Sacra estimates that AppsFlyer hit $395M in annual recurring revenue (ARR) in 2023.

AppsFlyer’s revenue growth mirrors the evolution of mobile advertising itself. As privacy changes from Apple and Google disrupted deterministic attribution, marketers did not reduce spend so much as reallocate budget toward infrastructure that could restore clarity and accountability. AppsFlyer benefited from this shift by positioning itself as durable measurement plumbing rather than a discretionary analytics tool.

The platform supports more than 80,000 apps globally, with roughly 12,000 paying customers. This implies an average revenue per paying customer of around $42,000 annually, reflecting a blended customer base that spans mid-market developers and large enterprise advertisers. Many customers start with core attribution and expand spend over time as they adopt additional modules such as fraud protection, deep linking, incrementality, and data collaboration.

AppsFlyer was last publicly valued at approximately $2 billion following a Series D extension in late 2020. The Series D was initially led by General Atlantic earlier that year, with subsequent participation from Salesforce Ventures bringing the total round to roughly $225 million.

Earlier funding included a $56 million Series C in 2017, with participation from Qumra Capital, Goldman Sachs Growth, Deutsche Telekom Capital Partners, and Pitango Growth, as well as earlier investments from Eight Roads Ventures and Magma Venture Partners. Since its founding in 2011, AppsFlyer has raised more than $300 million in total funding.

AppsFlyer can be understood as a piece of connective tissue between advertising spend and real economic outcomes in a world where user-level identifiers are increasingly restricted. The platform helps marketers answer a deceptively simple question: which campaigns actually drive valuable users and revenue.

At the center of the product is a lightweight SDK embedded in mobile apps that records first-party events such as installs, opens, purchases, and in-app actions. When users interact with ads across networks, those platforms send metadata to AppsFlyer, which then applies attribution logic to determine which touchpoints receive credit for downstream conversions.

This system abstracts away platform-specific complexity, allowing marketers to see performance across channels in a unified framework even as Apple and Google limit direct access to user identifiers. Over time, AppsFlyer has evolved from deterministic attribution toward probabilistic, aggregated, and modeled approaches that align with modern privacy constraints.

AppsFlyer’s deep linking products extend measurement into user experience orchestration. These smart links route users across web, app, and app store environments while preserving context such as campaign source or intended destination.

This capability is especially valuable in categories like retail, fintech, and marketplaces, where friction during web-to-app transitions can materially impact conversion rates. Deep linking also expands AppsFlyer’s relevance beyond marketing teams into product and growth organizations responsible for onboarding and lifecycle engagement.

Protect360, AppsFlyer’s fraud protection suite, addresses a persistent structural problem in mobile advertising: fake installs, click flooding, attribution hijacking, and bot-driven activity designed to siphon marketing budgets.

By applying machine learning to traffic patterns and device signals, Protect360 filters invalid activity before it contaminates reporting or triggers downstream spend decisions. For large advertisers, this positions AppsFlyer not only as a measurement vendor but as a defensive layer that protects marketing ROI.

AppsFlyer operates a B2B SaaS model with pricing primarily based on usage, measured through app installs and tracked events. This structure naturally aligns revenue with customer growth: as apps scale their user bases and increase marketing spend, AppsFlyer’s share of wallet expands.

Most enterprise customers sign annual contracts with committed usage tiers, while smaller developers can start on lower-tier plans and expand as their needs grow. Upsells typically come from higher event volumes, adoption of premium modules such as fraud protection and incrementality, and expansion into new platforms like connected TV.

Because AppsFlyer becomes embedded in reporting workflows, dashboards, and internal definitions of performance, switching costs increase over time. Measurement systems tend to become organizational infrastructure rather than interchangeable tools.

AppsFlyer’s cost base includes significant investment in data infrastructure to process billions of events daily, as well as third-party licensing for device intelligence and fraud signals. As a result, gross margins are healthy but structurally lower than pure software companies.

At scale, the company has focused on operating efficiency and profitability, with operating margins approaching breakeven as revenue has grown. This capital-efficient posture reinforces its positioning as a mature infrastructure provider rather than a growth-at-all-costs startup.

AppsFlyer competes in a market defined less by feature checklists and more by who controls marketing truth under privacy constraints. What began as a narrow mobile attribution category has evolved into a broader contest over governance, trust, and cross-channel decision-making.

The most direct competitors are other independent mobile measurement partners such as Adjust, Branch, Kochava, and Singular. While all offer attribution, differentiation increasingly comes from emphasis and positioning rather than raw capability.

Adjust has leaned into enterprise-scale automation, layering optimization and incrementality tools on top of attribution. Branch approaches the market from deep linking and user experience, often winning customers where web-to-app transitions drive conversion outcomes. Kochava and Singular tend to win on niche strengths such as compliance controls or gaming-focused analytics.

In this cohort, AppsFlyer’s advantage lies in scale, integration breadth, and its reputation as a neutral source of truth. As attribution methodologies evolve, large advertisers tend to consolidate around vendors they trust to remain stable across policy shifts.

The most structurally significant competition comes from Apple and Google themselves. Platform-native frameworks such as Apple’s attribution tools and Google’s Privacy Sandbox initiatives limit what third parties can observe while offering advertisers aggregated measurement within each ecosystem.

These tools are sufficient for optimizing spend inside a single platform but fall short when marketers need to allocate budgets across channels. This fragmentation preserves demand for independent reconciliation layers like AppsFlyer, even as raw data access becomes more constrained.

AppsFlyer also faces competition from adjacent analytics providers and vertical specialists, including gaming analytics tools, creative optimization platforms, and BI systems that address slices of the measurement problem.

Rather than competing point-by-point, AppsFlyer has increasingly chosen to absorb or outflank these players by expanding product scope. The risk is not displacement by a single rival, but commoditization if attribution becomes viewed as a low-level utility. AppsFlyer’s strategy is to stay one abstraction layer higher, where decisions are made and budgets are controlled.

AppsFlyer’s long-term growth depends on redefining its market from mobile attribution to measurement infrastructure for modern marketing. That reframing materially expands the addressable market and underpins recent product strategy.

By launching multiple new products focused on AI-driven insights, incrementality, and creative analysis, AppsFlyer is positioning itself to capture budgets traditionally allocated to business intelligence tools, experimentation platforms, and internal analytics teams.

In this model, AppsFlyer becomes less about reporting historical outcomes and more about informing future allocation decisions under uncertainty. The broader marketing analytics and decisioning market is significantly larger than mobile attribution alone, with global estimates exceeding $15 billion annually.

Connected TV represents a major adjacent opportunity. As CTV ad spend continues to grow rapidly, advertisers struggle to connect high-level impressions to downstream actions on mobile and web.

AppsFlyer’s ability to link household-level exposure to app installs or purchases allows it to serve brand and performance teams alike. Success in this area expands its relevance beyond mobile-first marketers into omnichannel media planning and measurement budgets.

A third vector of expansion lies in privacy-safe data collaboration. Retail media networks, marketplaces, and commerce platforms increasingly need infrastructure to offer closed-loop measurement without exposing sensitive data.

AppsFlyer’s Privacy Cloud enables these workflows, positioning the company as enabling infrastructure for the commerce media ecosystem. This shifts monetization from purely advertiser-driven subscriptions toward participation in multi-party data networks, significantly expanding the scope of potential customers and use cases.

Taken together, AppsFlyer’s TAM expansion strategy reflects a belief that measurement does not disappear in a privacy-first world. Instead, it becomes more abstract, more centralized, and more valuable. As raw data becomes scarcer, trusted interpretation becomes the constraint.

If AppsFlyer succeeds in owning that interpretive layer, its market opportunity extends well beyond mobile attribution into the core operating system of digital marketing.

Privacy regulation: Increasing restrictions on data collection and cross-app tracking from Apple, Google, and regulators could limit AppsFlyer's ability to provide accurate attribution. As platforms move toward on-device processing and aggregated reporting, the value of third-party attribution may diminish.

Platform disintermediation: Apple and Google have incentives to provide attribution services directly through their own tools, potentially bypassing third-party measurement partners. Their control over operating systems and app stores gives them access to user data unavailable to external vendors.

Market saturation: The mobile attribution market is maturing, with most major apps already using measurement solutions. Incremental growth depends on expanding into adjacent markets like connected TV and web analytics, where AppsFlyer faces established competitors and existing customer relationships.