Mobile applications will provide the biggest source of revenue for mobile companies by the year 2015, according to a study published by Juniper Research Forecast.
The research firm claims that by 2015, revenues from mobile applications will have hit around £22bn.
Currently, mobile applications account for only 5-15 per cent of the total revenue from downloads, estimated at £7 billion.
The report also noted that Apple is expected to lead the mobile applications market due to its lucrative pay model for developers, but has warned that this highly successful proprietary model might not work in the long run as new smartphones enter the market.
The report's author, Dr Windsor Holden, stated: "If the mobile industry wishes to introduce a model based on applications, then it must ensure that those applications are accessible by a wide range of handsets ranging from smart phones to mass market devices".