Mobile App Market Expected To Hit $3.8 Billion This Year

Revenue for the mobile applications market is expected to rise by 77.7 percent to $3.8 billion this year, with Apple’s App Store taking the lion’s share.

According to a report published by market research firm IHS iSuppli, the combined revenue from the four major mobile application providers, Apple’s App Store, Google’s Android Market, RIM’s BlackBerry App World and Nokia’s Ovi Store, is expected to rise for the next few years, building on the smartphone boon, ZD Net reports.

Revenue from mobile application stores was worth $206.01 million when it was first tracked in 2008, back when Apple was the only mobile app provider in the market.

“With consumers continuing to show robust, unflagging interest in downloading games and other applications to devices like smart phones and tablets, collective revenues from the four stores will climb sharply this year,” said Jack Kent, mobile media analyst for IHS.

The research firm predicted that the marker for mobile apps will continue to rise over the next few years, growing to $5.6 billion in revenue in 2012, 6.9 billion in 2013 and $8.3 billion in 2014.

The company also expects Microsoft’s fledgling Windows Phone Marketplace to grow considerably in the near future.