Annual consumer spend in app stores is set to increase to $157 billion by 2022, according to app market data and insights company App Annie.
In a report titled “the 2017 to 2022 App Economy Forecast: Six Billion Devices, $157 Billion in Spend and More”, the company estimated consumer spend to make a 92 per cent jump from 2017 to 2022.
Mobile app downloads will also increase 45 per cent to an annual rate of 258 billion and average consumer spend will hit $26 per device, which represents a 23 per cent increase.
The Asia-Pacific region will account for 64.8 per cent of global app store spend and 72.4 per cent of downloads.
China will continue to be the largest market for apps in both downloads and app store spend, with consumer spend more than doubling from 2017 to 2022 to reach $62.4 billion, which is nearly 40 per cent of worldwide spend.
Annual per user spend in Japan meanwhile will also exceed $140 by 2022, which is nearly six times the global average and by far the highest in the world.
"The app economy continues to flourish as consumers across the globe increasingly value the convenience that mobile apps deliver," said App Annie SVP of research Danielle Levitas.
"With consumers spending an average of nearly three hours each day in apps, it's critical for brands and publishers to have a strong mobile channel for their customers to reach them whenever they choose from wherever they are."