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Mobile App Revenues Hit $87 Billion a Year
Apple's innovative information and communications technology (ICT) has spawned entire industries, including mobile "app" development. Mobile app usage has grown extraordinarily fast since Apple opened the "doors" to its online App Store in 2008. Mobile app revenues now total some $87 billion a year, according to new research from ACT-The App Association. The association represents more than 5,000 small and mid-size software companies involved in mobile app development.
The app market is forecast to exceed $150 billion in revenues by 2017, up from a projected $111 billion this year, according to the ACT report titled WWDC Preview: The iOS App Economy."
As the iOS app economy begins its seventh year, analysts estimate there will be 800,000 new iOS app developers in 2015. The App Store is a dynamic marketplace: 32 percent of the top app companies were unranked just one year ago.
In terms of the iOS app economy's wide geographic spread, The App Association report highlights that 80 percent of the most downloaded apps were developed by U.S. companies. While a number of leading mobile app development companies call Silicon Valley home, 77 percent are located outside it, spread fairly evenly around the country and located in rural and urban areas alike.
Apple Watch Apps
The Apple Watch is having a big impact on the iOS app market, the researchers note.
Over one-third of the top-ranked iOS apps in the health, finance and weather categories have introduced versions for the Apple Watch. Forty percent of health apps, 34 percent of weather apps and 20 percent of finance apps now run on the Apple Watch, as well as on iPhones and iPads.
The Apple Watch apps with the most user engagement are those tailored for what ACT calls the watch's "glance environment." Researchers cite Dark Sky and WaterMinder® as examples of apps designed for this environment.