According to the latest market study by Portio Research, over the last 2 years the mobile app store revolution has exploded from zero to a $6.6 billion market in 2010, and this rapid revenue growth is forecast to continue over the next 5 years.
With stakeholders making huge investments to improve the quality and utility of mobile apps, the worldwide mobile phone applications user base is expected to grow at a CAGR of 37 percent between 2009 and 2015 -- to reach nearly 256 million by 2015.
Between 2009-2015, mobile application downloads are expected to increase at a CAGR of 53.2 percent, while global revenue from mobile applications -- including in-app payments -- will grow from $6.6 billion in 2010 to over $23 billion by 2015.
Smartphones allow users to download, install and run advanced applications. The increased consumption of mobile applications has resulted from the growing worldwide smartphone user base, that enables more service subscribers to sample and adopt mobile apps.
Furthermore, the success of Apple's iPhone App Store has inspired others to open storefronts. Today, there are a rapidly increasing number of app stores in the global market.
The ecosystem encompasses application developers, aggregators, mobile operators, handset and operating system (OS) vendors, and application store owners -- the apps market is witnessing both consolidation and the formation of consortia to better challenge Apple's app supremacy.
Used by both the consumer and enterprise segments, and seeing impressive uptake in both developed and emerging markets, mobile applications are changing the nature of the mobile phone services industry.