An independent study released by neutral app store GetJar indicates that the market for mobile apps should grow to a whopping $17.5 billion within the next three years.
This would basically mean that the value of apps sold would be greater than the value of CDs sold in 2012 ($13.83 billion).
According to the same study, downloads of mobile apps to handsets will leap from slightly more than seven billion in 2009 to nearly 50 billion in 2012, representing a YOY growth of 92%.
The figures are pretty much in line with other forecasts, such as research2guidance’s prediction that the worldwide smartphone application market will grow from $1.94 billion in 2009 to $15.65 billion by 2013.
GetJar had commissioned independent consulting firm Chetan Sharma Consulting to look into the global mobile apps market, in order to analyze the potential and real value of the mobile apps market worldwide, using first-hand data.
According to the study, by 2012, off-deck paid-for apps will be the biggest revenue generator, accounting for almost 50 per cent of all apps revenue. By comparison, in 2009, on-deck apps available from mobile operators accounted for over 60% of all apps revenue, but this will fall significantly to just under 23% by 2012.
The average app selling price for apps in North America was $1.09, significantly higher compared to that in developing markets such as South America ($0.20) and Asia ($0.10).
According to the study, revenue opportunities in Europe are set to soar from $1.5 billion in 2009 to $8.5 billion in 2012, while in North America the figure will rise from around $2.1 billion to around $6.7 billion in 2012.
Currently, apps are most popular in Asia, with the region accounting for 37% of global downloads in 2009. However, while Asia had the highest number of downloads, users in North America spent the most money on apps, accounting for over 50% of revenue.