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App Store Revenues Could Hit $37 Billion In A Few Years

A new report forecasts that revenue from application stores will near a hefty $37 billion in next four years.

According to a report by research firm Canalys, worldwide revenues generated from sale of apps, their subscription, and in-app purchases by users of smartphones and computer tablets may reach $37 billion by 2015, GPS Business News reports.

"The leading [app] stores already have hundreds of thousands of apps, so it's hard for operators to compete with those numbers.On the other hand, too much choice brings serious problems in terms of application discovery for both developers and users, which operators can turn to their advantage," said Tim Shepherd, an analyst at Canalys.

Sales, purchases and subscriptions by both smartphone and tablet users will see a hike of 92 percent next year, to reach $14.1 billion in 2012 from $7.3 billion in 2011. The firm also expects sale of at least 419.0 million smartphones and 43.3 million tablets worldwide.

Canalys, a firm that provides expert analysis and opinion about the technology sector believes that wireless operators can easily bank upon the advantage offered by the forecast to stand a chance with current branded app stores by developing an enhanced customer experience.