The IPhone App Market: Perfect Competition Is Smart Phone Apps

The IPhone App Market
(Student’s name)
Mathematics and Economics
(Institutional affiliation)
The IPhone App Market
This paper is about the market of IPhone apps and a reading is chosen to give a better understanding about it and what is being done to improve it. Moreover, the developers make decisions based on reliable facts and this will be discussed later on as well. The purpose here is to answer questions being asked about the market of IPhone apps and how problems are handled when they encounter them.
The IPhone app market is explained by a perfectly competitive model because there is a use real figures about the growth of the app over time. Based on the reading, the number of downloads quickly grew to 100 million just after the 1st 2 months it was released in the year 2008. After approximately 6 years, the number of downloads had reached 75 billion in 2014.
Another fact explained is the speed of acceleration it had acquired since the store launched its first apps. Originally there were only 552 apps, but it had increased to 15,000 just after 6 months and 1.2 million by October 2013. Due to these given proofs, the growth of IPhone app market can be said that it is growing at a very successful rate.
The app developers know how to avoid pitfalls and what they avoid is not investing enough in market research. The successful developers know that they should be aware of the key players in the category of the app they wish to launch. Consumers are evolving quickly than businesses because the mobile internet is a necessity for a lot of users (Golmack, 2017).
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