Mobile Apps market to grow to '$17.5bn by 2012'

A study done for Getjar, the world's second biggest app store, said the market will grow to $17.5bn (£12bn) in the next two years.

The study claimed downloads would climb from 7bn last year to 50bn by 2012 - a 92% year-on-year increase.

It found there had been a gold rush with the number of app stores rising from four before 2008 to 48 today.

The study also suggests Apple's domination of the market could be challenged.

The report titled, 'Sizing up the Global Mobile Apps Market' by Chetan Sharma is available to download here.

Some more interesting stats from the report as follows:

• The overall mobile apps downloads are expected to increase from over 7 billion in 2009 to almost 50 billion by 2012 growing at the rate of 92% CAGR
• The revenue from mobile apps which includes both paid downloads and revenue from advertising and virtual goods is expected to increase from $4.1 billion in 2009 to $17.5 billion by 2012 at the rate of 62% CAGR.
• The overall global subscriptions base is expected to exceed 5 billion by the end of 2010 with over 27% of them being data subscribers
• Non-carrier appstores jumped from a mere 8 to 38 last year
• In 2009, advertising contributed almost 12% to the overall apps revenue.
• The price range of applications in various stores can vary from $0.99 to $999.