Mobile app download revenue to surpass $29 billion in 2015

Mobile application market keeps growing with the day. However, while the market is flooded, there is also significant pricing pressure as well as a shift toward free applications which will necessitate new revenue models. Despite all potential hurdles, In-Stat is forecasting that mobile application download revenues will surpass $29 billion in 2015. According to senior analyst Amy Cravens, as the market matures, developers and app stores must "take innovative approaches and compete across multiple platforms to attract users." She continues saying that we have the iPhone to thank for the growth in this market.

Some other findings from the report include:

• Mobile application downloads will approach 48 billion in 2015.
• The average amount paid for a mobile app is under $2.50.
• Smartphones are expected to increase from 23% of total phone shipments in 2010 to over 45% in 2015.
• Almost half of In-Stats survey respondents report downloading applications over Wi-Fi.