The four mobile application stores run by Apple, Google, Nokia and RIM will generate $3.91 billion (£2.35 billion) worldwide between them this year, an increase of 65.7% from 2010 according to IHS Screen Digest. Apple will be responsible for 75% of this market.
In 2008, the app market was worth just $207.33 million.
These figures - generated from total download revenue - are expected to double by the end of 2014 to $8.46 billion. Although other app stores will start to eat into Apple’s market share, its App Store is still expected to have 60% market share in 2014.
Google’s Android Market is predicted to see the fastest growth this year, overtaking Research In Motion and moving into second place. Android app revenue in 2011 is expected to increase 295.5% year-on-year to $404.15 million.
The total number of downloaded applications this year is expected to reach 18.6 billion, almost double last year’s 9.5 billion app downloads.