We all know mobile app stores are booming worldwide, and a new market research report by MarketsandMarkets acknowledges that trend. According to the research firms World Mobile Applications Market (2010-2015) report, the total global mobile applications market is expected to be worth $25 billion by 2015 (up from about $6.8 billion in 2010).
MarketsandMarkets projects Apples App Store to hold nearly 20.5 percent of that particular cake, while the global market is forecast to record a CAGR (compound annual growth rate) of 29.6 percent from 2009 to 2014.
The research firm reiterates the various factors that will be contributing to that growth, from advancements in network technologies to the lowering of mobile data usage cost, growing adoption of smartphones around the world, and a continuous increase in application usability.
MarketsandMarkets cites the risk of data theft through delivery of phishing and spyware in mobile applications as the biggest downside of the surge in the number of available applications and capable phones.
According to the report, North America led the market since 2009 with a 41.6 percent revenue share. However, Asia is the largest market in terms of downloads with 36 percent.
The European mobile applications market stood at $1.2 billion in 2009, but is expected to become the largest market by 2015, at $8.4 billion and growing at a CAGR of 33.6 percent during 2010 2015.
The firm segments the global mobile applications device market into submarkets for on-deck (i.e. carrier managed) and off-deck mobile apps (selling directly to consumers). The former is the larger segment, MarketsandMarket says, accounting for approximately 75 percent of the global mobile applications revenues.
However, the off-deck mobile applications segment is expected to experience faster growth in the future, thanks to lowering of entry barriers and faster establishment of new independent stores, the research firm adds. MarketandMarkets expects that, by the end of 2015, off-deck mobile application stores will just surpass the number of downloads from on-deck stores.