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KEY findings
Remarketing spend crosses $1 billion in 2024
10% of non-gaming apps monetize via IAP and subscriptions
$870 million at risk from app install fraud
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introduction
Region’s digital boom powers next app growth phase
Over the last five years, the broader economic picture in Spanish speaking Latin America has remained robust, although there has been some slowdown over the past year or two. In the wake of the COVID-19 pandemic, the region demonstrated significant economic resilience, which in turn led to a rapid acceleration in digitalization.
After a stagnant 2024, the Spanish-speaking LATAM is poised to take another step forward. While the OECD revised downward its forecasts for Mexico and Brazil, it improved the growth outlook for Argentina, presenting a mixed regional scenario. Despite a global economic slowdown expected in 2025, the region’s mobile market continues to show positive signs, maintaining its dynamism and demonstrating resilience even in the face of macroeconomic challenges.
Today, Spanish speaking LATAM is increasingly mobile-first. Smartphone adoption keeps rising across the region. Online retail has surged, and venture capital continues to flow into the fintech space. Internet connectivity is also on the up, with 8 out of 10 South Americans having internet access as of last year.
Would these market conditions translate to further growth in the region’s app market? We drilled into the last two years of data to reveal the current state of app marketing in Spanish speaking LATAM as we head through 2025.
* All results are based on fully anonymous and aggregated data. To ensure statistical validity, we follow strict volume thresholds and methodologies and only present data when these conditions are met. When normalized data is presented, the share of each month out of the total for the entire time frame is shown to create a trend.
03
Top trends
Mexico leads regional app install growth
Latin America remains one of the top regions in the world for app install growth, with only the Middle East & Africa outpacing it. Although installs of gaming apps stabilized in 2024, non-gaming apps surged by 14% YoY.
Mexico’s rapid digitization is evident in its key role in driving regional growth. With 110 million internet users, it ranks 8th worldwide in total connected users. App installs in Mexico grew by 20% compared to 2023, with non-gaming apps seeing an even higher increase of 28%. In contrast, Argentina and Colombia trailed behind, experiencing slower install rates.
This growth may reflect more than just improved infrastructure. Mexico’s expanding fintech landscape, widespread mobile access, and rising demand for digital services suggest a behavioral change. The increase in non-gaming installs points to a deeper integration of mobile into daily routines, from financial transactions and retail to transportation and healthcare. Urbanization likely plays a role too, creating concentrated hubs of tech-savvy users eager for on-demand solutions.
While the region is not without challenges, the data points to a clear trend: Latin America, and Mexico in particular, is evolving toward a mobile-dominant reality. The ecosystem is maturing, and users are responding. What we’re seeing could be the early signs of a broader digital leap, where mobile is not just an alternative, but the default.
Overall install trends by vertical
Shopping and finance apps keep gaining ground
The pandemic permanently reshaped consumer behavior in Latin America, accelerating the shift to eCommerce. As a result, shopping app installs doubled between 2019 and 2020, with the surge directly tied to the impact of COVID-19. And while growth has since stabilized, online shopping is now woven into everyday routines. In 2024, Mexico alone generated over $40 billion in eCommerce revenue, with shopping app installs reaching a new peak.
Finance apps have also seen significant growth over the past five years. In a region shaped by financial inequality and limited access to traditional banking, fintech apps emerged as agile and inclusive alternatives. In Mexico, installs tripled from 2021 to 2022, followed by a dip in 2023 and a strong rebound in 2024, driven in part by the rising influence of iOS in the category.
Argentina and Colombia saw a similar boom. In 2024, finance app installs in Argentina grew 57% on Android and 50% on iOS, while Colombia recorded a 47% increase on Android and a striking 120% on iOS. This growth reflects increasing consumer confidence in managing money online.
The rise of iOS is not just about devices but also about user profiles, as higher income audiences look for more advanced features and a smoother experience. Together, these trends point to a market where digital is no longer an adaptation but an expectation. With evolving consumer needs and increased competition, brands are now forced to innovate faster, personalize experiences, and invest in long-term retention strategies to stay relevant in an increasingly app-first economy.
Overall install trends by platform
Install trends in finance & eCommerce
UA ad spend in Mexico hits $1.8 billion
Mexico grabs the headline for user acquisition (UA) ad spend in the region, with steady growth pushing UA spend in the country to $1.8 billion in 2024 alone. That figure is more than three times the combined spend of Argentina, Colombia, and Chile, and places Mexico as the eight-biggest spending country in the world.
Across Spanish speaking LATAM as a whole, Android ad spend peaked in Q2, coinciding with advertisers ramping up budgets following Q1 planning, as well as major events like Hot Sale in Mexico, Argentina, and Colombia, and the 2024 Copa America tournament.
Finance apps dominated UA investment in 2024, backed by renewed venture capital investment in fintech in the region. iOS spend in the category rose by 125% YoY. In Mexico, finance apps accounted for an astonishing 70% of all UA spend in the country that year, totaling $860 million. Acquisition for iOS finance apps spiked by 95%, while Android took a 10% step back compared to the previous year.
This underlines the continued investment into fintech in the nation, with Mexico now home to one in five of all fintech companies in Latin America, thanks in part to legislation that has laid a framework for new businesses in the sector.
Social media, gaming, and shopping apps were other standout verticals for UA ad spend growth. In Mexico, investment in shopping app UA rose by 10%, with major Q4 events like El Buen Fin and Black Friday contributing to the increase.
UA ad spend in 2024 by platform (USD) *
* Money spent by apps on new user acquisition. Spend is calculated by multiplying the NOIs by CPI, and then factoring data.ai market share data in the countries in question to estimate the total spend among all mobile measurement partners
Rising UA spend driven by iOS investment
Spanish speaking LATAM saw rises in UA spend throughout the region, with iOS jumping 44% YoY and Android also ticking up by 11%. Mexico continued to go from strength-to-strength, with a 7% growth in UA ad spend in 2024, underpinned by a 45% surge on iOS, compared to a more gradual 5% increase on Android.
That strong iOS performance was echoed in other markets: spend in Argentina rose 57% YoY, while a 73% increase in iOS spend in Colombia offset a 21% drop in Android spend.
This growing investment in iOS may signal a shift in how marketers are approaching measurement and optimization. As acquisition costs rise and teams double down on efficiency, there is increased focus on high-value users, often found on iOS. At the same time, improved data visibility and growing confidence in SKAN and predictive analytics may be giving marketers the reassurance they need to scale iOS campaigns.
Android, on the other hand, continues to grow at a steady pace. That likely reflects broader reach and user base expansion, especially in markets where affordability makes Android the default. So while Android still commands scale, iOS is making a strong case for value.
YoY % change in UA ad spend by platform
China tops UA spend while Mexican apps stay home
Chinese investment is driving a surge in UA spend across Spanish-speaking LATAM. In Mexico, Chinese apps accounted for 43.5% of campaigns in early 2024, slightly surpassing domestic apps at 43.3%. On iOS, China’s presence was even more pronounced, capturing 43.9% of the market compared to just 10.3% from the U.S. Android showed a near-even split between Chinese and Mexican apps.
Colombia revealed even stronger Chinese dominance, especially on Android, where over two-thirds of UA spend came from China. A similar pattern emerged in Argentina and Chile, where Chinese apps led UA investment by a wide margin over local players.
A wave of foreign investment has fueled mobile ad growth across the region. But while Chinese apps are expanding aggressively and capturing market share throughout LATAM, most local players remain focused on domestic performance. In 2024, nearly 90% of UA spend by Mexican apps stayed within the country. This signals not just a homegrown focus, but a missed opportunity. With mobile usage booming across LATAM, the region is ripe for cross-border growth. Yet few local players are taking the leap.
This asymmetry creates a widening gap: while Chinese apps plant flags across the continent, Latin American developers risk falling behind in their own backyard.
UA ad spend split by country HQ (2024) *
* Read as “apps from which countries invest the most running campaigns in the above markets”
UA ad spend by Mexican apps split by country (2024) *
* Read as “in which markets do apps headquartered in Mexico invest their budgets”
Remarketing in Mexico is on a steady upward trajectory
In big picture terms, the levels of remarketing investment in Spanish speaking LATAM are similar to the trend of UA ad spend, with recent increases taking the region over the $1 billion mark. Mexico led the way with $760 million spent on remarketing alone in 2024, a significant slice of a global remarketing ad spend that reached $23 billion.
Remarketing investment in Mexico climbed by 77% year over year in 2024, with shopping apps among the main recipients of this increased spend. Unlike other nations in Spanish speaking LATAM, this growth followed a consistent upward curve rather than resulting from exaggerated spikes in spending around holidays. Spend on shopping apps in Mexico rose by 95% in 2024, while financing apps rebounded by 15% after a decline in 2023.
This steady climb suggests a growing maturity in the Mexican app marketing space. Remarketing is not just being used as a quick fix or seasonal boost but as a sustained strategy for retention and long term value. It may also reflect a more stable demand environment, where users are more engaged throughout the year. In other markets, where spending was more volatile, brands may still be testing or reacting to market shifts rather than investing with long term intent.
Even though overall remarketing activity in those other nations was more uneven than in Mexico, the region’s primary market, there were still sizeable increases in spend across Spanish speaking LATAM. Argentina saw remarketing budgets more than triple year over year, while Colombia grew by 65%. Growth is evident, but Mexico’s steadier rise could signal a shift toward more sophisticated performance strategies in the region.
Remarketing ad spend by platform in 2024 (USD) *
* Money spent by apps on paid remarketing campaigns. Spend is calculated by multiplying the remarketing conversions by cost per conversion, and then factoring data.ai market share data in the countries in question to estimate the total spend among all mobile measurement partners
IAA outpaces other models in the gaming app market
Spanish speaking LATAM markets show similar trends in gaming app monetization, with in-app advertising (IAA) still dominating across the board. In Mexico, IAA peaked at 55.5% in early 2024 before dipping to 47.6% in Q1 2025. This shift may reflect growing sensitivity to ad fatigue or a push to improve retention through less disruptive monetization.
In contrast, Argentina, Chile, and Colombia have kept IAA relatively stable, with only minor fluctuations. In-app purchases (IAP) maintain a small but steady share, largely because they continue to perform well in genres like casino and midcore games where player investment tends to be deeper and more sustained.
The most notable change is the rise of hybrid models. Mexico is leading this trend, with hybrid adoption increasing from 18.1% in Q1 2024 to 30.5% in Q1 2025. Chile follows closely, now above 26%, while Colombia remains more stable, hovering between 21 and 22%. This growing embrace of hybrid monetization points to a search for flexibility. Pairing IAA with IAP allows developers to diversify revenue while maintaining player choice and engagement. As user preferences evolve, so does the need for adaptable monetization strategies.
Gaming apps split by monetization model
Hybrid models on the rise in non-gaming apps
IAP remains the dominant monetization model among non-gaming apps in Spanish speaking LATAM, though its growth has leveled off in recent years. Hybrid monetization models now account for roughly 10% of apps, rising 12% year over year in Mexico, while in-app subscription models have declined as a result.
Hybrid monetization grew by 30% in Argentina and 28% in Colombia. This trend suggests developers are looking for flexibility and sustainability in how they drive revenue. In a region where price sensitivity and market fragmentation are key factors, relying on a single model like subscriptions may no longer be enough. Users are showing mixed willingness to commit to recurring payments, especially in markets where disposable income varies greatly. Hybrid models allow developers to meet users where they are, combining ads, one-time purchases, and other revenue streams without locking them into a fixed commitment.
With IAS trending downward, we may well see hybrid monetization models surpass subscriptions as the second most-used model among non-gaming apps in the region by the end of 2025.
Non-gaming apps split by monetization model
As a mobile leader, Mexico faces greater risks from fraud
Latin America sees relatively low financial exposure to install fraud compared to other regions, accounting for 9% of fraud exposure among Android non-gaming apps and just 2% on iOS. Still, the region faces an estimated $870 million in financial risk due to install fraud. That gap reveals a troubling paradox: less overall exposure, but significant absolute risk. It may reflect uneven investment in fraud prevention across countries, or limited access to advanced protection tools, leaving key verticals more exposed than others.
Mexico shows a notably higher level of exposure. While it is one of the top performing territories in the region for many mobile marketing performance indicators, it is also the most financially exposed. The country ranks 7th globally for financial exposure to install fraud, and climbs to 6th when looking specifically at finance and shopping apps. On Android, Mexico alone accounts for 75% of Latin America’s fraud related financial risk in finance apps. This may reflect digital growth accelerating faster than fraud protection can keep up. As mobile channels handle more money, they become a prime target for attackers.
The sharp drops followed by rebounds in fraud rates highlight the critical role of detection in disrupting fraudulent activity. But as fraud tactics evolve, risks return in new forms. This cycle suggests fraudsters are not just reacting to opportunity but planning around defenses. Continuous adaptation is not just a good practice. It is essential to protecting revenue in markets like Mexico, where high mobile adoption meets high financial stakes.
Financial exposure to install fraud in 2024 (USD) *
* Fraud exposure is the estimated financial value of fraud prevalent in the market – not actual damage or losses from fraudulent activity. It is calculated by multiplying the detected fraudulent installs by CPI, and then factoring data.ai market share data in the market in question to estimate the total exposure among all mobile measurement partners.
Install fraud rate: finance & eCommerce
Bot attacks rise 21% among shopping apps
Bot attacks drove the vast majority of fraud in key Spanish speaking LATAM markets in 2024, making up 90% of all fraud. Bot traffic is getting more sophisticated, and fraudsters are doubling down on automated attacks because they scale fast and slip through basic defenses. Shopping and finance apps were hit hardest, with bot attacks rising 21% and 8%, respectively. These verticals are prime targets: high volume, high value, and frequent user activity give fraudsters more chances to exploit gaps in protection.
At the same time, click flooding surged in Argentina and Chile. On iOS, attacks increased five-fold in Argentina and more than doubled in Chile. That level of growth could reflect an evolution in fraud strategy. It’s possible that fraudsters are targeting iOS more aggressively, or that anti-fraud measures on iOS in certain markets aren’t keeping pace, creating more opportunities for abuse.
Taken together, these trends point to a growing need for adaptive protection. Fraud is evolving fast in LATAM, and yesterday’s defenses aren’t enough.
Install fraud split per type
04
KEY TAKEAWAYS
Double down on non-gaming UA
Capitalize on strong momentum as non gaming apps in Mexico lead install growth across Spanish speaking LATAM.
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Prioritize iOS investment across verticals
Reallocate UA budget to iOS, especially in finance and shopping, where user value and growth potential are accelerating fastest.
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Ramp up remarketing for shopping and finance apps
Scale remarketing in high-value verticals to boost retention, re-engage lapsed users, and maximize lifetime value.
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Expand UA efforts beyond domestic markets
Look beyond national borders. Relying solely on domestic UA limits long-term growth and leaves room for global competitors.
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