Chatty Solution provides a powerful platform for the rapid development and deployment of mobile apps. Therefore our future prospects are directly tied to the prospects of mobile application software market. This market is driven by the growth in the use of smartphones, tablets and other mobile devices, which has been exponential since the seminal event of the introduction of the Apple iPhone in 2007. Since then, the market forecasts by leading industry analysts have consistently come with projections which are always increasing. It seems that everyone is underestimating the size of the market. In addition, people are finding unique and unexpected new ways of using mobile devices which is increasing the numbers in areas that the analyst were not including in their forecasting models.
In April 2011, Forrester came with a forecast that projected the mobile application market size to be $54 billion by 2015. Of this, $17 billion was for mobile application development services. This is the specific market which Chatty Solution participates in. It is the clear indication that there is a huge opportunity for Chatty Solutions and our partners. Needless to say there will be numerous players vying for this market, but the size and diversity of the market is such that there is plenty of room for many players to excel in, especially those who are leading in innovation and excelling in execution.
Now, only a few months later, Global Industry Analysts Inc. (GIA) has released a comprehensive market reportprojecting the size of the mobile app market to be an astounding $101 billion! If we take the two forecasts at face value, the market will grow from $54 billion in 2015 to $101 billion in 2017, or a compound annual growth rate of about 37%/yea. This is in line with recent trends. Assuming that mobile application development services will grow at a proportional rate, the market where Chatty Solution competes in will be over $23 billion by 2017. This is the best indicator that Chatty Solutions and our partners have an incredible opportunity. Even if we capture a very small share of this market, the resulting revenue and profitability numbers are very high. The key challenge for the success of companies like Chatty Solutions is focus and execution.