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Last updated on April 18, 2014 at 9:56 EDT

Mobile App Market To Grow To $58 Billion

February 1, 2011

A new study out Monday forecasts the online mobile application market to be a $58 billion worldwide business by 2014, as the growing popularity of tablet computers continues to surge.

The figure is a staggering 10-fold increase on the $5.2 billion spent on mobile apps in 2010. Tech tracking firm Gartner predicts there will be 17.7 billion app downloads this year alone, more than doubling last year’s 8.2 billion.

Gartner forecasts more than 185 billion apps will be downloaded by the end of 2014.

While the average number of downloads to smartphones will remain stable, “it must be assumed that media tablets will drive more downloads from consumers, boosting the overall average downloads per device,” Gartner told AFP.

Revenue in mobile apps was generated both by download fees and developer advertising revenue, Gartner said.

Apple’s popular App Store, among others, was a big drive for the surge in the market.

Free downloads are predicted to account for more than 80 percent of all mobile app store downloads in 2011 according to Gartner. It says paid for applications will continue to rise as people “become more trusting of billing machines.”

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