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Top 10 Innovations in Mobile Application Development

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Top 10 Innovations in Mobile Application Development


These days, we can’t imagine our lives without our mobile phones. The use of mobile apps has increased over the last decade and sped up after the pandemic. According to Statista, there were 7 billion mobile users around the globe in 2021. And it is predicted that this number will grow as people can access technology more easily these days.

Developers are continuously trying hard to create more advancements as the world has moved to mobile-first digital services. Now, each and every industry looks to integrate the latest mobile application development innovations into their business and expand their business to reach the optimum targeted audience.

Let’s see how mobile apps are redefining businesses and what mobile app advancements are in trend in 2023!

How Mobile Applications Are Transforming Businesses

Nowadays, the smartphone is the thing that unlocks digital media success. Basically, it changes operating models, business models, and marketplaces wonderfully. According to Statista, mobile app market revenue is predicted to reach $469 billion by 2022.

Mobile phones provide user-friendly services for both business and personal uses. With the advancement of different technologies, multi-camera support, and quicker, multithreaded processors, businesses have started to depend on mobile applications.

Moreover, users choose Android and iOS-based marketplaces nowadays. Artificial Intelligence (AI) is a common theme seen in the mobile app marketplace. It makes workflows more seamless.

Mobile applications help businesses enhance their client service. For example, you can retain more clients and increase loyalty by offering your clients a feasible way of accessing data about your products or services, scheduling appointments, or tracking their order status.

Furthermore, mobile apps let you cross-sell and upsell your products or services by giving clients pertinent details and offers when needed. So another significant benefit of mobile app development is that you can gather essential client information.

You get to know about your clients’ choices and requirements by tracking their use of your app. This information will further help enhance your marketing strategy and better promote your products or services.

Now that you know how mobile apps are transforming different businesses, let’s discuss the latest innovations in the mobile app development sector!

10 Major Innovations in Mobile Application Development

Although many new innovations in mobile app development are evolving this year, we chose these ten major ones after conducting a comprehensive, fact-based study.

1. Mobile Wallets

Mobile wallets like Samsung Pay, PhonePe, Google Pay, and Apple Pay are in vogue. According to the latest report, mobile wallet transactions are predicted to reach $13.98 billion in 2022. Hence, we expect the mobile wallet market to double this year.

Smartphone users are gradually choosing mobile transactions. Moreover, they are dependent on app functions for payments on connected wearables. Therefore, every mobile app will have to depend on a mobile wallet in the coming years.

Wallet integration must be an essential feature of app development in 2022. This is because we expect that mobile wallet transactions will increase considerably in the future.

2. Beacon Technology

According to Statista, there were more than 230 billion mobile app users in 2021, which is predicted to increase in the future. Since many people use apps daily, businesses desperately seek to create their own apps. However, it isn’t easy to know where to begin, as there are many options available.

Beacon technology is one of the most innovative technologies in mobile app development. It enables businesses to convey essential notifications and messages to clients depending on locations. For instance, a retail shop can use this technology to notify nearby clients about the latest deals and discounts.

Beacon technology is a vital tool. Businesses that can reap its benefits are expected to be in a strong position in the future. As per the Statista report, the beacon technology market is growing at a compound annual development rate of 59.8%. The predicted market value will reach $56.6 billion by 2026.

3. Predictive Analytics

It is another innovation in the mobile app development sector. By supporting technology for data mining, artificial intelligence, and modeling, predictive analytics can predict events using data. Netflix has been one of the tech giants supporting predictive analytics for years.

Predictive analytics is being applied at a more mainstream level this year for many mobile applications. The main reason is to improve an app’s UI/UX. In addition, OTT and eCommerce platforms leverage it because they use current client data to provide information about their preferences, dislikes, habits, etc. Moreover, this technology helps tailor product recommendations.

Predictive analytics can help organizations benefit from customer data to measure their activities, identify notifications with a great response to tailor the user experience, and recognize pages with the lowest client retention rate.

A statistical report says that 80% of clients can purchase from an online shop that customizes their experience using predictive analytics. Moreover, this technology has helped many online platforms increase their sales by 35%.

4. Super Apps

The approach of one app and one purpose has been changed for mobile app development companies. Now organizations are moving from single-purpose apps to multi-purpose apps. Such applications are known as “Super apps.”

We have seen how Facebook has expanded beyond being a social network. Currently, it provides marketplaces where you can sell or purchase products. Likewise, now you can make payments and pay bills from Amazon aside from online shopping.

Since everybody looks for convenience, super apps are one of the best innovations in the mobile app development industry that we must look forward to this year.

5. P2P Mobile Apps

P2P mobile apps are another innovation in the mobile app development industry. As per eMarketer’s prediction, the projected value of P2P mobile payment transactions will reach $612.23 billion by 2023. Therefore, there is enormous scope for these apps.

P2P mobile apps are becoming popular among individuals and businesses due to their convenience. Buyers can pay fast, and sellers can get paid directly into their accounts. The types of P2P mobile apps that you can see this year are:

  • Cryptocurrency wallets
  • Social hubs with in-built payment features
  • P2P applications that include banks as payment parties
  • Self-reliant providers that are providing their payment systems
  • Mobile operating systems with in-built payment systems, such as Google Pay, Samsung Pay, Apple Pay, etc.

6. Instant Apps

You may have seen the arrival of instant apps a few years ago. However, you will see an increase in the use and development of Android Instant Apps this year. Android Studio enables developers to create instant apps to enhance their app discovery. Therefore, users can just click on the “try now” button to try the app without installing it.

Due to their size restriction, instant applications will not be a complete app version. However, we expect that these restrictions could change in the future.

Since app users expect a better experience, allowing them to try an app without even installing it is a great approach. If you are building Android apps this year, you must have an instant version.

7. Artificial Intelligence and Machine Learning

Last year, AI (Artificial Intelligence) brought many exciting things. We have seen the fantastic success of FaceApp and MyHeritageApp. The realistic animations of these apps brought them ground-breaking success.

Apart from these apps, we found Google introducing new features to Google Maps that use AI to boost the user experience. Live View is one feature that provides users with AR navigation in huge indoor areas. Google also uses artificial intelligence to recommend less carbon-intensive paths for reduced fuel consumption by optimizing directions.

Both AI and ML (Machine Learning) have been one of the topmost innovations for some years. But these technologies are going to see a rise this year and beyond.

Since they provide many perks to help businesses enhance their operations and better serve their clients, businesses must include AI and ML in their mobile app development plans for this year and beyond.

8. 5G Technology

5G technology is one of the latest innovations in the mobile app development sector. This wireless network is highly popular in all industries. 5G is the rise of excellent connectivity practices that provide mobile apps with some valuable features and purposes without hampering their functionalities. Using this technology properly enhances your app development process.

This next-gen wireless technology provides 100 times faster speed than 4G LTE. Therefore, it brings some great possibilities for the app development sector. Also, 5G enables businesses to create more engaging AR and VR experiences, provide clients with real-time data and analytics, and build new efficacy in their functions.

Since 5G technology is becoming more popular this year, we expect to see more transformative and innovative 5G-enabled apps. Therefore, keeping updated on this latest technology trend will be more critical for businesses that need to progress this year and ahead.

9. Wearables

Wearable technology has been a trend for many years. We cannot call it a breakthrough, as we have already seen fitness bands, trackers, and smartwatches. However, wearables are going to get more possibilities for achievement this year.

The constant growth of wearables shows that this innovation will change the way of mobile application development. For example, Apple declared something great about the app and wearable integration at WWDC 2019.

WatchOS 6 has brought the App Store to the Apple Watch. As a result, independent applications are being developed, particularly for these gadgets. This has opened a great scope for content creators and app resellers.

This year, we expect to see more mobile applications built with wearables. Users will get the scope to download many apps straight from their smartwatches, fitness bands, or trackers.

10. Blockchain Technology

During the boom of cryptocurrency, we came to know about blockchain technology. However, now this technology has emerged a lot, and you can apply it in several areas. It is developing significantly, and we can predict it will generate $20 billion in revenue by 2024.

Blockchain has an essential role in mobile app development. Decentralized applications are in demand these days. There are more than 80 million blockchain wallet users, and mobile wallets are the most popular.

We can also see the use of blockchain technology in currency converters for securing digital identity, tracking digital assets, and keeping track of loyalty programs.

This innovation is becoming more popular with anti-piracy software, tools to moderate elections, BaaS (Blockchain as a Service) platforms, and intelligent contracts in 2022 and beyond. Also, we can use this technology in mobile payment and mobile commerce applications to prevent fraud.

Future of Mobile App Development

Technological advancements are continuously evolving and hitting the shelves every year. An extensive array of technologies like AI, ML, 5G, AR, VR, Wearables, Beacon, IoT, Blockchain, Super Apps, Instant Apps, etc., is revolutionizing the mobile app development industry. Moreover, they are bringing plenty of new stipulations for app developers.

Therefore, keeping up with the latest mobile app development innovations is necessary to deliver feature-rich, innovative apps. It is rather essential for a successful mobile app launch. Also, search for a reliable mobile app development partner to make your app idea real.

Featured Image Credit: Provided by the Author; Thank you!

Mehul Rajput

Mehul Rajput is a CEO and co-founder of Mindinventory, a software development company that provide web and mobile app development services from startup to enterprise level company. His role involves heading the operations related to business and delivery with strategic planning and defining road-map for the future.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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