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How Mobile App Stores Grew to $6.6 Billion Industry

According to the latest market study by Portio Research, over the last 2 years the mobile app store sector has grown to a $6.6 billion industry in 2010 -- this revenue growth is forecast to continue over the next 5 years.

Smartphones allow users to download, install and run advanced applications (apps). One factor impacting the growth of mobile applications has been the accelerated worldwide adoption of smartphones.

Furthermore, the success of Apple's App Store has inevitably led to others in the mobile space following suit and introducing their own application storefronts. Today, there are a rapidly increasing number of app stores in the market, with no signs of the trend slowing.

Smartphone and platform vendors, MNOs, and third-party players and independent retailers are also entering the mobile applications market -- demonstrating that mobile apps present great opportunities for all players.

The mobile applications ecosystem encompasses platform developers, application developers, aggregators, mobile operators, handset and operating system (OS) vendors, and application store owners. The apps marketplace is witnessing both consolidation and the formation of consortiums -- to challenge Apple's market leadership.

Mobile applications -- software programs that run on handheld devices such as smartphones and tablets -- have huge potential, with mobile applications already having captured mainstream public attention.

With stakeholders making huge investments to improve the quality and utility of mobile apps, the worldwide mobile 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.

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