
Here are the other areas that get taken into consideration to get an estimate of the cost to build an app.
- For third-party integration, that is, for including functionalities like third-party integration, the total will be in the range of $5000 to $20,000.
- For maintenance tasks like fixing bugs, releasing updates, etc., the total will be 20% of the development costs you have to spend.
- For marketing purposes, the cost will go up by 40%
Enter the Lucrative Mobile App Market in 2023
You have gotten an estimate for the mobile app development cost. It is now relevant to understand how to go about the task if you want to enter the lucrative mobile app market in 2023. This demands adhering to some important steps.
Check out the image below to get an insight into this.
- Research the target market to ideate an app design strategy.
- Select an appropriate platform. Take for instance, if you decide to develop an iOS app, or an android app, based on the decision you choose, you can get an estimate of android and iOS app development costs.
- Get in touch with a mobile app development company offshore upon assessing the organization’s expertise in app development. Examine their portfolio and client reviews. Once you get an estimate of these aspects well in advance, you can get an idea of the mobile app development cost.
Calculating the budget
When calculating the budget, it is important to get an estimate of the monetization methods through which you can earn profitably well.
Monetization Streams Used to Earn Profits through Mobile Apps
Check out the different mediums used as monetization models for generating revenues sufficiently well through the mobile app developed.
- Advertising model wherein through services or products promoted, it becomes easy to earn considerable profits.
- Freemium model where users get the ability to access basic features for free, and upon accessing it for a particular period, users pay an amount.
- Subscription model wherein users pay monthly, or yearly for availing of services through the app, and the business gets the opportunity to earn sufficiently well.
How to Reduce Mobile App Development Cost?
To reduce mobile app development costs, it is important to focus on the aspects such as:
- Keep features as simple as possible.
- Take part in quality assurance to mitigate bugs even before they disturb your app performance.
- Outsource mobile app development services to help keep the budget in check for infrastructure, hiring, etc.
- Build a cross-platform app so you don’t lose out on users. In fact, through the app, you can earn a huge user base.
To sum up
In this comprehensive guide, I have covered all the aspects that are taken into consideration to calculate the mobile app development cost. A large array of factors are focused on when it comes to getting a budget estimate. This is an area that you need to concentrate on when finding out the finance to allocate. You can hire a reliable mobile app development company from offshore to get the job done. Share your app requirements with the organization, and then observe your idea accomplishing fruition while keeping costs in check with the final app that is developed.
I am a project coordinator at XongoLab Technologies, a reputed mobile app development company. I love to write informative articles and share my knowledge through content marketing.