How much does mobile app development cost in 2020?

The expansion in the industry of mobile app development has been humongous. Many entrepreneurs are coming forward to invest in mobile applications as well as they realize the myriad of advantages they can avail of with the mobile apps. However, it is of first and foremost importance to choose the right app that has the potential to meet all your growing business requirements, especially in pocket-friendly prices. 

The cost of mobile app development services grossly depends upon what you expect from the app. If you need only a basic app with some basic features, then the cost will be lower than that of an app that is loaded with features. You obviously can’t expect to have a sundae at the rate of a cup of milk! 

There are several payment models based on which a mobile app development company will charge you, as follows. 

1. Based on your project requirements, your developers will estimate the duration of the project in hours and fix a rate per hour. In this case, you will be charged on an hourly basis. 

2. Sometimes, your developers might take into consideration all that goes into a project and based on your project requirements, will fix a rate per project. Therefore, you will be charged on a project basis.

3. Some developers will charge you based on the possible value that the app might bring in for your organization. Similarly, there exist equity-based models and royalty-based models as well. However, these are relatively less common than the other models, as the revenue generation potential is weak in such models.